The Village of Briarcliff Manor issued a Request for Expression of Interest (“RFEI”) for the redevelopment of the former Wells Fargo Bank property at 1050 Pleasantville Road. The Village acquired the property in 2022, demolished the bank and has been temporarily using the 2.52-acre lot for municipal parking. The parcel is located at the south entrance to the community’s downtown business district and is adjacent to a separate tract of land that could also be incorporated into the site. The RFEI outlined the Village’s vision for a mixed-use development, incorporating institutional, residential, and commercial elements, along with the construction of a new Village Police Department and Village Court (the “Justice Center”), to be relocated from the existing Village Hall directly across the street. The goal for the development was to address the Village’s need for improved community services while bringing economic, aesthetic, and functional value to the downtown.
RESGroup analyzed the developer responses to the RFEI, focusing on the quality of the development team and their experience, project timeline, reasonableness of financial assumptions used in the development pro forma, and sources and uses of funds. A detailed matrix presented these findings to facilitate the Village Board’s review of these responses.
As the developer will be responsible for financing and constructing the Justice Center, developers were also asked to propose Payments In Lieu of Taxes (“PILOT”) to offset these costs. RESGroup was also tasked with comparing the different PILOT proposals, and identifying the potential risks, strengths, and weaknesses of each response.
RESGroup is continuing to advise the Village of Briarcliff and the Local Development Corporation and support on-going proposal review and negotiations with the selected finalist.