Yonkers picks developer for prime waterfront site.

Yonkers Mayor John D. Spencer was joined by Governor George E. Pataki and other officials last week in announcing the selection of Collins Enterprises of Old Greenwich, CT, as the developer of Yonkers' 16-acre downtown waterfront. The announcement was made aboard a ferry that was docked at the Yonkers City Pier.

Collins Enterprises was selected over a field of 12 developers who responded to the city's RFP, and a list of three finalists, including Avalon Properties of Wilton, CT, and a joint venture of Ginsburg Development Corporation of Hawthorne, NY, and Robert Martin Company of Elmsford, NY.

Collins Enterprises plans to begin construction on Phase I in May 1999, pending the completion of the environmental review process, which is now underway by the city. Phase I consists of two of the six parcels that comprise the 16-acre site and is located next to the recently restored historic City Pier at the foot of Main Street.

Collins Enterprises proposes to build a mixed-use waterfront community in accordance with the city's proposed Master Plan prepared by Ehrenkrantz Eckstut & Kuhn Architects of New York City.

Called "Hudson Park at Yonkers," Collins Enterprises' plan, developed with design architect Fox & Fowle of New York City, features a residential component consisting of 40 live/work apartments; 20 townhomes; 180 rental apartments; 17,000 square feet of retail specialty shops and restaurants; 28,000 square feet of professional office space; and parking for 291 cars. Total construction cost for Phase I is estimated at $50 million. The developer will have the option on developing the remaining-parcels for a total build-out in excess of one million square feet of new construction, estimated at $150 million.

"This is a milestone day for the city of Yonkers and our effort to bring economic rebirth to one of our most valuable assets, our Hudson River waterfront," said Mayor Spencer. "Collins Enterprises has played a significant part in the redevelopment of the Long Island Sound waterfront in Connecticut, and we look forward with great enthusiasm as they partner with us to turn this city's vision into reality."

Collins Enterprises will become part of a significant public/private partnership that includes the City of Yonkers, County of Westchester, State of New York and federal governments, which have so far committed more than $50 million in public improvements near the site. Highlights of these improvements include the recent $2.7 million restoration of the pier; the completed $5 million streetscape improvements to all city streets that access the site; the planned $15 million Westchester County Esplanade Park along the river's edge; and the proposed new Main Branch of the Yonkers Public Library.

"By moving forward aggressively with an impressive project to take advantage of the magnificent Hudson River, Mayor Spencer continues to demonstrate the leadership and vision that have created a brighter future for the people of Yonkers," Governor Pataki said. "I look forward to working with Mayor Spencer and the people of Yonkers to ensure the State plays an important role in bringing this project - and the Yonkers waterfront - to life."

Arthur Coillins of Collins Enterprises said, "Hudson Park at Yonkers will be a vibrant mixed-use neighborhood that will extend the architectural character of Main Street down to the water. The Hudson River, the views of the Palisades, and the 30-minute commute into Manhattan are all great assets that will contribute to the success of this new residential and business community. This development plan for Phase I will provide the necessary critical mass to create a dynamic destination location that will be a new landmark for the city."

Collins Enterprises is a privately held, integrated real estate company with over 30 years of experience in revitalizing urban waterfronts and recreating downtowns. The company's current projects include "The Heritage at Freemason Harbour," a 10-acre, five-block mixed-use development on the waterfront in downtown Norfolk, VA; "Volunteer Landing," a one-mile, mixed-use, public/private development on the Tennessee River in Knoxville, TN; and "The Strand," a prominent 14-acre mixed-use development on Stamford Harbor in Stamford, CT.