VALHALLA, NY-More than 30 real estate executives and staff attended an informational session held by Westchester County government on its proposed biomedical research park to be built on 60 acres of vacant land at the Grasslands campus of Westchester Medical Center.
County officials say that more than 30 development firms have expressed interest thus far in developing the “Westchester Medical Research Park.” Last month, the county sent out Request for Qualifications for a development that could total as much as one million sf of space.
At the informational session, executives or representatives of Mack-Cali Realty, Robert Martin Co., LCOR, Simone Development and New York Presbyterian Hospital were just some of the firms that attended.
Salvatore Carrera, director of Westchester County's Office of Economic Development, says that his agency has received calls from numerous developers and biomedical concerns from the U.S. and overseas.
He revealed that he and Westchester County Executive Andrew Spano will travel to Italy and China later this year to visit firms who have expressed interest in the biomedical venture.
Based on the meeting, developers said that the county appears to be leaning towards structuring a straight land lease with a developer. “It is going to be built to suit for companies that want to move here,” Carrera said.
Carrera revealed that Westchester has been holding discussions with The American Health Foundation, which currently occupies approximately 60,000 square feet of space in the county. He said he expects the foundation will be “a major partner” in the venture. The company, which is looking to expand its operations in Westchester, is in the process of formulating a business plan in conjunction with the Westchester Medical Research Park project, he added.
One issue that was raised by developers at the session was the fact that the Westchester Medical Center has a “right of first refusal” on at least a portion of the proposed biomedical center property.
Carrera said he would hold talks with the Westchester Medical Center to see if that legal obligation could be waived.
Steve Woods, director of leasing and acquisitions for Simone Development of New Rochelle, said that his firm is interested in the Westchester Medical Research Park venture. However, he said the issue concerning the right of first refusal “is definitely a red flag.” He added that if the county could work out the issue, he felt it would put developers “more at ease” with the project.
Westchester County Executive Spano, who spoke of the burgeoning biomedical sector in the Westchester County area, said the county is looking to move ahead quickly with the venture.
“We're talking doing this in months, not years,” he noted. The county executive said county government would like to structure a ground lease with a developer who would then secure leases for the project.
The county has set a deadline for the return of the RFQs by June 5 and that it would try to pick three to five finalists by June 28. County officials said they hope to pick a winning bidder by late fall of this year.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
