Collins Enterprises, a pioneer in the redevelopment of the Yonkers waterfront, has announced plans to start work on the third and final phase of its massive Hudson Park luxury rental development.
Collins has partnered with a new equity partner, Berkshire Property Advisers, to complete the project begun more than a decade ago.
A symbol of the area’s renaissance, Hudson Park demonstrated the viability of a new multi-family complex at the Yonkers waterfront and helped spark the interest of other developers in constructing new apartments, retail, restaurants and businesses to locate in the area.
Collins Enterprises was on the front line of a redevelopment effort in downtown Yonkers in which City Hall partnered with private developers to revitalize the area and its economy and has succeeded even where the master downtown developer, Struever Fidelco Cappelli, has shown little progress.
The first phase of the Collin’s development, called Hudson Park South, was completed in 2003 at a cost of $62 million.
It features 266 one- and two-bedroom rental apartments and 15,500 s/f of retail, restaurants and professional office space.
The second phase is the $104 million Hudson Park North which opened in 2008. Constructed on two parcels just north of the first phase, it took advantage of the New York State Brownfield Tax Credit Program.
It is comprised of two towers (one, 14-stories, and the second 12-stories) connected by a four-story building and 340 space parking garage. It features 294 one- and two-bedroom apartments.
Collins announced last week it has teamed up with a new equity partner, Berkshire Property Advisers, for the third and final phase of the historic project.
Berkshire and Collins recapitalized a $147 million transaction which includes a $63 million loan provided by Wells Fargo Bank and Freddie Mac. Collins remains the managing member, responsible for all operations at the property.
Comprising of an additional 200 luxury rental apartments, the new tower will be built on approximately a quarter of an acre parcel that abuts the garage at Hudson Park North.
Dwight Collins, co-founding principal of Collins Enterprises, said he was thrilled with the deal.
“Hudson Park is an excellent example of what a carefully planned redevelopment project can do in transforming an aging urban waterfront into an attractive destination for the 21st century.”
With the influx of new residents, downtown Yonkers has been enlivened with new activity and vitality. The City is now completing the $30 million “day-lighting” of the Saw Mill River, which has run through an underground pipe beneath the neighborhood since the 1920s.
The city is using a $34 million grant is secured from the State to open up the river and create a new public park and riverwalk.
The Yonkers Metro-North Station, which underwent a major renovation and preserved the historic character of the structure, is one of the busiest stations in the commuter line. The 28-minute ride to Grand Central Station makes it easy for commuters and is one of the attractions of living in the downtown.
Based in Stamford, Connecticut, Collins Enterprises is a third-generation, private real estate company which owns and operates a $500 mm portfolio of multifamily and commercial office buildings from Virginia to New York City.
Collins Enterprises is nationally recognized for building unique redevelopment projects in strategic locations such as urban waterfronts, re-emerging downtowns, and Brownfield sites.