Developer Envisions $100M-Plus Senior Community at Former St. Agnes Property

North Street Community LLC, a partnership of five New York City-area real estate investors, is moving forward with a redevelopment plan for the 23-acre former St. Agnes Hospital campus that calls for the development of 390 age-qualified independent living units, 20 assisted living units and a 60-bed long-term care facility. The project is now before the Common Council of the City of White Plains.

CJ Follini, a managing partner of North Street Community, says the redevelopment project, which he estimated would cost "north of $100 million to complete" could break ground by the summer of 2006 if all necessary approvals are obtained. North Street is seeking a zoning amendment to create a new special permit category called "Planned Senior Development" for the property. The firm purchased the St. Agnes Hospital complex for $21.4 million in an auction conducted by the New York State Dormitory Authority in December 2004. The 184-bed St. Agnes Hospital closed in October 2003.

Follini revealed that North Street recently purchased the long-term ground lease held by New York Medical College on the 311 North St. building, a 78,000-sf office located on the former St. Agnes Hospital property that is currently 30% leased. A partnership of Simone Development, Fisher Brothers and the Pirro Group had been contract vendee on the ground lease, but that deal did not close. No financial details on the 311 North St. deal were revealed.

The redevelopment plans calls for the construction of the age-restricted independent living units in five mid-rise buildings. The nearly 400 units will be sold as fee-simple condominiums. The units are expected to be marketed to individuals 55-years of age and older, although no specific age restrictions have been finalized. Follini says that the existing 150,000-sf St. Agnes Hospital will be renovated and converted into a senior residential center with assisted-living and long-term care space. The renovation/conversion of the existing hospital will cost somewhere between $30 million to $40 million.

Follini says that discussions are ongoing with a number of healthcare providers that would operate the assisted-living component of the project. In addition, between 80,000 sf to 90,000 sf of space at the hospital will be made available to lease to outpatient or medical-related service providers.

Also part of the property is 317 North Ave., a 41,000-sf building that is occupied by the Children's Rehabilitation Center, which has leased the building since 1997. Follini says that his firm has been working with the center to finalize a new lease for that space.