Hines, a real estate investment, development, and management firm, has agreed to invest in Edge-on-Hudson, a mixed-use development situated in Sleepy Hollow, New York, US.
Edge-on-Hudson, a joint venture of SunCal and Diversified Realty Advisors, will develop 246 luxury apartments along the banks of the Hudson River in Phase Two.
Hines has purchased Parcel F of the project to construct the five-story luxury apartment complex.
David Soyka – senior vice president, SunCal said: “Hines has a remarkable record of success across the globe and we’re gratified they will be participating with us in the development of Edge-on-Hudson.”
With sales having commenced at the beginning of 2019, Townhomes in Phase One of the development are already under construction.
Hines invests in Edge-on-Hudson mixed-use development in US. Image by Free-Photos from Pixabay.
Set on a 70-acre site, the $1 billion Edge-on-Hudson project will finally contain 1,177 units of housing; a 140-room boutique hotel; 135,000ft2of retail space and 35,000 ft2 of office space as well as over 16 acres of parkland.
The development is located 25 miles north of New York City and is set within walking distance of Tarrytown and Philipse Manor, two Metro-North train stations, and a range of recreational parks, trails, historic sites and the Village of Sleepy Hollow.
Grant Jaber – Hines managing director of multifamily residential development in Hines’ East Region, said: “We are proud to be a part of this transformative development in the beautiful Village of Sleepy Hollow.
“The community’s mixed-use component, waterfront location and proximity to transit make it an extremely attractive investment for Hines.”
Hines, with $124.3 billion of assets under management, has a presence in 219 cities in 23 countries while SunCal is a US-based real estate development company with core strengths in large-scale, mixed-use master-planned communities.
Diversified Realty Advisors, a full-service real estate development firm, has an existing portfolio and acquisition/development pipeline of more than 6,000 residential units and 600,000ft2 of commercial space across the US.