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Developer to seek anchor tenants in Yonkers.

John Golden

Oct-16-09, 11:55 AM

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Topics: Economic Development

With a long-negotiated land agreement approved by Yonkers city officials last week, the city’s private development partners can begin recruiting national commercial tenants to their estimated $1.5 billion mixed-use redevelopment project.

The Yonkers City Council by a 5-2 vote approved an agreement with Struever Fidelco Cappelli L.L.C. (SFC) on the sale or lease of city-owned property needed for the proposed project, which includes: River Park Center, a retail, restaurant, entertainment and high-rise residential complex at Chicken Island near Getty Square; the Cacace Justice Center, a proposed hotel, commercial office and fire department headquarters complex across from City Hall on Nepperhan Avenue; and Palisades Point, a high-rise residential development on the Hudson waterfront south of the City Pier.

If fully built out, the SFC project would create 1,436 housing units and put a 6,500-seat sports stadium and 150-room hotel in a commercially revitalized downtown. At full build-out, SFC’s net purchase price for city-owned downtown and waterfront parcels will be approximately $7.1 million.

With the council’s approval of the 100-page agreement in hand, “We need to begin securing some of the national tenants that we’ve been unable to recruit” while the land deal was being negotiated, said Joseph Apicella, senior vice president at Cappelli Enterprises Inc. in Valhalla and SFC’s executive project director in Yonkers. He said the developer will attempt to recruit such national anchor retailers as Target, Kohl’s, Wal-Mart, Bed Bath & Beyond and Regal Entertainment Group, the multi-screen cinema operator. “It really makes an immense difference to our marketing at this point,” he said of the completed deal.

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