Rendering of Ridge Hill Village
From the July issue: One of the condo buildings at Forest City Ratner’s long-delayed, mixed-use mega-project in Yonkers will soon be opening.
The $660 million project — which sits on 81 acres along the New York State Thruway and has been dubbed Ridge Hill Village — will include 1,000 rental and condo units. It will also include 1.2 million square feet of retail, 160,000 square feet of offices and possibly a hotel.
According to published reports, once complete, the project — which faced community opposition and legal hurdles — is expected to generate almost $24 million in annual tax revenue for the financially troubled city of Yonkers. It is also expected to generate $8.6 million in county taxes and $29.3 million in state taxes.
As of late May, the Horizon Group, the builder of the Monarch condo, which is set to open at Ridge Hill Village, had received deposits for 25 of its 162 units, according to the New York Times. The first occupants are expected to move into the condo — where prices range from $322,000 to $1 million — this summer.
Eldad Blaustein, a principal of Horizon, told the Times that construction of a second tower will begin once 70 percent of the units in the first tower are sold.
Compiled by Omari Allen [more]
