Town of New Castle, NY
Mixed-Use Financial Feasibility – Town of New Castle, NY
The selected redeveloper of the Reader’s Digest property located in the Town of New Castle, New York proposed to convert the 700,000 square foot office park into a mixed-use development with 520,000 square feet of office and 278 multi-family and townhouse units including age restricted, affordable and workforce housing. RESGroup analyzed the financial feasibility of development alternatives identified by the Township to modify the redevelopment proposal, which sought to lease the office space to smaller tenants rather larger tenants, as required in the redevelopment agreement. Alternatives uses included various mixes of residential, office, a local television studio, publicly available recreation (as an amenity to the project), an auditorium and a performing arts center.