Revitalized property will bring top brand supermarket, jobs and tax benefits to village
GOSHEN, N.Y. (January 22, 2019) – A promising development plan is being brought before the Goshen Planning Board that would breathe new life into the largely vacant Goshen Plaza, which currently comprises 58,000 square feet of retail space and its parking lot. Fareri Associates, LP, has submitted a plan that includes bringing a top brand supermarket and all-new standalone pharmacy to the site as retail anchors, along with other significant upgrades.
The proposed project represents a total redevelopment of the 13-acre site between Clowes Avenue and Matthews Street in the village. The plan encompasses the demolition of all existing structures and site conditions, including its parking lot. Since the former Grand Union exited the property in 2001, Goshen has not had a local supermarket.
Fareri Associates first became involved with the Goshen Plaza as a passive partner during a bankruptcy buy-out of the property. The developer assumed sole ownership and management in May 2018, and immediately began developing the plan to transform it into a retail hub in Goshen.
“The condition of the property and the former inaction to fix it by managing parties is unacceptable,” said John Fareri, CEO of Fareri Associates, LP. “Today, our team is fully committed to turning this blighted property into an asset for Goshen and the larger community.”
Fareri Associates’ plan to rebuild would create approximately 104,600 square feet of all-new buildings. Two stand-alone anchor tenants would move into new buildings, including the as-yet unnamed top tier supermarket. Fareri Associates is in active negotiations with CVS to remain at the property in a standalone building able to provide drive-thru pharmacy service. Three additional retail buildings will be constructed, as well as two retail-ready pad sites.
Fareri Associates, LP, is a well-established and highly regarded developer, owner and manager of commercial, industrial and residential real estate in the Hudson Valley and Connecticut. Fareri Associates’ extensive experience in successfully redeveloping and repositioning properties lends credibility and optimism to the Goshen Plaza project, as the firm has an impressive track record of developing properties that have proven transformational for communities in the Hudson Valley.
Principal John Fareri and his affiliated companies have developed, repositioned and/or currently own approximately 5 million square feet of real estate. Their projects include VillaBXV, a distinctive 54-unit luxury condominium in Bronxville, N.Y., and the Westchester BioScience & Technology Center, a 3 million-square-foot, state-of-the-art regional complex proposed for an 80-acre site adjacent to the Westchester Medical Center in Valhalla, N.Y.
“When we build, we believe in building community,” said Fareri. “Goshen residents have been asking for a supermarket and more retail choices for years, and we are excited to bring a quality retail experience and all of the benefits that will follow to the Orange County seat.”
To accommodate these structures, the plan also includes the installation of modernized utilities, including an all-new storm water collection system. The parking lot will be completely replaced, from grading and resurfacing to lighting, striping and signage.
The physical upgrades Fareri Associates have planned for the property would bring the property up to 21st Century standards, and provide Goshen with a convenient and well-appointed retail hub without expanding the property’s current footprint.
It is estimated that the new retail tenants’ employee needs would increase the current full- and part-time job equivalents at the site from 47 to 238 within the first three years after completion. The Goshen Plaza proposal is set to go before the Goshen Planning Board on January 22, 2019. Projected grand opening dates for the two retail anchors are fall 2020 for the pharmacy and fall 2021 for the supermarket.
To learn more about the Goshen Plaza project, please visit www.goshenplazany.com. The website, which includes site plan, rendering and additional information, will be updated as the project progresses.
About Fareri Associates, LP
Fareri Associates, LP is a highly-regarded, well-established, developer, owner and manager of fine commercial and residential real estate in New York’s Hudson Valley and Fairfield County in Connecticut. The firm has financial depth and strength backed by a principal who is dedicated to the region, with the ability to launch and fund all stages of design and development. Fareri Associates boasts a reputation for creating high-end retail, hospitality, residential and other spaces by assembling extraordinary design and development teams that combine the firm’s own highly talented in-house executive staff with the region’s top professionals. Fareri Associates has elected to develop and serve only communities close to their home, and the positive relationships they enjoy with the towns and villages in which they work is well known. The firm serves its public partners with respect and a dedication to its commitment, and has a long history and successful experience in Public/Private partnerships. Fareri Associates’ hands-on design and management philosophy is evident in the renowned quality of the developments they pursue.