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Village Reaches Tentative Agreement Regarding Sale of Lot A Parcel

1.23 acre parcel could be sold for $2.3M, site re-developed into housing
Posted on: April 22, 2024 - 3:43pm

lot a croton

Map of Lot A

lot a croton rendering

 Rendering of a possible 55-unit building on Lot A.

rendering
Rendering of the potential building on Lot A and 1 Croton Point Ave.
 
The changes in commuting since the pandemic began in 2020 have resulted in the underutilization of the Village-owned Lot A parcel, located at the intersection north of Croton Point Avenue & Veterans Plaza, as a parking lot. Since the pandemic, the Village has been evaluating the site for adaptive reuse. The Village of Croton-on-Hudson issued a Request for Proposals (RFP) for the parcel on July 24, 2023, with a November 15, 2023 deadline for proposal.
 
After careful review of the proposals, the Village of Croton-on-Hudson has reached a tentative agreement for the sale and redevelopment of Lot A. The Board of Trustees will be considering the ratification of a terms sheet with WBP Development LLC at the Board meeting on Wednesday, April 24.
 
The terms sheet is an agreement that shows the basic terms and conditions of a transaction. Elements of the term sheet include:
 

  • WBP would pay the Village of Croton-on-Hudson $2.3 million for the Lot A parcel.

  • WBP intends to construct approximately 55 units on the Lot A parcel, but contingent on the purchase the adjoining privately owned parcel at 1 Croton Point Avenue, would merge that with the Lot A to allow for the construction of approximately 95 units of housing on the site.

  • At least 20% of the units will be affordable. If the project is for-sale, the affordable units will be available to homeowners at up to 120% of the Westchester County Area Median Income (“AMI”) and, if the project is rental, up to 80% AMI. For the purposes of example, the AMI for a three-person household is $140,600.

  • Depending on funding sources, the number of affordable units may increase. Specifically, both parties are interested in constructing affordable condominiums on the site if funding from the state and county can be secured for this purpose.

The potential for affordable apartment homeownership to be a centerpiece of this project would add a much-desired option not currently present in our community. Part of the strength of the WBP proposal is consideration of an affordable ownership element as well as for WBP’s reputation in delivering quality projects throughout our region, including Westwind and Arrowcrest in Croton-on-Hudson.
 
The term sheet serves as a template and basis for more detailed, legally binding documents, but is not a final contract for sale. Final plans building on the site would have to proceed through the ordinary special permit, site plan approval and engineering review as governed by the Village Code and the NYS State Environmental Quality Review Act (SEQRA).
 
The redevelopment of Lot A will take an underused parcel of Village-owned property, one that used to generate revenue through parking payments, and put it back on the tax rolls.  The sale of the property will also provide the Village with funds to capitalize needed infrastructure projects and village services while minimizing the impact on property taxpayers.  Finally, it will help the Village make progress on long-identified planning goals.
 
Further information regarding Lot A, including a project FAQ, a copy of the term sheet, a copy of the RFP, and a copy of the relevant section of the zoning code, can be found by clicking here.