Creation of 32 Affordable Apartments on Two Floors of Iconic Former Reader’s Digest Building Proposed for Chappaqua Crossing in Town of New Castle

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Rental Units Would Meet Guidelines of Westchester County Housing Settlement
With U.S. Department of Housing & Urban Development

CHAPPAQUA, NY (July 24, 2015) — A proposal to create up to 32 units of affordable housing in the iconic former Reader’s Digest headquarters building at Chappaqua Crossing in the Town of New Castle has been submitted to the Town Board by Summit Greenfield Partners, the owners of the 120-acre campus.

A petition was submitted to the town this week that seeks to amend the Office District zoning regulations to allow for residential use of the upper two floors of the centerpiece four-story Georgian-style, cupola-topped Reader’s Digest building which opened in 1939. The petition also seeks a corresponding adjustment to a previously approved plan for residential development on the property.

The affordable rental housing will comply with the guidelines set forth in the settlement agreement between Westchester County and the U.S. Department of Housing and Urban Development, and county officials have expressed their support for the proposal. It will include a mix of studio, one-, two- and three-bedroom apartments.

The 111-unit residential layout on the 30 acres of the site that was approved in 2011 will be adjusted to show all 91 market-rate units as fee-simple townhomes, while the 20 affordable apartments that had been planned for that site will be included in the Cupola Building along with an additional 12 affordable apartments.

“We believe this is a unique opportunity to create high-quality affordable housing in a distinctive setting,” said Felix Charney, President of Summit Development, a Summit/Greenfield partner. “We are very pleased to be able to adaptively re-use office space in this classic building while providing much- needed affordable housing.”

With the zoning in place for 120,000-square-feet of retail space at Chappaqua Crossing that is now in the final stages of review by the town, Chappaqua Crossing will provide future residents with direct access to shopping. Chappaqua Crossing will also offer regular shuttle service to the Chappaqua MetroNorth train station, as well as proximity to schools and other services.

In addition to the future retail uses, Chappaqua Crossing also includes [more than 450,000] [500,000] square feet of office space that currently includes a mix of tenants including North Westchester Hospital and the Mount Kisco Medical Group, thereby offering opportunities to work as well as live on the beautifully landscaped campus-like property that overlooks the Saw Mill River Parkway and the wooded hills beyond.
“After many years of review, the future of this signature property is at last coming together,” Charney noted. “Once again, the site will be the valuable asset for the town and its residents as it was in its heyday as a corporate center, while offering so much more.”