County Executive and Developer John Fareri Sign North 60 Lease Agreement at WCA Annual Breakfast
WHITE PLAINS, N.Y. (January 10, 2019) – Westchester County Executive George Latimer this morning at the Westchester County Association Breakfast signed a 99-year lease agreement for the North 60 project. The agreement for the county-owned land is the key to the development of a $1.2 billion biotech project on the Grasslands Reservation in Valhalla.
The Westchester County Association (WCA) has been heavily advocating for and involved with the project since its inception.
“It is clear that the County Executive and the Board of Legislators have made economic development a priority,” WCA President and CEO William M. Mooney, Jr. said. “This project will go a long way to solidifying our region’s brand as a hub of innovation in healthcare and life sciences. The WCA has long supported the development of the North 60 as a means to bring together academia, healthcare, life sciences and technology. It will provide meaningful opportunities for economic development, innovation and collaboration. I commend John Fareri for his vision, perseverance and passion for healthcare and life sciences in our region.”
Greenwich, Conn.-based Fareri Associates will develop the Westchester Bioscience and Technology Center, a $1.2 billion biotech and medical office complex, on the 60 acres owned by the county and the 20 acres owned by Fareri Associates. The property is located adjacent to the Westchester Medical Center. The center is expected to be about 3 million square feet of medical office, laboratory and research space, and include a Children’s Living Center. The property would also include a 100-room hotel.
The county has estimated the project would create approximately 8,000 permanent jobs and 4,000 construction jobs. The development is also expected to generate $9 million annually in property taxes. It would also pay about $7 million in rent to the county.
“We are partners in this project and committed to see that North 60 succeeds,” Latimer said at the WCA Breakfast at the Westchester Marriott this morning. “This can be a biotech center that attracts people from around the area. … People will see Westchester as a central place for biotechnology.”
Various leaders from across the region responded:
“The North 60 project is a perfect complement to WMCHealth’s flagship Valhalla campus, where genomics technology is already being applied to craft personalized treatments,” said Michael D. Israel, President and CEO of WMCHealth. “With a workforce of 6,500 and hundreds of thousands of visitors and patients each year, the plans for the project align well with the service, care, research and education provided at Westchester Medical Center, Maria Fareri Children’s Hospital and our Behavioral Health Center. And, as our 280,000-square-foot Ambulatory Care Pavilion nears completion this spring, this will become a true, state-of-the-art hub right in the heart of Westchester.”
“Pace University knows how important it is to encourage scientific innovation in Westchester, bolster the local economy, and provide internships, research opportunities, and jobs for our ambitious students and alumni,” said Pace University President Marvin Krislov. “We’re thrilled by today’s announcement that the county will be moving forward with the Westchester BioScience and Technology Center.”
“The innovative startups incubating at BioInc will all need larger labs and office space to move into as they grow,” said Deborah Novick, Director, BioInc@NYMC. “A project like the North 60 fills that need and will greatly benefit the growth of the biomedical cluster here in Westchester County.”
“The Westchester Biotech Project applauds the County Executive, Board of Legislators and John Fareri for their leadership in helping to create this much needed expansion of our biotech infrastructure and for setting the stage for our County’s future growth,” said Michael Welling, Founder & Co-Chair, Westchester Biotech Project. “This project will serve to bring together our existing research community and foster future collaboration.”
“We are very excited about this transformational development project for Westchester County and the Hudson Valley,” said Mike Oates, President and CEO of HVEDC. “Congratulations to County Executive Latimer and the County Board of Legislators for their leadership, and to Fareri Associates for their vision. This project will be an excellent addition and perfect complement to the business community in the Hudson Valley, which is a leader in the biotechnology and healthcare sectors.”
To view coverage of the signing, view minute 35 in the below video: