As master developer of Edge-on-Hudson, SunCal and Diversified has for the past year undertaken infrastructure build-out at the property the partnership acquired in late 2014 for approximately $40 million.

The developer will continue site development on the $1-billion project that will eventually include 1,177 units of housing; a 140-room boutique hotel; 135,000 square feet of retail space and 35,000 square feet of office space. The project will also feature more than 16 acres of parkland, and a winding promenade along the water linking to the existing RiverWalk to the south and Kingsland Point Park to the north.

The project is the largest undeveloped tract of land along the Hudson River in proximity to New York City and is set within walking distance of two nearby Metro-North railroad stations with direct access to Grand Central Terminal in Manhattan. The Philipse Manor station is located north of the site and the Tarrytown station is south with commute time to Manhattan estimated at approximately 40 minutes.

David Soyka, senior vice president, SunCal, says of the agreement, “Toll Brothers is the ideal builder for a project that demands world-class design and construction expertise. Edge-on-Hudson will be a premier transit-oriented, waterfront community poised at the gateway to the Hudson Valley.”

Jonathan Stein, founding partner of Diversified Realty Advisors, adds, “After an 18-year journey, I'm thrilled to see this project reach fruition. It will be gratifying to see the first residents move in to this extraordinary location along the Hudson.”

General Motors shut down the minivan assembly plan in 1996. In December 2013, General Motors, SunCal and Diversified Realty Advisors signed a contract of sale for the parcel and a year later closed on the deal.