Reader’s Digest site developers can only build on less than one-third of property

New York /
Apr.April 29, 2011 12:37 PM

The community board of New Castle, the Chappaqua town where developers originally sought to build a 348-unit condominium on the 114-acre site that formerly housed the Reader’s Digest, ruled that Summit Development and Greenfield Partners could only build 111 units on 31 of the acres, the New York Times reported. The developers purchased the land for $59 million seven years ago and have been continually rebuffed in their efforts to build on the site, and have alleged in two lawsuits that the town opposes affordable multi-family housing. But the town supervisor, Barbara Gerrard, said the community wants to limit residential development to leave room for commercial development in order to raise more revenue for the town.

Currently, Chappaqua shops contribute less than 3 percent to the area tax base, and revenue took a major hit upon Reader’s Digest’s departure. Gerrard says she struck a compromise by allowing for development but still respecting many community members’ wishes that the 114-acres remain a vast, lightly developed property. These developers are not the first to go to court with Chappaqua over development obstacles, as SG Chappaqua has filed a lawsuit demanding that the town buy back its property after continually rejecting its proposals. New Castle also reached a settlement with the federal Department of Housing and Urban Development when it mandated that largely white Westchester communities needed to create affordable housing. [NYT]


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Mindspace founders Dan Zakai and Yotam Alroy. (David Garb for Mindspace)
Mindspace gets $72 million induction to continue shared-space expansion
Mindspace gets $72 million induction to continue shared-space expansion
Abalone Point, Laguna Beach California. (Photo D Ramey Logan.jpg from Wikimedia Commons by D Ramey Logan, CC-BY 4.0)
$70 million purchase a record sale in Orange County, California
$70 million purchase a record sale in Orange County, California
Jared Kushner (Getty)
Jared Kushner looks to Persian Gulf for investment-firm financing
Jared Kushner looks to Persian Gulf for investment-firm financing
Chinese President Xi Jinping (Getty)
Chinese regulators ease some real estate controls
Chinese regulators ease some real estate controls
Last remaining Japanese-American farm on LA peninsula to shutter
Last remaining Japanese-American farm on LA peninsula to shutter
Last remaining Japanese-American farm on LA peninsula to shutter
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...