Mountco Drops Affordable Housing Proposal

Developer cites running out of time for funding deadline as reason.

Mountco Construction and Development Corp. has decided to drop its proposed affordable senior housing building for Chappaqua, leaving New Castle with one less major development project to conisder.

The developer, which had been hoping to build a 4-story, 40-unit apartment building on 495 King St., announced its withdrawal in an Oct. 10 letter to town officials. In it, Mountco stated that it did not have enough time left to proceed with a government funding application for the plan. The desire to get funding coincided, however, with the town board's 2013 budget preparation.

"We understand that you Board is in the middle of "budget season" and that you have many other items to consider," Mountco Executive Vice President John Madeo wrote. "However, it is almost mid-October and the support that we require has not been forthcoming. We simply have run out of time to complete all of the market, engineering and architectural studies necessary for our funding application which is due in late November. Consequently, we must advise you that we are withdrawing our proposal to develop affordable senior housing on the referenced site."

As another reason for its withdrawal, Madeo cited the town board not passing a payment in lieu of taxes agreement (PILOT) for its property taxes.

Mountco, which unveiled its plan in early August, had hoped for movement in response to its request in September, and according to Madeo, project revisions were made.

Reached for comment, Supervisor Susan Carpenter explained that the town would need to do "a lot of work" in connection with the proposal. The project would have required a zoning change, she explained.

The property, which is the current site of Chappaqua Animal Hospital, is zoned for B-R, or retail and business use, although it did not appear that the zone would allow for a multi-unit residence. Mountco, meanwhile, had an option to buy deal with hospital owner Dr. Horowitz, but it was conditioned on getting the funding and town approval. Because the proposal has been dropped, Horowitz remains the site's owner.

Karen Yee October 28, 2012 at 01:27 PM
One down and two to go! When I read the headlines, I was hoping it was the 4 story "green monster" squeezed on the inhumane site of the train track, dangerous Sawmill exit ramp and high traffic bridge that was being dropped. Honk if you are in agreement.
Yoav October 29, 2012 at 12:15 PM


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