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$300m Starwood plan for hospital site enters review process.

A decade-long effort to transform the former United Hospital site reached a milestone Monday as the site's owner, affiliates of Starwood Capital Group, submitted a Draft Environmental Impact Statement (DEIS) to the Village Board of Trustees to start of the public comment and review process.

Starwood Capital has proposed a mixed-use development that would cost roughly $300 million and include new retail, restaurants, a hotel, office space, residential units, publicly accessible open space and improvements to the network of roadways leading to the site.

The project was designed to achieve the objectives set forth in the Comprehensive Plan adopted by Port Chester in 2013 while also minimizing its impact on the local public schools.

The mixed-use development will include 90,000 s/f of boutique street-level retail and restaurants; A 135-room hotel; 217,000 s/f of office space with a portion designated for wellness-related use; 500 units of residential designed for young professionals; 230 units of age-restricted senior residential; 1,345+ parking spaces; and Nearly an acre of publicly accessible open space.

The project is expected to generate economic and community benefits by creating thousands of construction and permanent jobs, expanding the tax base, and funding public improvements beyond what is required including traffic mitigation on Boston Post Road.

"We share the Village's goal of maximizing the redevelopment potential of this property in a way that is beneficial to the community and we look forward to a continued constructive dialogue with the Board, Village Staff and Port Chester residents in the coming months," said Barry Sternlicht, chairman and CEO of Starwood Capital.

"We're confident that, through the constructive efforts of all interested parties, the public review process will result in a project that the Village and the surrounding communities will embrace. This project has been an eyesore for too long and it's time to agree on a resolution and put this project on the tax rolls." The Village Board of Trustees will now review the Draft Environmental Impact Statement (DEIS) before opening the document to public comment.

The 15.4 acre site of the former United Hospital has been closed since 2005. Starwood bought it the following year.

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Title Annotation:MARKETS
Comment:$300m Starwood plan for hospital site enters review process.(MARKETS)
Publication:Real Estate Weekly
Date:Jan 7, 2015
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