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Latimer greenlights $1B biotech center in ValhallaPosted: Updated:
County Executive George Latimer has given the greenlight on a project to build a $1 billion biotech center in the town of Mount Pleasant.
The North 60 is being called the biggest business deal in Westchester in nearly 30 years.
Latimer signed a 99-year lease with developer John Fareri to build the $1.2 billion center.
The North 60 calls for the development of 60 acres of county-owned land near the Westchester Medical Center. The biotech village would include almost 3 million square feet of medical offices, retail space and a hotel. The project is expected to generate thousands of jobs.
The first phase of the project could start in about 12 to 18 months, but first the developer has to go through the zoning approval process with the town of Mount Pleasant.
Local officials in Mount Pleasant are said to be on board with the project and are expected to expedite it.
The developer had wanted housing as part of the project, but decided to drop those plans for now, after the Latimer administration indicated it wouldn't sign the lease if housing was included.