7.11.07 GlobeSt.com

$250M Senior Project Gets Key Approval
By John Jordan

WHITE PLAINS-The White Plains Common Council granted site plan approval on Monday evening for a proposed $250-million senior housing community to be built on the grounds of the former St. Agnes Hospital here. Officials with Noyack Medical Partners LLC of New York City and joint venture partner North Street Community LLC say that the key municipal approval paves the way for construction to begin on the project by this fall, perhaps as early as September.

The senior lifestyle community will consist of 335-luxury condominium units located in four new structures that will range from four to six stories each. Noyack Medical Partners CEO CJ Follini says the luxury condominium component of the development is projected to reap approximately $250 million in sales. Development costs for the senior condo residences are estimated at approximately $150 million, he says.

Another facet of the project will be the reuse of the former 150,000-sf St. Agnes Hospital building at 305 North St. The plan calls for the development of 92 assisted living units and approximately 20 Alzheimer’s units. Follini says that his firm is in discussions with several operators that would manage the assisted living/Alzheimer’s building. He says his firm will likely do a joint venture with the operating firm on that facet of the project. He notes that his firm is in the last round of talks with a couple of healthcare operating companies and plans to make a selection in the next 60 days.

The operator will then decide whether to redevelop the existing hospital building or demolish it and build a new building of similar size. Follini says a rough estimate of the renovation of the existing hospital is about $25 million. Building a new facility could cost between $30 million to $35 million. The project will also feature a two-story club building that will be the social center of the community. The 28,000-sf facility will feature a wellness center with whirlpool and lap pool designed to support water aerobics, a spa, an exercise fitness area and a variety of dining venues.

Noting that the approval of the project has taken about 24 months, Follini says, “When construction is completed in two years, about 15% of the city’s population will be over the age of 65, and this campus will include the most advanced design, illustrious amenities, and most comprehensive suite of integrated healthcare of any senior development in the country.” Noyack and its partners paid $21.4 million for the 23-acre property in December 2004 in a foreclosure auction by the New York State Dormitory Authority. The Noyack venture also purchased a 72,000-sf office building at 311 North St. on the property in a separate transaction. That building is currently 70% leased