Acadia Realty is proposing a 340,000 square foot retail shopping center across the street from the Cortlandt Town Center on Main Street, which Acadia also owns.
John Swagerty, vice president of development for Acadia, presented plans for the project at the Hudson Valley Gateway Chamber of Commerce meeting at Piazza Roma in Cortlandt on Thursday.
The project is currently in the review process, having just completed its Draft Environmental Impact Statement. The 36-acre site will have 19 acres set aside for open space, 170,000 square feet of retail space and an 8,500 square foot restaurant.
"We're hoping to minimize the impact on our residential neighbors," Swagerty said.
Swagerty said Acadia plans to create a new sewer district and build new sidewalks. The project will bring an estimated $1.4 million to $1.7 million in annual sales tax revenue and $1 million to $1.2 million to the Lakeland School District in property taxes with no additional students added to the district.
"We will be investing a fair amount of money to make the project work and mitigate any impact on the town," Swagerty said. "Our idea is a nice looking center that attracts tenants and that people will want to come to."
While he understands there are traffic issues with Route 6, he didn't think the project would have much of impact.
"It's not as bad as you imagine," Swagerty said. "There's only so much we can do."
Swagerty said Acadia is currently in negotiations with tenants and he hopes the project will be approved by the fall. Construction can expect to take several years, Swagerty said.
The Town Board will hold a public hearing on the project on Tuesday at 7 p.m. in Cortlandt Town Hall, 1 Heady St., Cortlandt Manor.
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