Local Firm Presents $900M Waterfront Plan

The plan is geared to revitalize the Alexander Street section of the city, west of the Metro North railroad tracks.

The project site was used for some time as a manufacturing facility for insulated cables that has required extensive environmental remediation. Robert MacFarlane, CEO of Homes for America Holdings, says the firm acquired the property in 2004 for approximately $30 million. The New York State Department of Environmental Conservation characterized the property as a Level 2 remediation site in March 2004. The site contained asbestos, PCBs and underground storage tanks, he says.

Remediation of the contaminants, being paid for by the former owners, should be completed by the first half of 2007. Since the property was acquired, approximately one million sf of former manufacturing space on the property has been demolished. McFarlane says the remediation efforts is currently within its $30-million budget.

The Point Street Landing project will also involve the development of about six acres of parkland, including an esplanade along the edge of the Hudson River for public access.

"Our company's mission is to revitalize neighborhoods, and that's what we're looking to do at Point Street Landing," says MacFarlane. "We are competent and compassionate developers who are committed to bringing vitality to one of the most attractive waterfronts in the country."

He adds that the firm owns the existing Point Street Bridge, which it will rebuild. McFarlane notes that the new bridge will give the Ravine Avenue neighborhood direct access to the Hudson River.

The plan, although it requires rezoning, conforms to the city's master plan for the Alexander Street area. The developer hopes to receive all the necessary approvals to break ground in about 12 months.

In September, Homes for America Holdings moved into its new headquarters at Station Plaza, the first office building to be built in Downtown Yonkers in 70 years. Located at 86 Main St., Station Plaza is a 70,000-sf office building attached to a 600-space municipal parking garage. Homes for America built the property that is currently about 60% leased.