Mixed-use mega-project pitched for Syosset's Cerro Wire site
Apr 4, 2015 6:43:47 GMT -5
Post by CoNCA Admin on Apr 4, 2015 6:43:47 GMT -5
FROM LONG ISLAND BUSINESS NEWS
libn.com/2015/03/31/new-mixed-use-plan-pitched-for-cerro-wire-site/
The Simon-led development group’s plan for the site, dubbed Syosset Park, features more than 600 non-age-restricted residences–a mix of townhomes and cottages–and more than 350,000 square feet of retail space. About 65,000 square feet of restaurants, two hotels totaling 350 rooms and two office buildings are also part of the project, in which some building heights go to four stories.
The property, on Robbins Lane just north of the Long Island Expressway, was purchased in two parcels by a development group headed by Indianapolis-based Simon.
In May 2013 the developers paid $32.5 million for the first parcel, 54 acres used by the Town of Oyster Bay’s Department of Public Works. Simon then bought the adjacent 39 acres that was the former Cerro property from rival Taubman Centers in January 2014. Taubman had long-planned to build a shopping mall on the site but was rebuffed by community opposition fueled by a Simon-funded anti-mall campaign. The Michigan-based retail developer had spent 18 years and somewhere in the neighborhood of $160 million on the site in its quest to build the mall before it threw in the towel. The Cerro property is a former state Department of Environmental Conservation tainted site and the adjacent town land is a capped landfill.
libn.com/2015/03/31/new-mixed-use-plan-pitched-for-cerro-wire-site/
The Simon-led development group’s plan for the site, dubbed Syosset Park, features more than 600 non-age-restricted residences–a mix of townhomes and cottages–and more than 350,000 square feet of retail space. About 65,000 square feet of restaurants, two hotels totaling 350 rooms and two office buildings are also part of the project, in which some building heights go to four stories.
The property, on Robbins Lane just north of the Long Island Expressway, was purchased in two parcels by a development group headed by Indianapolis-based Simon.
In May 2013 the developers paid $32.5 million for the first parcel, 54 acres used by the Town of Oyster Bay’s Department of Public Works. Simon then bought the adjacent 39 acres that was the former Cerro property from rival Taubman Centers in January 2014. Taubman had long-planned to build a shopping mall on the site but was rebuffed by community opposition fueled by a Simon-funded anti-mall campaign. The Michigan-based retail developer had spent 18 years and somewhere in the neighborhood of $160 million on the site in its quest to build the mall before it threw in the towel. The Cerro property is a former state Department of Environmental Conservation tainted site and the adjacent town land is a capped landfill.