GM And Sleepy Hollow Settle Property Issues
SLEEPY HOLLOW, New York - General Motors and the Village of Sleepy Hollow today officially agreed to go forward with plans to work with real estate developer Roseland Property Co. on a mixed-use commercial, residential and retail project for GM's former plant site.
In a ribbon-cutting ceremony under a tent on the GM Hudson River waterfront property, representatives of GM, Roseland and Sleepy Hollow Mayor Phillip E. Zegarelli officially released the Village's option on the property. Governor George E. Pataki also participated in the ceremony.
"We are very happy to have this uncertainty behind us and are now free to begin preparations for this exciting opportunity," said Marshall B. Tycher, partner, Roseland Property Co. of Short Hills, N.J., GM's choice to plan and execute the development plan for the 97-acre site.
Planning for the site stalled last year when time ran out on a five-year-old agreement executed between GM and the Village when the plant closed in 1996. The Village served notice that it planned to exercise its option to purchase the property from GM and take over the development. GM filed legal action to protect its interest in the property and negotiations to settle the matter continued for nearly a year, while plans were put on hold.
"We are pleased to have everyone back on the same page and in agreement that Lighthouse Landing at Sleepy Hollow will be a great development for the region, and the sooner the better," said Mark Sloan, manager of Worldwide Real Estate for GM.
Sleepy Hollow Mayor Zegarelli thanked GM for helping to achieve the agreement, which he call "historic."
"This is a landmark agreement for a landmark project - one that the people of Sleepy Hollow will be willing participants and partners with GM and Roseland Property Company," he said.
The former Tarrytown plant, one of GM's oldest assembly plants when it ceased operation in 1996, was originally built in 1899 for the production of Walker Steamers. GM purchased the plant in 1914 and began producing Chevrolet cars and trucks the following year. It is located on the Hudson in the shadow of the Tappen Zee Bridge. The site of the former assembly plant provides a 270-degree panoramic view of Manhattan and the Hudson River.
General Motors , the world's largest vehicle manufacturer, designs, builds and markets cars and trucks worldwide, and has been the global automotive sales leader since 1931. More information on GM can be found at www.gm.com.