Hines, along with investment partner MetLife Investment Management, has announced the start of construction of NorthLight at Edge-on-Hudson, a Class-A, multifamily project featuring 246 luxury apartments.
The project team at Hines also closed on the construction loan with Santander Bank. This marks the third project they have helped finance with Hines.
NorthLight at Edge-on-Hudson will include studio, one-bedroom and two-bedroom apartments ranging from 565 to 1,406 s/f. Amenities will include a 17,000 s/f outdoor courtyard with swimming pool, fitness deck, outdoor kitchens, firepits, open green spaces, and varied seating and lounge areas for social or co-working use; two penthouse terraces and a roof deck; indoor clubhouse with co-working space, fitness center, kid’s play room, communal kitchen and wine lounge; conditioned storage space, bicycle parking, pet spa and 427 private resident parking spaces within a five-story, partially enclosed garage that provides access to each resident floor.
The building is part of a $1 billion phased master-planned development known as Edge-on-Hudson, a mixed-use, riverfront community with over 16 acres of community parks and a 1.5-mile waterfront promenade.
“Today marks an exciting milestone for our Edge-on-Hudson project and we are thrilled to expand our multifamily portfolio in Sleepy Hollow with the addition of NorthLight at Edge-on-Hudson. With its excellent amenities and irreplaceable location, NorthLight will set a new standard for living in the area,” said Tommy Craig, Hines Senior Managing Director.
NorthLight at Edge-on-Hudson is situated on the Hudson River, less than 0.5 miles from the Tarrytown Train Station, with direct access to Grand Central Terminal in under 40 minutes. Located just 25 miles north of New York City, the site is a coveted parcel set within walking distance of a range of recreational parks, trails, historic sites.
The village of Sleepy Hollow is home to a diverse and vibrant community that combines city convenience and small-town charm. The area has preserved much of its history and natural aesthetic beauty and remains steeped in history and local legend.
NorthLight at Edge-on-Hudson is expected to be completed in the third quarter of 2022. Leasing is slated to begin in the first quarter of 2022.
The first residents began moving into Edge on Hudson in September. The development on the site of the former GM plant at Sleepy Hollow will ultimately feature 1,177 homes. The site is owned by SunCal and Diversified Realty Advisors.