The approval moves the $45-million venture closer to breakingground. Although the schedule is based on preleasing, BillEichengrun, managing partner of 9 Corporate Drive PeekskillDevelopment, projects the initial phase of the development will beready for occupancy by the summer of 2008. Eichengrun says thatsite work on the project will likely begin by September orOctober.

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The Cortland Manor-based firm is awaiting approval from the NewYork State Department of Environmental Conservation on a plan tocap the former municipal landfill, which was closed in 1974.

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"The site plan approval is an important milestone in making theHudson View a reality," says Eichengrun. "This project is a classicexample of how public and private enterprises can work together toachieve something significant. The City of Peekskill needed help inre-engineering its landfill and we needed their support to make itfinancially feasible. In years to come, other municipalities willuse this project as a case study on how to do things right."

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The project when constructed will be the first class A officepark in northern Westchester County in many years. Each four-storybuilding will feature 93,000 sf of offices and have units availablefrom 5,000 sf. The buildings will be LEED certified and featureenvironmentally friendly building systems, company officialssay.

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The project is receiving incentives from the PeekskillIndustrial Development Agency, including sales and mortgage taxbreaks as well as more than $8 million in Solid Waste Remediationbond financing.

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Eichengrun says that his firm and leasing agent CB Richard Ellisare in discussions with a prospective tenant that is interested inleasing two floors or approximately 45,000 sf of space at thedevelopment.

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He adds that due in part to the incentives being offered by theCity of Peekskill, asking rents will be at $24 per sf gross, plus$3 electric, a bargain as compared to space in Downtown WhitePlains that is now securing more than $40 a sf for space there.

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Although the construction timetable depends on leasing activityat the project, Eichengrun says that the first building should takeabout 14 months to complete. If leasing warrants, constructionwould begin on the second building six months after initialconstruction on the first building had begun.

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He expects that based on present demand the building could besubstantially preleased or fully committed prior to the completionof construction.

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"This will be the premier new class A office space inWestchester County and the first to come to northern Westchester ina long time," notes Eichengrun. "The re-emergence of Peekskill willmake the northern Westchester-Putnam-Orange corridor a veryattractive place to live and work in the future. This region of theHudson Valley also offers more affordable housing options foremployees of firms that will be based here. This project is comingtogether in the right place at the right time."

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.