"We plan to close on the property and break ground by the end of the second quarter per the Land Disposition Agreement we have with the City of Yonkers," Collins tells GlobeSt.com. He says that although financing is not yet in place, the firm is in negotiations with a number of investors.

Collins adds that the investor interest in the project has increased in the past few weeks. He attributes this to the beginning of construction on a number of other Yonkers waterfront projects. The city is performing utility improvement work in and around the site and has begun its planned $15 million Esplanade Park nearby that will give the public direct access to the waterfront.

"The level of financing interest has been subject to the pace with which the city is moving forward with its public infrastructure work," he says. While the city had previously announced its plans to pump in million of dollars worth of capital into the Downtown waterfront district, much of the work near the site has only just begun in the last few weeks.