Sleepy Hollow's largest development-in-waiting is ready to receive suitors.
GM, and the international real estate group Jones Lang LaSalle, have launched the Request for Proposals process in an attempt to cultivate interest, and perspective developers, to take on the massive waterfront build.
Part of the search includes the creation of gmsleepyhollowdevelopmentopportunity.com. The site is slick; complete with market trends, quick facts and summaries of the project. More detailed information is available if those visiting the site sign a non-disclosure agreement.
"It explains the terms of the procedures, the parameters and due dates. Anyone can go look at it," said Sleepy Hollow Mayor Ken Wray.
Under the agreement between GM and the Village, which was part of the , the company was required to petition for proposals by July 7.
The website and supplemental information boasts that permits and state approvals are already in place for the 1,177 residential unit development, which will also include 170,000-square-feet of retail/office space.
It also notes that, because the property has been classified as a Brownfield, developers may be able to get a 10 percent state tax credit for site preparation and redevelopment.
The last day for proposals to be accepted for consideration is September 2, 2011.
"What GM will do is look through all of the responses and pick someone to negotiate the final deal with," said Wray.
According to the aforementioned Special Permit agreement, GM will have to transfer of the property to a new owner before the end of February, 2012.
You can view the RFP website here: http://gmsleepyhollowdevelopmentopportunity.com/
