October 21, 2019
Hines Invests in Edge-on-Hudson Signs Agreement to Purchase and Build Luxury Apartments
Sleepy Hollow, New York — October 21, 2019 – The development team at Edge-on-Hudson, located in Sleepy Hollow, NY, announced that it has reached agreement with Hines, the international real estate firm, to develop 246 luxury apartments in Phase Two of the highly anticipated project rising along the banks of the Hudson River. The new apartments will be located at the entrance of Edge-on-Hudson, located a block from the river’s edge. Hines has acquired Parcel F of the development in order to construct the 5-story luxury apartment complex. Townhomes in Phase One of the development are already under construction, with sales having commenced at the start of 2019.
The announcement of the agreement with Hines follows a string of high-level signings for Edge-on-Hudson, a joint venture of SunCal and Diversified Realty Advisors. Earlier in 2019, it was announced that Nelson Byrd Woltz (NBW), a premier landscape architecture firm, would design the waterfront park and additional paths and open space connections at Edge-on-Hudson. Recent high-profile projects for NBW include the Hudson Yards Public Square and Garden in New York City.
Edge-on-Hudson is a mixed-use, transit-oriented development set on a 70-acre site along the Hudson River on the site of the former General Motors Assembly Plant. Located just 25 miles north of New York City, the site is a coveted parcel set within walking distance of two Metro-North train stations (Tarrytown and Philipse Manor) and an extraordinary range of recreational parks, trails, historic sites and the Village of Sleepy Hollow.
David Soyka, Senior Vice President, SunCal, commented, “Hines has a remarkable record of success across the globe and we’re gratified they will be participating with us in the development of Edge-on-Hudson.”
Jonathan Stein, Founding Partner, Diversified Realty Advisors, added, “We’re utilizing world-class talent to execute this project and Hines brings unparalleled expertise.”
Tommy Craig, Hines Tristate office head, stated, “Edge-on-Hudson has every attribute we seek in a successful development, including superb transit access and an extraordinary setting, including the vibrant Village of Sleepy Hollow.”
Grant Jaber, Hines managing director of multifamily residential development in Hines’ East Region, added “We are proud to be a part of this transformative development in the beautiful Village of Sleepy Hollow. The community’s mixed-use component, waterfront location and proximity to transit make it an extremely attractive investment for Hines.”
As master developers of Edge-on-Hudson, SunCal and Diversified are continuing site development on the project, valued at $1 billion, which will eventually include 1,177 units of housing; a 140-room boutique hotel; 135,000 square feet of retail space and 35,000 square feet of office space, in addition to more than 16 acres of parkland. More information is available at: www.edgeonhudson.com.
SunCal acquires, entitles and develops major residential properties and commercial developments. The company creates distinctive master-planned and mixed-use communities that emphasize quality of life, environmental sensitivity and recreational opportunities. SunCal is one of the largest real estate development companies in the U.S. that specializes in large-scale, mixed-use master-planned communities, and has offices in Irvine, Calif.; Oakland, Calif.; Austin, Texas; Prince William County, Va.; and Westchester County, N.Y. For more information, visit www.suncal.com.
About Diversified Realty Advisors
Diversified Realty Advisors is a full-service real estate development firm with core strengths in residential and commercial development and construction. Diversified’s fully integrated team is involved in all real estate services, including those related to acquisitions, architectural and engineering design, construction, entitlements, leasing, sales, management and the strategic repositioning of distressed properties. Diversified’s existing portfolio and acquisition/development pipeline includes the operation and development of over 6,000 residential units and 600,000 square feet of commercial space across N.Y, N.J., Pa., Md. and Conn. Visit www.diversifiedra.com.
Hines is a privately owned global real estate investment, development and management firm, founded in 1957, with a presence in 219 cities in 23 countries and $124.3 billion of assets under management—including $63.8 billion for which Hines provides fiduciary investment management services and $60.5 billion for which Hines provides third-party property-level services. Hines has 148 developments currently underway around the world, and historically, has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm’s current property and asset management portfolio includes 514 properties, representing over 222 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most respected real estate organizations in the world. Visit www.hines.com for more information.