Latimer Signs Lease For Valhalla Biotech Hub Development

WHITE PLAINS, NY — Westchester County has entered into a 99-year lease with Fareri Associates to develop a biotech and medical technology research and development hub on 60 acres of undeveloped land in Valhalla on the Grasslands Reservation. County Executive George Latimer signed the lease with Fareri Associates President John Fareri during Latimer's address at the Westchester County Association breakfast Thursday.

The deal for the property, which is called North 60, calls for Fareri, who was instrumental in creating the Maria Fareri Children's Hospital, and Fareri Associates to develop an innovative biotech and medical technology hub together with retail and hotel space.

The project passed the legislature in 2017, but the lease was unsigned by the executive branch by the time Latimer took office.

Fareri had proposed new uses for the property, but they were withdraw, in an effort to get the original proposed uses underway.

The 99-year lease provides for the development of the property in accordance with a Master Development Plan in phases:

• The first phase requires the developer to create 220,000 square feet devoted to biotech and medical technology use, 100,000 square feet in medical office space, 80,000 square feet in retail space and a hotel with 120 rooms and conference facilities;
• Subsequent phases will be developed in stages after the first phase is complete. In the event subsequent phases aren’t completed, the area subject to the phase can excluded from the lease;
• The developer will provide the infrastructure needed to serve the development which includes streets, water, sewer, electricity and other utilities;
• The county will initially receive $125,000 per year in rent and then 6 percent of annual gross rental income from the above uses except 6 percent of annual gross income from the hotel, any assisted living facility and 6 percent for the other uses, and finally;
• The development will be subject to Town of Mount Pleasant zoning regulations and planning board approvals, county leased land standards and SEQUR review.

Fareri said that over the next several months, he will be preparing the necessary documents in order to begin the environmental review by the Town of Mount Pleasant.

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