Grossman and Summit Development To Develop Chappaqua Crossing on Former Reader’s Digest Headquarters

Chappaqua Crossing will be anchored by Whole Foods Market and Lifetime Fitness. Chappaqua Crossing will be anchored by Whole Foods Market and Lifetime Fitness.

Chappaqua, N.Y. — Quincy, Massachusetts-based The Grossman Companies and Southport, Connecticut-based Summit Development are developing Chappaqua Crossing, a 120,000-square-foot high-end retail development on the site of the former Reader’s Digest Headquarters at 480 Bedford Road in Westchester County, New York.

The project is valued at $68 million. Whole Foods Market and Lifetime Fitness will anchor the center with 40,000-square-foot locations, when it opens in 2018. Other signed tenants include Pet Valu, Chase Bank, AT&T and Go Health Urgent Care.

CBRE’s National Retail Partners represented The Grossman Companies and Summit Development in the financing of the property, which included a $44 million construction loan from M&T Bank and a 90 percent joint venture equity partner for the $24 million equity retirement.  The site for Chappaqua Crossing is 19 acres; the entire Reader’s Digest site totals 114 acres. The remainder of the property will be developed into — at full build-out — 91 high-end townhomes, 66 affordable housing units, various public amenities and 500,000 square feet of office space anchored by Northern Westchester Hospital.

Chappaqua ranks among the top 100 communities in the United States with the highest incomes, with an average household income of $178,000. Within a mile of Chappaqua Crossing, the average household income is $240,000, according to the center’s developers.

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