One Million Square Feet For Montgomery

MONTGOMERY – A New York City-based investment company Monday announced it is under contract to buy 282 acres of land in Montgomery with plans to develop it as the Hudson International Business Center.

The project, to be developed by Savanna Investment Management, LLC, envisions over one million square feet of commercial space and a 60-room hotel.

One of Savanna’s principals, Shep Wainwright, said with Stewart Airport growth on the horizon, his group felt the time was right.

“With the amount of money it looks like the Port Authority is committed to invest in this airport, and this isn’t our first project here – we have the 3 Enterprise Drive project—and we have been looking up in this neck of the woods for a while,” he said.

Savanna also owns the 350,000 square foot industrial building at 3 Enterprise Drive at the Stewart Industrial Park in the Town of Newburgh. It is leased by FedEx and Nexans.

Orange County Partnership President Maureen Halahan said the land is in a prime location.

“With the airport now being developed and coming on line, there is going to be a need for this type of industrial space. They’re smart. They’re looking to the future.”

The company hopes to develop up to five buildings ranging from 130,000 to 475,000 square feet in size with a mix of build-to-suit single-tenant and multi-tenant configurations, said Wainwright.

The group expects to submit plans for approve in the next 60 to 90 days.

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