Demolition Completed and Construction Begins at Rivertowns Square
Dobbs Ferry, NY (PRWEB) May 27, 2015 -- Saber Real Estate Advisors – an Armonk, NY, based firm specializing in shopping center development in New York and Florida – has completed demolition and begun construction at Rivertowns Square, the $150 million luxury village in Dobbs Ferry, NY, scheduled to open next year.
“Rivertowns Square will be transformative to the area and we are thrilled to have the opportunity to provide a world-class shopping and entertainment destination to residents and visitors of Westchester County,” said Martin Berger of Saber Real Estate Advisors. “The start of construction represents the culmination of a huge group effort to bring this vision to life, and we are thrilled to be opening our doors in 2016.”
Upon opening, Rivertowns Square will feature a hotel, restaurants, boutiques and entertainment along with luxury apartments. Conveniently located off the Saw Mill River Parkway, which is driven on by over 60,000 cars daily, it will also feature ample free parking for guests.
Due to timing issues, XSS LLC, a New Hampshire-based limited liability company, terminated its contract to bring a hotel to Rivertowns Square ahead of the property’s scheduled closing in order to better manage the company’s current projects.
“In this market, a shovel-ready, mixed-use development with village and site work approvals is rare,” shared Berger. “Construction on the site will be delayed while the search for a new hotel operator commences, but we look forward to bringing in a hotel tenant that will match the luxury of Rivertowns Square and its residential, retail and dining offerings.”
Rivertowns Square is currently 80% pre-leased and confirmed tenants include; Mrs. Green’s Natural Market, ULTA Beauty, Chipotle, Buddha Asian Bistro, My Gym, The Learning Experience, New York Sports Club, Starbucks, GNC and a luxury movie theater. Leasing is being handled exclusively by Greenstone Realty of Manhattan. The exposure to visitors and residents from Westchester, Fairfield and Putnam Counties has been a key factor in attracting tenants to the development.
"Rivertowns Square is a highly unique location situated at the area's epicenter of urban and suburban living," said Mr. Nick Vanella, Executive VP - Real Estate for The Learning Experience. "The high density, traffic count and demographic are parallel to our business objectives and we are confident that The Learning Experience will distinguish and complement tenancy."
Located directly off Exit 16 on the Saw Mill River Parkway, Rivertowns Square will be the most accessible shopping center in Westchester County.
For more information on Rivertowns Square, please visit: http://www.rivertowns-sq.com/
About Saber Real Estate Advisors, LLC:
Saber Real Estate Advisors is comprised of an experienced team of real estate professionals with backgrounds in private equity, structured finance, fixed income, workouts and development. With a track record of over 20 years dating back to its predecessor McCann Development, Saber is led by two seasoned real estate professionals: Martin Berger, head of McCann Development, and Michael Klinger, formerly of The Blackstone Group and The Related Companies. Saber has superior access to off market opportunities and extensive relationships with national and local lending institutions. Moreover, Saber’s in-house asset management, development, repositioning, legal and accounting expertise allows it to present solutions to distressed and undervalued assets prior to acquisition. Visit http://www.saberfund.com.
About Rivertowns Square:
Rivertowns Square is a $150-million, 120,000-square-foot mixed-use development in Dobbs Ferry, N.Y. expected to open in 2016. The development’s mix of tenants will include a range of restaurants, quality boutiques, entertainment offerings, and a hotel. Located directly off Exit 16 on the Saw Mill River Parkway, it will be the most accessible shopping center in Westchester County. Confirmed tenants include an 8-screen luxury multiplex, Mrs. Green’s Natural Market, ULTA Beauty, Chipotle, Buddha Asian, My Gym, The Learning Experience, New York Sports Club, Starbucks and GNC. Rivertowns Square is being developed by Saber Real Estate Advisors and leasing is being handled exclusively by Greenstone Realty in Manhattan. Visit http://www.rivertowns-sq.com/.
Kayleigh Lentz, Co-Communications, Inc., +1 9146660066, [email protected]
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