Concord Capital New York, a Rockland County investment firm, announced it is seeking approvals to build a $175 million transit oriented development (TOD) in downtown Spring Valley modeled after similar successful projects in downtown Yonkers, New Rochelle and transient oriented sites throughout Long Island.
The firm, headed by Eric Jacobov, its founder and CEO, is proposing a three-year plan to create approximately one million square feet of as-of-right (AOR) development consisting of residential, multi-family housing, retail, office and new park space. The development will also include a commuter parking garage and an upgraded Spring Valley train station.
When approved, the proposed TOD would likely be the largest urban redevelopment project in Rockland County, according to Jacobov, who grew up in neighboring Monsey and maintains Concord Capital’s offices at 75 Main Street in downtown Spring Valley.
“Concord Capital’s well-designed TOD plan to revitalize Spring Valley’s downtown is long overdue,” said Spring Valley Mayor Demeza Delhomme. “Our village is situated where three major highways converge, making us the hub of Rockland County.
“Ipromise to do everything in my power to work with the Urban Renewal Board and the Governor’s office to make sure this project goes through,” the Mayor added. “The citizens of Rockland County, our village and the state deserve nothing less”
Over the last seven years, Jacobov’s company purchased parcels of land and buildings surrounding the Spring Valley train station with an eye towards assembling them into a future urban development package. All properties sit in an urban renewal zone which allows densities higher than other sites throughout Rockland County.
“Downtown Spring Valley is very much like neighborhoods in New York City, such as Fort Greene in downtown Brooklyn, which have undergone transformation and gentrification,” said Jacobov. “It will be a great accomplishment for this community to have a vibrant downtown where people can live, shop and be able to take a train and commute with ease,” added Jacobov, who hopes that Rockland County’s fast growing population will prompt the Metropolitan Transit Authority, MTA, to establish a direct train line from Spring Valley to Penn Station that would complete the trip in 50-minutes to one hour. Presently most Spring Valley residents drive or take the bus to New York City.
The Plan
Concord Capital’s plan divides the area surrounding the Spring Valley train station into
five sites:
Site I: About 140,000 square feet of residential buildings facing Memorial Park, Church and Centre Streets, with ground floor retail facing Lawrence Street.
Site 2 and Site 3: About 300,000 square feet of retail, office and residential space with train platform accessibility facing Main Street, Lawrence Street and the train station.
Site 4:About 50,000 square feet of office and retail with potential village offices facing Municipal Plaza, Main Street and West Furman Place.
Site 5: MTA Lot with a two-story parking garage with a residential structure above it totaling 420,000 square feet surrounded by Franklin Street, Municipal Plaza and the train station.
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