Ratner, speaking at a Wednesday-morning session of the city's weeklong Fourth Annual Yonkers Business Week program, said the firm has just submitted plans to the city council to develop a 1.2-million-sf mixed-use project called Ridge Hill Village Center.

At the session, held at the 250,000-sf Ridge Hill Plaza office complex, Ratner said the project's overall development cost will likely be anywhere from $300 million to $600 million. The Ridge Hill Village Center will include retail, movie theaters, a 350-to-375-room hotel and 40,000-sf conference center and 800 units of residential housing. The housing mix will include rentals and for-sale units. The exact breakdown will be determined on how the respective markets are faring once construction has begun, Ratner stated, adding that he hopes to complete the approval process within the next year. The firm was named designated developer for the Ridge Hill Plaza property last fall. "As soon as we finish the public process, we will be ready to break ground," Ratner said.

The Ridge Hill Village Center's retail component will include several anchors but will be developed in a Town Center concept with a Main Street bordered by street retail on either side. The retail/entertainment component of the venture will also include a number of restaurants and movie theaters, he added.

Ratner related that his firm has already talked to a number of retailers and he said that based on "an amazing amount of interest in the project," he expects that a majority of the retail space will be pre-leased prior to the first shovel going into the ground.

In terms of office development, Forest City Ratner is planning to keep the 250,000-sf Ridge Hill Plaza office building. The asset at one time was a psychiatric facility and then served as home to Lockheed Martin. In November 2000, BAE Systems acquired Lockheed Martin. BAE currently has a lease for approximately 107,000 sf , and Ratner says that the firm may be staying on.

Besides obtaining city approvals for the venture, Forest City Ratner will need to work state transportation agencies, specifically the New York State Thruway Authority and the New York State Department of Transportation to obtain better access to the property. At present, the acreage offers access from the northbound side of the New York State Thruway only. Company executives say that the firm has begun talks with state transportation officials about building an exit on the southbound side of the thruway. The developer will also look to secure secondary road improvements to the site as well, possibly including an exit from the nearby Sprain Brook Parkway.

Instant Insights /

Forest City Ratner Unveils $600M Mixed-Use Project in Yonkers

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