SLEEPY HOLLOW, N.Y. -- Approximately two acres of track siding has been licensed to Metro-North Railroad, effective immediately, the Sleepy Hollow Local Development Corporation has announced.
The agreement, with a potential value of more than $1.8 million, was approved at separate meetings of the MTA Metro-North Railroad Board and SHLDC Board in recent weeks.
The 95-acre General Motors property set along the Hudson River in Sleepy Hollow was divided into the 67-acre “West Parcel” and the roughly 29-acre “East Parcel,” following its sale in Dec. 2014 to a Diversified Realty Advisors and SunCal.
The West Parcel is being developed as Edge-On-Hudson, a mixed-use development that will include a hotel, restaurants, retail space and 1,177 units of housing.
Terms of the 2011 Special Permit issued by the village for development of what is now the Edge-on-Hudson project called for ownership of the “East Parcel” east of the Metro-North tracks to be transferred to what is now incorporated as the SHLDC for the benefit of the local community.
Current plans under consideration for the East Parcel call for expansive recreational facilities including athletic fields for use of residents of Sleepy Hollow and surrounding communities, substantial new parking facilities for events at Historic Hudson Valley’s Philipsburg Manor and for community use, as well as expanded facilities for the Village of Sleepy Hollow Department of Public Works.
Initial site preparation work on the East Parcel is expected to begin within weeks.
A portion of the East Parcel now owned by the SHLDC includes approximately two acres of track siding formerly owned by General Motors, which has been used continuously and historically by Metro-North.
Metro-North Railroad has agreed to pay a one-time fee of $284,731 for retroactive use of these siding tracks and related spur tracks, and monthly license fees of $13,109 for the siding tracks going forward.
The license also includes an option for Metro-North to purchase the siding tracks before the end of the year at a price of $1,573,155.
Metro-North would continue its current use of the sidings to stage equipment clear of the Hudson Line tracks for construction and maintenance work in the Mid-Hudson region, including the ongoing Sandy Remediation Project.
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