TUXEDO, NY-After receiving some key approvals from the Tuxedo Town Board, the Related Cos. LP is now in the final stages of the approval process for its $1-billion Tuxedo Reserve development here. The plan calls for the construction of 70,000 sf of retail space, approximately 190,000 sf of office/flex or research and development space and 1,195 new homes.
The Tuxedo Reserve property totals 2,400 acres located south of Tuxedo Park off of Route 17. However, the development will take place on about 600 acres of land, according to Glen Vetromile, a Related Cos partner. The Tuxedo Town Board granted the firm special permit approval on the project. The plan now must go before the Town Planning Board for site plan approval. "We are looking to start grading [the property] in mid 2005."
The initial plan, filed with the Town of Tuxedo in 1989, called for approximately one million sf of commercial space and the development of more than 2,000 homes. Due to intense local opposition in this community of a little more than 3,000 residents, the plan was cut down to 260,000 sf of commercial space and approximately 1,195 homes.
The residential component of the plan involves the construction of 900 single-family homes, priced at $600,000 to more than $1 million. In addition, the plan includes the development of 300 multifamily condominium units, consisting of townhouse and duplex units.
The development will also involve construction of considerable infrastructure to support the project. Vertromile says that a water system will be built, including a water treatment facility. In addition, approximately 17 miles of roads will be built, along with utilities.
Tuxedo Reserve will take about 12 years to build out and will be constructed in phases. The first phase will involve the construction of the infrastructure to support Tuxedo Reserve along with the development of pods for home lots where builders will construct various types of single-family homes.
Related plans to bring in-home building firms to develop the home sites. Vetromile says the company will either undertake joint venture partnerships on some home sites or will sell the land to home builders outright. Home sites are expected to be delivered beginning in the middle of 2006.
In consideration for the project, Related has agreed to a number of conditions including offering $2 million in grants to the hamlet area of Tuxedo; $4 million in low-interest loans to the Town of Tuxedo, the donation of a 40-acre site to the Tuxedo School District and providing the Tuxedo Library with a site for a second library. The company also has agreed to make contributions to neighboring Sloatsburg to help create a commuter parking lot and make improvements to its library and business district.
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