Starwood Capital Group is asking the Port Chester Village Board of Trustees to rezone the United Hospital site for its proposed $300 million mixed-use redevelopment, with residential, hotel and office and retail spaces. Starwood is also seeking millions in tax breaks that would reduce the development’s tax obligations to Port Chester, including to the village’s already overcrowded public schools over the next 20 years.
Customers coming to this new economic center, at the Boston Post Road entrance to I-287 & 95, will be able to access it without ever setting foot in Downtown Port Chester.
The Village of Port Chester took part in a downtown economic revitalization just a few years ago that brought a Costco, Stop ‘n Shop, AMC Loews movie theater, Marshalls Department Store and invested in the historic Capitol Theatre. But this new development could devastate Downtown Port Chester businesses, especially small mom and pop stores, by reducing the influx of customers. While reducing the Village’s stock of affordable housing, Starwood is downplaying how much traffic would be produced by its development. What’s more, Starwood has not committed to creating good, safe jobs that offer career-sustaining wages and benefits at the project that would allow working families to continue to make Port Chester their home.
Overview of Starwood’s United Hospital Project – Port Chester, NY
- Starwood Capital Group, one of the largest private equity real estate investors in the country, with over $51 billion assets under management
- Over 1 million square-foot mixed-use development at the campus of the former United Hospital at 406 Boston Post Road in Port Chester, NY.
- 138-key hotel and 730 residential units, divided between 230-age restricted, “Empty Nester” units and 500 units targeted toward young professionals (“Millennials”)
- 90,000 square feet of retail/restaurant uses
- 217,000 square feet of office space with an emphasis on medical and wellness uses
How will this proposed redevelopment affect your business?
Why should this wealthy real estate investment firm get significant discount on its tax obligations to the village while other property owners pay 100% of their taxes?