SUMMIT BREAKS GROUND ON $50 MILLION RETAIL PORTION OF CHAPPAQUA CROSSING MIXED-USE DEVELOPMENT

By March 1, 2016Uncategorized

Whole Foods Market will be first to open in 2017

 

CHAPPAQUA, NY (March 1, 2016) – After 11 years of review, Chappaqua Crossing, a one-of-a kind development combining high-end retail stores, office space and luxury housing, today broke ground in the Westchester County Town of New Castle on the $50 million retail component of the plan.
About 75 people, including Town Supervisor Robert Greenstein and three former New Castle Town Supervisors who were in office during the project’s review process, as well as Deputy Westchester County Executive Kevin Plunkett, joined developers Summit/Greenfield Partners for a groundbreaking ceremony on the former Reader’s Digest campus off Bedford and Roaring Brook Roads.

 

“I am very proud of what we have accomplished in partnership with the town,’’ said Summit Development President Felix Charney, a principal in Summit/Greenfield. “This is a unique project – there is nothing else like it in Westchester. Not only will it bring great amenities like a Life Time and sought-after retail stores like a Whole Foods Market to northern Westchester, but it will provide luxury housing, as well as a cultural center and improved infrastructure that will benefit the entire community.”

New Castle Supervisor Robert Greenstein said: “What started out as the longest and most controversial application in our Town’s history, ended up as an example of the benefits of working together. Together we ensured the residents of New Castle the best outcome, amenities and aesthetics as well as the tax dollars we need. Chappaqua Crossing will once again provide a strong contribution to our commercial tax base, while at the same time creating new amenities for residents and preserving the character of the surrounding neighborhood. I look forward to continuing to work with all of our neighbors, including Summit/Greenfield to ensure that this development is in the best interests of the community.”

 

Also in attendance were former New Castle Town Supervisors Janet Wells, Barbara Gerrard and Susan Carpenter.

 

Designed with careful consideration for the natural setting and the classic Georgian architectural style of the original headquarters building, an iconic symbol for generations of American readers, Chappaqua Crossing presents a harmonious backdrop for its unique, new multi-faceted development. Summit will be building the retail project in partnership with The Grossman Companies of Boston.

 

 

Chappaqua Crossing includes:

  • More than 500,000 square feet of rental office space with high-end amenities including a full cafeteria, conference center and 24-hour security. Current tenants include Northern Westchester Hospital and Mount Kisco Medical Group.
  • More than 120,000 square feet of retail space featuring a Whole Foods Market, Life Time fitness center, shops and restaurants.
  • The North Village with 91 luxury townhomes in a beautiful hilltop setting with landscaped terraces, gardens and walking trails.
  • Fifty acres of permanent open space surrounding the entire site.
  • 28 units of affordable housing located in the property’s signature cupola building.
  • A shuttle connecting to Chappaqua’s Metro-North station.

Of the new construction, the retail village will come on line first, with the Whole Foods Market expected to open in 2017. The 40,000 square-foot market will offer all the products and services that make Whole Foods Market a top name in the organic and natural foods industry as well as one of the top 100 places to work in America, as designated by Fortune Magazine for the past 18 years.

The planned development is a model for how a large, single tenant corporate office campus can be adaptively re-used, said Charney.

 

Charney added that the development would improve the quality of life in the community. As part of the agreement, the developers will make improvements to the Horace Greeley High School driveway and create a roundabout at the intersection of 117 and Roaring Brook Road to improve traffic flow. The developers will also lease the property’s Wallace Auditorium as a municipal performing arts center for $1 a year with the option for the town to acquire the facility. And, he said, the completed project will generate millions of dollars in tax revenues for the Town and the Chappaqua Central School District.

Luxury Townhomes

 

The North Village, expected to break ground in the spring of 2017 and will be set on 31 acres and feature 91 Georgian-style townhomes. Amenities will include a clubhouse with exercise and meeting rooms, landscaped terrace and gardens with access to on-site walking trails. Residents will have easy access to the Whole Foods Market and new Life Time fitness center with a café, spa and children’s play area, providing suburban living with the convenience of in-town living. The nearby 300-seat Wallace Auditorium offers a setting for community functions.

 

A Rich History

 

Located on the site of the former Reader’s Digest headquarters, Chappaqua Crossing is a unique environment that was shaped by the founders of the famous magazine, Dewitt and Lila Acheson Wallace. Beginning when the couple acquired the property in the late 1930s, the Wallace’s set about to create a nurturing and beautiful environment for their rapidly expanding workforce that at its peak totaled several thousand. The original Georgian-style brick building with its signature cupola opened in 1939 and has been a landmark for generations of passing travelers on the Saw Mill Parkway and Metro-North’s Harlem Line.

With the passing of the Wallace’s and major changes in the world of print publishing, the Reader’s Digest management made the decision to sell the property and in 2004 it was acquired by Summit/Greenfield Partners. The publisher remained as a tenant in the building for five years. New owners of the business relocated the remaining reduced operation to Manhattan.

 

Contact: Geoff Thompson

Thompson & Bender

(914) 762-1900

geoff@thompson-bender.co