In a long discussed deal to bring the bio-tech industry to Westchester County, County Executive George Latimer and Fareri Associates President John Fareri officially signed the 99-year lease of county property known as North 60, comprised of 60 acres of undeveloped land in Valhalla on the Grasslands Reservation.
Latimer finalized the deal at the Westchester County Association Breakfast, a move to signify his ability to finalize agreements and enhance the county’s business climate. “As I learned in my business life, there is a risk for everything, things don’t always turn out as you plan, but if you don’t take risk – prudent risk – you don’t succeed. In this case, the 60 acres here will be a bio-tech center that can attract people to our area where they will see Westchester as a central place.”
Fareri said: “At long last, we can move forward with what we are confident will be a major economic engine for Westchester County and the region. The concept for the North 60 has been in the works for a decade, and now we are ready to see our vision come to life. Over the next several months, we will be preparing the necessary documents to commence the environmental review by the Town of Mount Pleasant. We appreciate the efforts of County Executive George Latimer and his administration in advancing this innovative and important project.”
The deal with the county calls for Fareri, a developer who was instrumental in creating the Maria Fareri Children’s Hospital, and Fareri Associates to develop an innovative hub with a focus on bio-tech and medical technology research and development – a rapidly expanding field – together with retail and hotel space.
While this project passed the Board of Legislators unanimously in 2017, the lease remained unsigned by the executive branch upon the commencement of the Latimer Administration. While the Latimer Administration was doing its due diligence and reviewing the terms and conditions of the lease, the developer proposed adding new uses of the property that were not previously included in the lease, including residential use, arts and cultural use. This amendment to the terms of the lease would have required further Board of Legislators’ approval.
After further discussions with the Latimer Administration, and in an effort to get to work on this forward-thinking economic development project, the developer agreed to withdraw these proposed uses.
Westchester County Association President and CEO William Mooney Jr. said: “It is clear that the county executive and the Board of Legislators have made economic development a priority. This project will go a long way to solidifying our region’s brand as a hub of innovation in health care and life sciences. The WCA has long supported the development of the North 60 as a means to bring together academia, health care, life sciences and technology. It will provide meaningful opportunities for economic development, innovation and collaboration. I commend John Fareri for his vision, perseverance, and passion for health care and life sciences in our region.”
Latimer added: “I must compliment John and Fareri Associates for their diligent work on this – we had numerous meetings ensuring we were making the best deal for the taxpayer and now we are partners moving forward.”
Deputy County Executive Ken Jenkins said: “I was pleased to have endorsed this project as a county legislator and am even more pleased to see it come to fruition. This is a project that sends a message that Westchester County is a true leader in life-science and bio-tech.”
The 99-year lease provides for the development of the property in accordance with a Master Development Plan in phases. The first phase requires the developer to create 220,000 square feet devoted to bio-tech and medical technology use, 100,000 square feet in medical office space, 80,000 square feet in retail space, and a hotel with 120 rooms and conference facilities.
Subsequent phases will be developed in stages after the first phase is complete. In the event subsequent phases aren’t completed, the area subject to the phase can excluded from the lease.
The developer will provide the infrastructure needed to serve the development, which includes streets, water, sewer, electricity and other utilities.
The county will initially receive $125,000 per year in rent and then 6 percent of annual gross rental income from the above uses except 6 percent of annual gross income from the hotel, any assisted living facility and 6 percent for the other uses.
Lastly, the development will be subject to Town of Mount Pleasant zoning regulations and planning board approvals, county-leased land standards and SEQUR review.
