Design and Construction Report staff writer
A $140-million, 17-storey rental apartment building is under construction at Ridge Hill, an open-air retail and entertainment centre in Yonkers, New York.
The Ibex at Ridge Hill will include 282 rental units with 28 designated as affordable housing and the first units expected to be available in late 2028.
The development is a joint venture of Saber-Hightower, Rafferty Real Estate and Eagle Realty Group, a subsidiary of Western & Southern Financial Group. Bank OZK is providing construction financing.
Designed by Beyer Blinder Belle, the building will be located next to Whole Foods Market on Ridge Hill’s Main Street. Plans also include 5,000 sq. ft. of ground-floor retail space and 423 resident parking spaces in Ridge Hill’s existing parking garage.
The 17-storey building will include 20,000 square feet of amenities, including a ground-floor courtyard with a swimming pool and lounge, and a 17th-floor sky lounge with indoor and outdoor entertainment areas.
The start of construction follows a 12-year effort by Saber-Hightower Managing Principal Greg Belew to bring rental housing to Ridge Hill.
“I worked with two prior owners of Ridge Hill to make this happen and finally found success working with Jamestown and its partners in the Ridge Hill ownership group,” Belew said in an announcement.
Saber-Hightower, based in Briarcliff Manor, New York, focuses on multifamily residential and select commercial real estate developments in the eastern United States. Its previous projects include The Mitchell in White Plains.
