The Real Deal New York

Developer inks 99-year lease for new $1.2B biotech center in Valhalla

January 17, 2019 12:01PM

A $1.2 billion biotechnology center is slated to rise in Valhalla, the Westchester County Business Journal reported. Westchester County Executive George Latimer signed a 99-year lease last week with developer John Fareri of Fareri Associates for 60 acres of land at the Grasslands Reservation, according to the outlet. That land for the so-called North 60 project, as well as 20 acres of adjacent land that Fareri Associates already owns, is where the future Westchester Bioscience and Technology Center will be constructed. The center, which still requires local approval, won’t be far from the Westchester Medical Center and Maria Fareri Children’s Hospital. A proposal to include housing in the development was dropped for the time being. “It’s going to be a very walkable community, so it will actually decrease traffic for the medical center and for the tenants that go there,” Fareri told the outlet. [WBJ]