Ground broken on 'unique' Westchester project.
When completed in 2005, the project off Routes 117 and 172 will comprise 90 affordable senior condominium apartments in three elevator buildings on the southern end of the site, and 34 semi-attached single family homes starting in the high $500,000s on the northern end of the site.
The senior housing component is to be called the Woodcrest Village Condominiums; the luxury homes will be called Glassbury Court.
Of the 90 senior condominiums, 66 will be priced and affordable to seniors whose household income does not exceed 80% of the Westchester County Area Median Income--approximately $58,000. These homes will sell for $170,000 to $210,000.
Although the balance of 24 will be available for those with income that exceeds the county's standards, they will be priced significantly below market at approximately $250,000.
Seven of the 66 affordable condominiums will be allocated with first preference to Bedford seniors. The balance of the units will be allocated and have first preference to Mount Kisco seniors.
In the center of the development there will be an 8-acre open space preservation area to be managed by the Westchester Land Trust.
Unlike many other affordable senior housing communities, Woodcrest is receiving no government funding. The entire $45 million project is 100% privately funded, according to William Baiter, a principal of the Elmsford-based development company.
Construction on both the affordable and upscale sections will progress simultaneously. The architect is Westchester-based Warshauer Mellusi Warshauer, P.C., WBP's construction affiliate, Griffon Associates, is the construction manager.
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|Title Annotation:||Woodcrest Village Condominiums and Glassbury Court|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Dec 3, 2003|
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