EASTCHESTER, N.Y. – The third time might be the charm for the much maligned Kensington Road site in Bronxville, as the village trustees have chosen a developer to pick up where the last failed attempt left off.
An expert sub-committee, chaired by Deputy Mayor Robert Underhill, has chosen Greenwich-based Fareri Associates to continue redeveloping the Kensington Road parking facility into condominiums designed for “empty nesters.”
This will be the third time a developer has attempted to renovate the location. The previous developer, WCI, was heavily invested in a collapsing Florida real estate market five years ago, and were forced to file for Chapter 11 bankruptcy before they could break ground on the project.
According to Mayor Mary Marvin, Fareri will not be developing a new idea for the property, but will instead use WCI’s project, which was proposed in 2008 and already has been approved by all necessary parties and committees.
The condominium project is approximately 110,000-square-feet, and will create more than 50 one and two-bedroom condominiums. The village will seek to attract “empty nesters,” current residents who are looking to downsize while remaining near Eastchester. There will also be 300 parking spaces, which will replace the current spots.
“All of the pre-approvals, both in terms of time and expenses incurred, have great value to the new developer, meaning this is a truly shovel-ready project,” Marvin said.
In addition to creating additional housing units, and adding a source of revenue within the village – it is estimated the development will generate $600,000 each year, 85 percent of which will go to the school district – the project will also have a positive environmental impact on Bronxville.
The Kensington Road location has previously housed a power and steam station, a gas station and various other industrial sites, which has left it contaminated. Currently, there is approximately 20,000-square-yards of contaminants that will be removed from the property by the conclusion of construction.
Contract negotiations with Fareri are expected to be finished next month, with ground being broken during the spring. Resident Eli Harris said that this progress has been in the works for a long time in the village.
“The site is a blight to our community, and it will be good to get the tax revenue back. This project has been a long time coming and hopefully nothing crazy happens this time,” he said. “I also like the idea of Bronxville trying to keep some of their older residents, even as they find it necessary to sell their big homes and go smaller.”
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