Silbergleit notes that the marketing effort for the Gateway property will center on high-tech and financial services companies and will also promote the building's proximity to the train station, which should prove attractive to some New York City and Bronx-based firms.

The property will be equipped with fiber optics and will be wired directly to a nearby ATM switching station, and will provide T1 and DS3 lines.

He adds that the property is located in a State Empowerment Zone and therefore will afford businesses substantial tax benefits. He estimated that effective rents at the building would run in the low to mid teens per sf.

According to information on Homes for America's Web site, the Yonkers office-building project is the first in a new program the firm has established called "City Side," which involves the firm engaging in urban revitalization efforts in conjunction with a citywide program. The city of Yonkers has granted the firm a $1 million grant in connection with its Main St. project.

The firm is also hoping to move forward on a $26 million high-rise condominium or rental apartment project in Fort Meyers, Fla., as part of its City Side branch and is also interested in possibly developing an $88-million condominium/rental project in Kingston, NY, according to information posted on its Web site.

The Yonkers property is in the heart of the downtown/waterfront revitalization district in the city and is also adjacent to a Hudson River Esplanade, which will be a half-mile public park that will offer views of the river and the Palisades. Also located nearby is a mixed-use residential apartment complex being built on the waterfront by Collins Enterprises that will total approximately 300 luxury units that is now under construction. Among a number of other projects planned for the district include a proposal for a new minor league baseball stadium and the conversion of the landmark Trolley Barn facility.