Westchester and Fairfield County Business Journals 062518

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MEX-RAELI IN PLEASANTVILLE

40 UNDER 40 WINNERS

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JUNE 25, 2018 | VOL. 54, No. 26

YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS

Hotels, apartments proposed on former MBIA, IBM sites

westfaironline.com

Construction booming page 17

BY RYAN DEFFENBAUGH rdeffenbaugh@westfairinc.com

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s Westchester Avenue continues its transformation from a corporate corridor to a home for apartments, grocery stores and mega gyms, the repurposing trend appears to be spreading north up Interstate 684. The town of North Castle is weighing two proposals that would add apartments and hotels to land once held by major companies in the hamlet of Armonk. One plan calls for a mix of townhomes, apartments and a hotel on the Armonk campus formerly owned and occupied by MBIA Inc. financial services company. The other calls for a hybrid hotel and apartment building, along with townhomes, on an undeveloped parcel that was formerly part of IBM Corp.’s global headquarters. A team led by Stamford developer Steven Wise presented plans to the North Castle Town Board at the end of May for the MBIA site, now referred to as the Airport Campus, at 113 King St. » HOTEL

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A construction crew was working on a recent Sunday at the housing development going up on the former A.C. Dutton Lumber Yard along the Hudson River in Poughkeepsie. Photo by Bob Rozycki.

Office Rx REPORT: ADAPTIVE REUSE FOR MEDICAL FACILITIES EXPECTED TO REMAIN STRONG

BY KEVIN ZIMMERMAN kzimmerman@westfairinc.com

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he adaptive reuse of vacant or underused property into medical facilities is continuing to gain momentum nationwide, as many health care services are increasingly being offered away from hospital settings at the same time that patterns in the retail and office environments are shifting.

That is the key takeaway from the newly released Avison Young report “Evolution of Health Care and its Impact on the Real Estate Landscape in the United States.” According to Tula Voutieros, author of the report and senior research analyst in Avison Young’s Fairfield/Westchester office, health care providers are increasingly adopting entrepreneurial real estate strategies as both technology and a consumer-driven market are driving changes in the

wellness industry due to increasing costs, diminished reimbursements and high demand from an aging population. “What we’re witnessing is a deployment of health care services in many types of locations as the industry on one hand strives to cover population health and on the other hand competes for market share in a consumer-driven environment,” Voutieros said. The report states that land» REUSE

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