The developer behind 575 homes for Adult 55+ in Orangetown has withdrawn from the project. K. Hovnanian told Orangetown that their plans to build senior housing on 80 acres formerly part of the Rockland Psychiatric Center no longer made financial sense given the downtown in the economy.
Orangetown Supervisor Paul Whalen told the Journal News that Hovnanian still owes Orangetown $30,000. “We were fortunate to get a good deal of environmental research from the Hovnanian-funded SEQRA process, which can be used for any future project,” says Orangetown Councilman Michael Maturo. “Their decision represents a short-term challenge but a long-term opportunity for us to attract a sustainable interest in the valuable property at RPC.”
Orangetown has a town board workshop meeting on Tuesday, 3/2 at 8p. It will be carried live on FIOS Channel 30.
According to the Orangetown Website, the $24 million deal was the “most significant land transaction in the Town’s 300-year history.” Orangetown purchased 348 acres of the Rockland Psychiatric Center from New York State for $5.9 million in 2003. Hovnanian’s development was forecast to add $325 million of annual tax revenue.
Sources: Journal News 2/27/2010, Orangetown.com
