Zegarelli and Stein, an operating partner with Roseland Property Company of Short Hills, NJ, told area commercial brokers last week at a meeting of the Westchester County Board of Realtors Commercial Investment Division that the project called "Lighthouse Landing at Sleepy Hollow" will likely feature between 900 and 1,400 rental residential housing units, a hotel and conference center, another 200 units of senior housing and several hundred thousand square feet of mixed-use development, including retail and flex office space. Also part of the preliminary plan would be the creation of a "Green Crescent" of parkland space on the property that would provide direct access to the Hudson River for the general public.

The mayor told the CID gathering at the WCBR offices in White Plains that the village is moving forward with its planned purchase of the 99-acre site from General Motors and recently the Village Board approved the issuance of as much as $15 million in bonding to fund the acquisition. Currently, the village has offered the automaker $12 million for the site. General Motors refused comment on the proposed purchase except to reiterate its position that it wishes to retain ownership of the property and move forward with the development of the parcel with the village and Roseland. The mayor and GM officials both note that negotiations are being held between the two parties on the issue.

While Stein stresses that the plans have yet to be finalized, he said the cost of what is currently on the table would be "in the hundreds of millions of dollars." A critical component of the project would also be a new Metro North Station to be built on the property. The mayor says the village has held some discussions with Metro North regarding the feasibility of such a station at the Lighthouse Landing at Sleepy Hollow site.