August 15, 2011
The Village of Nyack Main Street Partnership (MSP) has received detailed proposals from nationally-recognized real estate development firms for the Main Street / Riverspace parcels in response to the recently released Request for Expressions of Interest for the site’s redevelopment.
Based upon a preliminary review of the RFEI responses, it appears that the RFEI responses conform to the planning and development principles that were subject to considerable public review over the past year. They also appear to conform to the Village’s Comprehensive Plan and the vision plan forged by the Citizen’s Committee. Guided by the RFEI, the development team responses call for approximately 100 residential units onsite, ground floor retail, new public open space, and newly constructed cultural arts and educational facilities. Respondents proposed cultural arts facilities of between 30,000 and 38,000 square feet in size, which is at the upper range of the sizes being considered for onsite cultural use. RFEI responses offer some creative design solutions for site planning and program.
The Main Street Partnership, represented by Village officials and members of the Board of local not-for-profit arts organization Riverspace, has requested that its development consultant, HR&A Advisors, provide an analysis of the two detailed RFEI responses received. HR&A will also invite the respondents to meet with the MSP to further clarify the details of each proposal. The MSP will then identify what will be needed to make the project financially feasible, including the federal and/or state subsidies likely necessary to offset the infrastructure, cultural arts, and parking elements of the plan.
Over the coming weeks, the Main Street Partnership will review RFEI responses, communicate further with the two development team respondents, and determine which if any newly proposed planning, programming, and / or development financing ideas submitted by respondents warrant further public review and consideration. The MSP will provide further public updates on the process as new information from its consultants and respondents becomes available.