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August 23, 2007
Yonkers Lands More Than $600 Million for Mixed-Use Project
Multi Housing News ran this blurb of an article from Commercial Property News:
Funding of $630 million has been secured for Ridge Hill, an 81-acre regional lifestyle center being developing in Yonkers, N.Y, Commercial Property News reports.
Ridge Hill, being developed by Forest City Ratner Cos., involves 1.3 million square feet of retail and entertainment space and 1,000 residential units. More than 100 of the units will be marked as affordable housing; 200 will be built for homeowners 55 and over.
The project is part of a $3 billion waterfront overhaul in Yonkers, which will encompass four mixed-use projects.
NoLandGrab: We aren't that familiar with Yonkers, but we're sure that Bruce Ratner's controversial Ridge Hill project is a lot farther from the Hudson River than his controversial Atlantic Yards project is from Downtown Brooklyn, unless they're counting the Grassy Sprain Reservoir. Which begs the question: why the heck is Ratner building an 81-acre, 1.3 million square foot "regional life-style center" so close to a reservoir that provides drinking water to Yonkers and sections of the Bronx?
If anyone can explain how Ridge Hill is being lumped in with "waterfront redevelopment," and how increased development and traffic supposedly won't affect the reservoir's waterfront, please email us.
Posted by lumi at August 23, 2007 8:48 AM