News in Detail

Toll Selected to Build on the Hudson in Sleepy Hollow, N.Y.

After a year-long infrastructure build-out, home construction is nearing its start at Edge-on-Hudson, the transit-oriented mixed-use development on the site of the former General Motors Assembly Plant in Sleepy Hollow, N.Y.

The 70-acre site along the Hudson River is located just 25 miles north of New York City and will restore access to the Sleepy Hollow waterfront while jumpstarting economic development in the area. The development team at Edge-on-Hudson, a joint venture of SunCal and Diversified Realty Advisors, has announced that Toll Brothers (NYSE: TOL), has signed an agreement to purchase and build out lots in Phase 1 of the project. It is anticipated that Toll Brothers will build as many as 306 units of housing, including 61 affordable workforce and senior housing units.

As master developer of Edge-on-Hudson, SunCal and Diversified will continue site development on the project, an ambitious development valued at $1 billion, which will eventually include 1,177 units of housing; a 140-room boutique hotel; 135,000 square feet of retail space and 35,000 square feet of office space. The project will also feature more than 16 acres of parkland, and a winding promenade along the water linking to the existing RiverWalk to the south and Kingsland Point Park to the north.

The project is the largest undeveloped tract of land along the Hudson River in proximity to New York City and is set within walking distance of two nearby Metro-North railroad stations with direct access to Grand Central Terminal in Manhattan. The Philipse Manor station is located north of the site and the Tarrytown station is south; commute time to Manhattan is approximately 40 minutes.

David Soyka, Senior Vice President, SunCal, commented, “Toll Brothers is the ideal builder for a project that demands world-class design and construction expertise. Edge-on-Hudson will be a premier transit-oriented, waterfront community poised at the gateway to the Hudson Valley.” Jonathan Stein, founding partner, Diversified Realty Advisors, added, “After an 18-year journey, I’m thrilled to see this project reach fruition. It will be gratifying to see the first residents move in to this extraordinary location along the Hudson.”