$1.2B bioscience complex pitched for Valhalla

• Up to 8,000 permanent jobs and 4,000 construction jobs estimated
• Total buildout: almost 3 million square feet, 2.2 million for biotech and research.
• County not offering tax incentives - projecting $9 million a year in property taxes.

VALHALLA - Fareri Associates is proposing to invest up to $1.2 billion to build a biotech and medical office complex, stores and a 100-room hotel on undeveloped land near Westchester Medical Center.

The county estimates the development would create 8,000 permanent jobs and an additional 4,000 construction jobs. The project would be built on 80 acres, 60 of which are owned by the county and known as “The North 60” at the edge of the Grasslands Reservation.

County Executive Rob Astorino unveiled the ambitious plan Thursday during a breakfast at the Tarrytown Marriott hosted by the business advocacy group the Westchester County Association.

“To sum it up: If we build it, the jobs will come,” he said.

John Fareri, president of Greenwich, Connecticut-based Fareri Associates, has a longstanding relationship with the nearby medical center, having raised money to build Maria Fareri Children’s Hospital named after his daughter, who died of rabies in 1995.

In a statement, Fareri said the construction would position the county “at the forefront of the region’s emerging new economies.”

The Westchester Bioscience and Technology Center would further the county’s position as a hub of science in what he called “the innovation economy.” Forty-seven percent of the county’s population over 25 years old has at least a bachelor’s level education — the highest percentage of any county in the nation.

Biotech jobs could be attractive to the same young, educated men and women the county’s communities are trying to attract and retain, Astorino said.

“It really matches our demographics,” he said.

The county, which would lease its portion of the property to the developer for 99 years, estimates the development would generate $9 million a year in property taxes and $7 million in rent to the county.

The developer would spend $40 million upfront for road access and sewer and electrical hookups to the property before the first phase of construction, which could still be years away. The $200 million first phase would build 500,000 square feet of biotech research space, medical space and stores, and a 100,000-square-foot hotel. The first wave of development would be entirely on the county’s property.

The total buildout would reach almost 3 million square feet, 2.2 million of which would be for biotech and research space through three research “villages,” complete with a main street lined with shops and restaurants and landscaped plazas. The project, designed by architectural firm Torti Gallas & Partners, would include sidewalks and bikeways, as well as a shuttle to nearby train stations.

A 34,000-square-foot Children’s Living Science Center is also part of the plan and 54 percent of the acreage would remain open space.

The North 60 has been eyed for development for years, with Astorino’s administration putting out a call for proposals in 2012, including Fareri’s. It took two years to draft the language of the lease, according to the administration.

The lease will be sent to the county Board of Legislators next week, Astorino told reporters Thursday. Lawmakers would have to approve the lease of the North 60.

The property, within the borders of Mount Pleasant, would require standard approvals from the town's land-use boards. Although the county is not offering tax incentives for the project, the town could negotiate its own terms before approving the deal.

Twitter: @marklungariello