YONKERS-The Yonkers City Council has approved an initiative unveiled by Mayor Philip Amicone two months ago giving a partnership of three development firms the exclusive right to study a 500-acre section of the city's downtown and waterfront districts. The effort could lead to more than $3 billion in new development.
The council endorsed the master developer designating agreement with the joint venture partnership Struever Fidelco Cappelli LLC. The agreement, when finalized, will give the venture six months to complete a conceptual master plan on almost two miles of waterfront, the Getty Square area and a large section along Nepperhan and Yonkers avenues. The joint venture consists of Cappelli Enterprises of Valhalla, Struever Bros. Eccles & Rose of Baltimore and Fidelco Realty Group of Millburn, NJ.
Several city agencies still must okay the MDAA. However, since Amicone and the city council have endorsed the accord, it is expected the deal will be finalized soon. Amicone terms the city council's approval as "the first step toward the most significant development agreement in the history of Yonkers. In the coming months we will see detailed plans for projects that will continue the renaissance already under way downtown and on the waterfront."
A spokesman for the partnership says the city council approval was a necessary step in the process, but was also symbolic. He says that the development team had hoped for a unanimous vote to show that city government was clearly behind the initiative. In addition to undertaking the conceptual master plan, the partnership is also attempting to assemble the necessary properties to move forward on an $850-million Gateway Center project that would include 580,000 sf of retail space, 175,000 sf of office space, a 100,000-sf hotel and 800 residential units. Plans also call for a 6,500-seat minor league baseball stadium, 2,450 on-site parking spaces and a 2,300-space parking garage to be built across the street from the center.
The partnership will also be looking to formulate a plan for the development of Parcels H and I on the waterfront that could involve more than 385 residential units. The spokesperson tells GlobeSt.com that a definitive plan for that site has not been formulated as yet.
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