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TARRYTOWN, N.Y. Difficulties in the housing market and construction have put the Hudson Harbor real estate development project six weeks behind schedule, according to developer Joseph Cotter, but they hope 2012 will be better.
We're surviving and we've done better than other projects, but we haven't gotten real traction, Cotter told the Tarrytown Board of Trustees during a recent meeting. Maybe this is our year because there's not that many new projects.
National RE/sources is redeveloping several areas around the Hudson River waterfront where industrial factories used to operate, including the Castle Oil site in Sleepy Hollow. The project includes several different types of housing and some restaurants. Cotter said the project would also eventually join the two RiverWalk parks in Sleepy Hollow and Tarrytown once the Castle Oil site is complete.
Developers are currently constructing one of two condominium buildings near the river, and Cotter said they will soon begin work on a section of 28 carriage houses surrounding a central park area.
Things went slow for a while, but we think we're getting our momentum back, Cotter said.
The carriage houses will run around 2,300 square feet, Cotter said. The houses are designed to be slightly more affordable at a price tag of around $750,000 to $950,000 compared to other homes in the project.
We think these are going to be pretty interesting, Cotter said, noting developers had taken inspiration from carriage houses at the Sleepy Hollow Country Club, Lyndhurst and other such large estates.
Cotter said sales would drive construction and determine whether developers build the second condominium building first or the carriage houses first.
Developers are also working on the required affordable housing project on the site of the old Village Hall on Wildey Street. That building was demolished after the village constructed a new Village Hall near the train station.
Cotter said planners were looking to fulfill the terms of an agreement with the village to provide 12 units that fall under the agreement, which stipulates housing of a minimum 800 square feet. Cotter said they were thinking about additional units that were smaller and more reasonably priced in an effort to attract younger people to Tarrytown.
The units would be one bedroom apartments around 600 square feet, he said. The rents would be more reasonable because new rental stock is kind of a good thing, we think.
Cotter said developers would have something on the Wildey Street project in the next four to six weeks.
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