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BRIARCLIFF MANOR, NY-Claiming that escalating construction costsmade the project too expensive, Classic Residence by Hyatt reportsit has withdrawn its plans for a $350-million continuing careretirement community at the former King's College here.In aprepared announcement, the Chicago-based firm states, "Thecompany's decision to withdraw its development plans was inresponse to dramatically escalating construction costs in New Yorkthat could not be mitigated despite promising demand for the CCRCproduct."
"We are deeply disappointed to announce we are withdrawing ourdevelopment plans for Briarcliff Manor," states Randal J.Richardson, president, Classic Residence by Hyatt. The plan calledfor a 315-unit CCRC facility as well as some villas and a carecenter.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
