County Legislators Approve Land Lease For Biotech Hub

Apr 5, 2017

Westchester County lawmakers voted unanimously to approve a lease for what could become the county’s largest business deal ever approved by the Board of Legislators.

The legislators’ vote Monday night for the 99-year land lease paves the way for a $1.2 billion Westchester BioScience & Technology Center, to be developed by Fareri Associates on 60 acres of county-owned land just north of the Westchester Medical Center and New York Medical College. The developer owns 20 adjacent acres. The project is planned for the Town of Mount Pleasant, which will conduct the environmental review. Mount Pleasant Supervisor Carl Fulgenzi spoke in support of the project prior to the vote. Westchester will receive about $7 million in annual rent along with $9 million in new tax revenue once the project is completed.