Say hello to the new Yonkers

Real Estate Weekly, April 2, 2008

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With construction underway on Forest City Ratner's Ridge Hill Village, the project has become the latest symbol of the vibrant renaissance taking place in the City of Yonkers.

Last year, the Yonkers IDA approved $23. I million in tax incentives to move the Ridge Hill project forward. It is expected to generate over 9,000 new jobs, both construction and permanent. In its earliest stages of completion, Ridge Hill is expected to produce over $20 million a year in new tax revenue for Yonkers. This tax base will increase over time as tenancy at the project expands.

Ridge Hill broke ground in August 2007 and is scheduled to open in late 2009. Its 81-acre parcel comprises a town square surrounded by residential, of-rice and retail buildings. It will create 1,000 units of market rate condominium housing, a 175-room hotel, 20,000 s/f conference center and 160,000 s/f of renovated office and research space on a hilltop just minutes from the New York State Thruway and a 40-minute drive from midtown Manhattan.

The development will contain a total of 1.2 million square feet of retail and. so far, Forest City has signed signed leases with National Amusements. Whole Foods Market. L.L. Bean. Banana Republic and New York & Company to be among the first tenants at Ridge Hill. National Amusements, a leader in the motion picture exhibition industry will take 67,000 s/f of space for a 12-screen, 3,000-seat multiplex cinema; Whole Foods Market will lease 62,000 s/f; L.L. Bean will lease 25,000 s/f for its first store in Westchester County, and only its second in all of New York State; Banana Republic will lease 9,000 s/f and; New York & Company will take 6,400 s/f.

Ridge Hill's design will be patterned after a classic town center, with traditional architecture, a landscaped town square, and a pedestrian-friendly streetscape. The project team includes Studio 5 Partnership, H3 Hardy Collaboration Architecture, LLC, engineer Divney Tung Schwalbe, LLP and traffic engineers, Philip Habib & Associates.

"As we realize the tremendous benefits that Ridge Hill will bring to our city, the people of Yonkers can be encouraged that we are moving toward a brighter, more financially secure future--one that will only grow brighter as the renaissance of our great city continues to progress," said Philip Amicone, Mayor of Yonkers. "From the very beginning of this process more than three years ago, Ridge Hill carried a great hope for the future of Yonkers, promising thousands of jobs to our residents and millions in tax revenues for our city and our schools, so I am thrilled to see the progress it is making."

Ellen Lynch, president and CEO of the Yonkers Industrial Development Agency, said, "There are very few cities in America that are growing and developing with our speed, our level of commitment and with the sheer volume of our projects. With the highest job growth rate among New York State's five largest cities, Yonkers is on the move.

"Ridge Hill is a prime example of the excitement coming from those outside of our community, and their willingness to invest in our great city. The IDA is proud to play a part in the revitalization of Yonkers."

As part of the venture, Forest City Ratner Companies is making $40 million worth of traffic improvements to city roads, the largest investment in Yonkers infrastructure by a private developer in the city's history.