(RE)POWER YONKERS: A Sustainable Redevelopment Proposal for the city of Yonkers, NY

1(re)Powera Sustainable Redevelopment Proposalfor the City of Yonkers

February 22, 2011

Baciuska, Daniel M.ArchCarr, Daniel M.S. REDMcLean, Stephanie JD, M.S. REDNagy, Danil M.Arch, M.S. UPPancoast, Julian M.Arch, M.S. REDColumbia University

Graduate School of Architecture,

Planning, and Preservation

3Project PrinciplesExecutive SummaryIntroduction SignificantChallenges

UniqueBenefits Site SelectionProject Proposal Parcel A - Power Station (RE) Power Tenants Coalition Parcel B - Residential Parcel C - Wetland Sustainable Strategy Supporting Material Financing Strategy Acquisition and Disposition Plan Legal Structure Market Analysis Marketing Plan Project Timeline Proforma Acknowledgements & Special Thanks

681012222426323436404445464852545560

Table of Contents

Parcel B - Mixed-Income HousingNew development site incorporating 18 story mixed-income residential tower with neighborhood amenities, parking, and bridge connection to Power Station site. Existing 18 story residential tower

John F. Kennedy Marina Park

Metro North Regional Train

Parcel A - Power Station

Parcel C - Hudson Conservation Park

Redevelopment of existing Glenwood Power Station building into mixed-use development encorporatingcommercial,office,recreation,and educational programs

Future 20 story residential development according to Alexander Street Master Plan

Presently underused stretch of Hudson riverfront redeveloped into a natural wetland habitat with dock access for recreation and educational purposes.

6(RE) Power addresses three aspects of sustainability: ecological, economic, and social. Each aspect can be considered individually, however the integration of the three is critical to the success of the project. Every component of the project is intended to support the others, strengthening the project as a whole and creating conditions for future sustainable growth.( RE) Power improves its physical environment. It contributes more resources that it consumes and restores natural ecosystems.(RE) Power enriches its users and the community. It provides space that is accessible to all and diverse in its uses to promote health, happiness and learning.(RE)Powercreatesvalueforall.Itputsprofitsinthepocketsofitsinvestorsandcreateseconomic opportunities for those around it.

Wetland Conservation

Historic Preservation

Restores natural ecology of Hudson-Raritan Estuary.Connects local communities and visitors to water-based educational and recreational uses.Facilitates the acquisition of valuable city land for residential development.Reduces material use and carbon emissions related to construction.Protects cultural heritage and educates public about historical energy issues. Creates valuable identity for project and regional icon for Yonkers.

Project Principles

7Sustainable Business Incubator

Mixed-Income Housing

Transit Oriented Development

Agriculture/Aquaculture

Fosters the development of sustainable products and services.Provides employment opportunities for local underserved community.Creates competitive economic base for Yonkers.

Utilizes space-saving design and high-performance systemsforefficientliving.Integrates diverse socio-economic groups in healthy living conditions.Contributessignificantprofitstotheprojectandvitalhousing to Yonkers.Reduces demand for automobile use and resulting emissions.Provides universal access to all users and connects neighborhood residents to jobs.Reduces expensive parking requirements and expands market area.Supplies low-carbon local source of food for on-site restaurants and markets.Provides education and employment opportunities as well as healthy food for local community.Reducescostsforconsumersandincreasesprofitsforoperators.

8Executive Summary (RE) Power aspires to be the beacon of sustainable development. A partnership with the City of Yonkers, (RE) Power entails the redevelopment of the now derelict Glenwood Power Plant into avibrantsustainableentertainmentdistrictcoupledwithoffice,commercialandresidentialuses.A model of sustainable development and adaptive reuse, (RE) Power will become the regions dominant entertainment district attracting millions of visitors, creating thousands of new jobs, and millions of dollars of tax revenue for the City of Yonkers.

The overall project, including the $10,000,000 acquisition price, will be financed by acombination of Affordable Housing Grants, Green Grants and Private Equity. The City of Yonkers will make a two-fold contribution: (1) Payments in Lieu of Taxes and (2) Donating a parcel of land currently owned by The Yonkers Parks Department. The $4,500,000 in deferred taxes will be used to maintain a stretch of redeveloped wetlands adjacent to the site.Whilethisredevelopmentproposalishighlyspecifictothesite,itwillserveasareplicablemodel of sustainable reuse and redevelopment of formerly industrial waterfront sites. Such sites are prevalent in many US cities, particularly on the east coast, and this project proposes a novel model for how to reimagine these sites and their history toward new productive use in the future.

Table1.ProjectSpecifics Uses Mixed: Residential,

Commercial,andOffice

GFA 236,150 (sf)Total

Development Cost

$198,193,800Equity $66,000,000Cash on Cash Sponsor: 2.18

Private Equity: 2.18xIRR Sponsor: 34%

Private Equity: 12%

Table2.MarketAnalysisLocation

Yonkers borders The Bronx, 2 miles (3 km) north of Manhattan 4th largest city in New York State, population of over 190,000, 13 miles from Grand Central Terminal in midtown Manhattan Three Metro-North stations serve Yonkers with trip times from 20 to 25 min.Competing Supply

Number of Housing Units: 75,562 Croton Heights Apartments, 60 units of affordable housingDemographics

Total Labor Force: 91,146 (March 2000) Total Households: 72,101 Median Household Income: $46,488 Per Capita Income: $20,675

9Development Strategy

The development will be pursued in three distinct phases, encompassing both the adaptive reuse of an existing industrial building, the development of a new site, and the restoration of a natural habitat on the waterfront. Parcel A consists of The Glenwood Power Plant, which will be transformed into a sustainable re-industrialized development easily replicable for other properties. A Sustainable Industries

Incubator andRetailwill behoused in themainbuilding,withnewoffices in the adjacentancillary building. The existing roof will be redeveloped into a greenhouse, which can be used both for commercial agriculture and community garden. A boardwalk will be developed around the perimeter of the building, connecting the property to waterfront pedestrian access. ParcelBwillbedevelopedonaninfillsite,consistingofaLEEDPlatinumResidentialTower(market & affordable) and a 20,000 sq.ft. grocery store. It will be connected to the Power Plant by a Public Promenade. Parcel C will be developed as a natural wetland system along the Hudson River Estuary, accessible for education and recreation through a new system of piers.

Table3.ProposedProgramBreakdownUse Area Opportunities Sustainable PracticesResidential 67 affordable Proximity to New York CItyGood Transit AccessHigh regional demand for affordable housing

Low VOC paingEnergy Star AppliancesOccupancy Sensors and timed lights253 market320 total unitsOffice 52,800 SF Lower Rents

LimitedsupplyofClassAofficespaceinarea

Biking racks for staffEncourage natural ventilation for coolingRetail 82,000 SF Demand from current and future residential developmentDraw from TOD

Encourage use of public transportationPreferential parking for low emiwssion vehiclesSmall Business

Incubator

37,950 SF Encourage innovative business development in the region Renovation of existing housing stockUse local products in constructionEducation/

Cultural Uses

18,000 SF Greenhouse, promoting sustainable urban agricultureEducational valueProvide draw for YonkersPlant NC-friendly and native plantsInstallwaterefficientshrubsandgroundcover

10

Significant ChallengesWestchester County has long been known as a suburban home for old money in the New York metropolitan region. After Manhatta, the county is the second wealthiest in New York State, and the seventh wealthiest in the nation. Although much of the wealth in Westchester originates in New York City, it also has its own significant economic basewith thriving businessdistricts, retail malls, and industrial centers.The southwest corner of the county is anchored by the City of Yonkers. With a population of over 190,000, it is not only the largest city in Westchester County, but also the 4th largest city in New York State. The conditions in Yonkers differ considerably from those in the rest of the county. Rates of unemployment are nearly 30% higher in Yonkers and median family income is nearly 50% less than in greater Westchester County.The site of our project, Southwest Yonkers, is a particularly distressed area. Although official unemployment figuresare around 11%, it is estimated that a staggering 50% of the working-age population are not currently employed. A vast income differential exists between greater Westchester and this area, with 46% of households earning less than $25,000 and fully 29% of the population living below the poverty line. Much of the disparity in employment and income may be the result of low educational attainment in Southwest Yonkers. 37% of local residents between the ages of 18-24 do not have high school diplomas, a discouraging figure in a county that sends two-thirds of its young people to college (map 1).Southwest Yonkers is economically lethargic and socially strained. While the area presents a great number of challenges andsignificantriskstherearealsoanumberofpositiveforcesatwork in the area, which can be harnessed to support a successful sustainable real estate development project.

Introduction

Map 1. Pockets of Disadvantage

This maps synthesizes three important socio-economic indicators by census tract: mean income, unemployment, and educational attainment. The resulting

hotspots show areas of particular

disadvantage in all three indicators.

source: US Sensus

11

Westchester County

Yonkers

P S:

Westchester CountyCensus Tract #402

Median Income: $24,802Percent High School or Greater: 69.9%Unemployment: 15.6% Bronx County

Census Tract #167

Median Income: $14,432Percent High School or Greater: 61.4%Unemployment: 27.1%

New York CountyCensus Tract #130

Median Income: $171,146Percent High School or Greater: 97.2%Unemployment: 1.2%

0 10 205 Miles

12

Unique Benefits

Proximity to New York CityBordering the northern New York City borough The Bronx, Yonkers lies just 13 miles from Midtown Manhattan. More significantly, theMetro-NorthRailroad serves four stations inYonkers along its Hudson line, with trip times ranging from 32 to 41 minutes to Grand Central Terminal (map 2). The ease of access to the social, economic, and intellectual capital of New York City creates immense potential for Southwest Yonkers. Commute times from any of the four Yonkers rail stops rival those by subway within the New York, making Yonkers a great candidate for dense transit-oriented development adjacent to the stations. This type of growth is beginning to spring up around the Downtown Yonkers station, but the other three stations, Ludlow, Glenwood, and Greystone are underutilized for their TOD potential. The Glenwood Station, which is adjacent to our project site, is particularly underutilized with relatively low densities of population and jobs within a half mile radius.Hudson RiverYonkers has no greater asset than the Hudson River. The Hudson River Valley stretches from Yonkers up to Albany, where the river shifts from a glacial valley to run the rest of its northern course through the Adirondack Mountains (map 3). Yonkers is located along the Hudson-Raritan Estuary, where the wide mouth of the river meets the salty waters of the Atlantic Ocean. The mix of fresh and salt water, which changes continually with the tides, creates a unique ecology that is home to a diverse variety of plants and animals.The Hudson also provides excellent opportunities for water-based recreation. Our site is located next to the 16-acre JFK Marina Park, one of the best points of access to the river in Westchester County. The park currently provides a boat launch and docking facility as well as fishing and crabbing access.Future improvements to the park will add a full service marina

Map 2. Regional Transportation

This map shows an overlay of the MTA NYC subway system and Metro North Regional Train with all stops. Data

compares density, job location, and travel

times in key stations, including the four

Metra North stations in Yonkers.

13

over 120,000

0 min. to G. Central

26 min. to G. C.

32 min. to G. C.

33 min. to G. C.

38 min. to G. C.

41 min. to G. C.

52 min. to G. C.

75,000 - 120,000

40,000 - 75,000

15,000 - 40,000

under 15,000

D (/2)

L

MTA Subway and station

Metro North Rail and station

TOD

Population per acre

*within 0.5 miles of station

Jobs per acre

7. G C

5. R

4. L

3. Y

2. G

1. G

S

1

2

3

4

56

7

6. 241 (2 )

10.38

25.89

7.97

20.32

68.08

38.21

11.39

16.39

55.9

767

123

5.44

1.03

64.15

14

and connections to the Riverwalk, a planned 51.5-mile leisure trail along the Hudson. The site will also become part of the 256 mile Hudson River Greenway Water Trail, which provides amenities and access for hand powered watercraft such as kayaks and canoes.HistoryMany historical sites dot the Westchester landscape. They tell the story of early settlements, Revolutionary War battles, and powerful dynasties. Historical sites in Yonkers span many centuries, highlighted by the Georgian high-style Philipse Manor Hall, built in stages from 1680 to 1755, and Glenview, designed in 1876 by the noted architect Charles W. Clinton.Yonkers is distinguished from other Westchester towns by its great industrial history. In the late nineteenth century, the Otis Elevator Company and Alexander Smith and Sons Carpet Company helped drive Yonkers thriving economy. Their early factories still stand today as reminders of the importance of industry in the development of the city and the region.Proactively Pursuing GrowthYonkers has assembled a talented and ambitious team to rebuild the city. Through a series of programs, The City of Yonkers Department of Planning & Development is actively promoting business and real estate development and has recently approved several large-scale, high-density projects. Several areas in Yonkers have been given special attention by the Yonkers Department of Planning & Development. Five Urban Renewal Areas (URAs) have been established to guide the target redevelopment of particularly troubled sections of the city (map 4). Two contiguous URAs in Southwest Yonkers illustrate an interesting juxtaposition of divergent conditions for renewal. The Ravine Avenue Urban Renewal Area is characterized primarily by low-density residential, which in many areas is blighted. The community has been actively Map 3.Hudson River valley with watershed and

four largest cities.

15

NEW YORK

CONNECTICUT

NEW JERSEY New York City

Yonkers

Albany

Poughkeepsie

16

engaged in planning for their neighborhood, and residents have expressed a desire for more affordable home ownership opportunities, the introduction of uses other than housing, and a connection to the future redevelopment of the waterfront.The formerly industrial waterfront that boarders the Ravine neighborhood is also slated for redevelopment as part of the Alexander Street Urban Renewal Area (map 5). Much of the 1 mile of shoreline that comprises the Alexander Street URA is vacant land, and what little industrial use now exists will be cleared as development plans move forward. The Master Plan for the area lays out a new roadway system to create development blocks that will be built out with a mix of residential, retail, commercial, and open spaces reflectinga vision of the Alexander Street waterfront area as a vibrant mixed-use district of residences and parks, knit together and shaped by landscaped streets and boulevards. The waterfront neighborhood is envisioned as an amenity for all Yonkers residents, with opportunities for recreation and commercial activities. Most importantly, the redevelopment will provide direct access to the Hudson River, which has historically been impeded by private ownership and industrial hazards.The City of Yonkers has also been designated as a Federal Empowerment Zone, which includes a wide variety of projects and initiatives aimed at achieving three goals: to expand economic opportunity, to enhance skills, incomes and access to jobs,andtobuildasustainablecommunity.Specificfundsfromthis program have been allocated to the redevelopment of the Alexander Street corridor. Yonkers downtown and waterfront have also been designated as a New York State Empire Zone. Under this state program, businesses located in these areas may qualify for property tax refunds, wage-based tax credits, state sales tax exemptions, reduced utility and telephone rates, employment training programs, and low interest loans. Waterfront development has recently been completed as a result of this Map 4.The four major Yonkers Urban Renewal

Areas (URA).

Image 1

Image 2

17

Ashburton URA

Ravine URA

PROJECT SITE

Alexander Street URA

Nodine Hill URA

18

initiative and many more projects are anticipated over the next decade.At the local level, Yonkers has a unique loan program aimed not only at encouraging new development and increasing private investment in the city, but also at developing new employment opportunities. Loans can be used for the acquisition, construction, or rehabilitation of real property, leasehold improvements, machinery and equipment, and working capital. Another promising move was recently made by the Yonkers City Council, which reduced parking requirements in certain areas of the city, most notably within mile of train stations. The citys recognition of the growing demand for transit oriented development sets Yonkers apart from other towns along the Hudson line.The Challenges AheadThe City of Yonkers has abundant ambition and talent, but current economic and demographic realities present a significantchallengetoimplementation.TheCitysleadershiphas highlighted many perceived strengths that can stimulate economic growth. At the top of their list are the citys proximity to New York City and connectivity via regional transportation, as well as the Hudson riverfront and views of the Palisades. The Downtown area is seen by the city as the epicenter of initial growth, with existing institutions, shops and restaurants, historic architecture, and a walkable scale creating value.The Citys investment in economic development has resulted in both successes and failures. Waterfront redevelopment began in 2003 with Hudson Park, which included 266 units of market rate rentable apartments and 10,000 square feet of retail space (img. 1 & 2). The $53 million private investment by Collins Enterprises of Stamford, CT., was the single largest private development on the waterfront in the history of Yonkers. That project benefited from government investment in waterfrontinfrastructure, a park including a 9/11 Memorial, and the

Map 5. Alexander Street Master Plan

Proposed redevelopment master plan for Alexander Street Urban Renewal Area from Yonkers Metro North Station to JFK

Marina Park, and proposed project site.

Image 4

Image 3

19

Typical Waterfront Site Road

One-way traffic flow with one 12

travel lane and one 8 right-side

parking lane.

Approximate one-way traffic volume

range: 200-400 vehicles per peak

hour.

Glenwood Power Station building

currently unaccounted for in master plan.

Redevelopment of underused waterfront site into ecological

conservation park.

Development of mixed-income

residential on connected site.

Alexander Street Master Plan:main infrastructure

Proposed (RE) Power Project Site

Alexander Street Causeway

Two-way traffic flow with one 11

travel lane in each direction and no

on-street parking.

Approximate two-way traffic volume


hour.

Reconstructed Alexander Street

Two-way traffic flow with one 11

travel lane in each direction, a

landscaped center median, and one parking lane on both side of the

street.

Approximate two-way traffic volume


hour.

20

rehabilitation of the oldest Victorian pier still in existence on the Hudson.Today,thepierhousesapopularfine-diningrestaurantand vacancy in the residential and commercial space is near zero.A 15-acre property on the north end of the Alexander Street URA has recently been the subject of less favorable news. Thepropertyisoneofthelargestbrownfieldsitesinthestateand cleanup costs have already topped $40 million (img. 5 &6). Homes for America had herculean plans for the site, which included 1,180 residential units and 5,000 sf of office on apodium 40,000 sf of retail, surrounded by four acres of publicly-accessible open space and a 250 slip marina (img. 3 & 4). The costs of preparing the site, compounded by the recent recession, proved too much for Homes for America and last year they defaulted on their $100 million loan, leaving the site with $20 million more in expected cleanup costs. The property, which sold for $22 million in 2004, was purchased a few months ago for $6 million.As part of their growth initiative, The City of Yonkers employed Urban Design Associates and Robert Charles Leeser & Co. to conduct an analysis and create a strategy for fostering the development of downtown Yonkers. The indisputable reality underlying their recommendations is that local market forces alonewillnotbesufficienttodriverevitalization.Desperate for economic development, the City of Yonkers has aggressively pursued the principals recommended by their advisors. Incentives are being liberally distributed and zoning has been relaxed for developers who can put a shovel in the Yonkers dirt. Enormous resources have been devoted to attracting a major institutional or cultural anchor that can be the first statgeof subsequent economicdevelopment. Webelieve that that our project can be that anchor.

Image 6

Image 5

21

Catalizing Economic Development in Downtown Yonkers1. Move Beyond Passive Economics Recruitment And

Branding Of Critical Importance

Yonkers needs to aggressively pursue even at cost the core elements of urban entertainment.

2. Create A Cultural Events Venue Or Institutional Driver Of DemandWithout a cultural or institutional downtown driver, Downtown Yonkers lacks a compelling reason for local and regional visitors to populate the streets. This is especially true of the water-front development.

3. Envision The Next Industrial Downtown Diverse Economic Base Of Yonkers Is The KeyDowntown Yonkers should pursue at least doubling its daytime private-sector employment Doing so will require successful execution of Phase 1, as detailed, above, as well as an aggressive outreach and recruitment effort coupled with a variety of incentive packages.

4. Focus On Capturing Regional Spending Power 1% Of Retail Demand Within 5-Miles Could Support 432,000SfDowntown Yonkers Total Spending Power: $233 Million (2.2% of 5-Mile Radius) 5-Mile Radius Total Spending Power: $10.34 Billion

22

Site Selection

Between the MTA Metro-North Glenwood station and the Hudson River in Southwest Yonkers, lies the abandoned Glenwood Power Station of the formery operated New York Central & Hudson River Railroad. The Station was constructed between1904and1906andwasbuiltaspartoftheelectrificationof the rail lines spurred in part by dangerous conditions caused by steam engines and related smoke, and also by the need for a completely new and larger Grand Central Terminal. The coal-firedsteamturbinestationwentonline in1906andpoweredthe mainline between New York and Albany and most of the city of Yonkers. While unused since the 1960s, the power station and its twin smokestacks still stand as reminders of New York Citys and Yonkers industrial past.Although the Power Station property is included in the Alexander Street Master Plan, there is currently no plan for its preservation or reuse. Although there were reuse proposals as recently as 2005, these have not come to fruition, and in 2008 the Preservation League of New York State named the plant as one of the seven most endangered sites in the state. The former Glenwood Power Station site is a 4 acre property. On the property sits two buildings that occupy approximately 2 acres of the site. The Main Power Station building consists of two large open spaces under two distinct roof lines, and incoprotates the iconic smokestacks that climb to approximately 220 above the river. The ancillary buildings northern faade borders the citys JFK Mariana Park to the north. A structural integrity study conducted in the mid 2000s proved that the building was sound and could feasibly be preserved. While the main building is subdivided and consistsoftwolargeopenspaces,thereissufficientstructuretoincorporate adaptive reuse and new construction within.

Comparison of site existing conditions

with proposed city plan and (RE) Power proposal (right).

23

AB

AN

DO

NE

D

GLE

NW

OO

D

PO

WE

RP

LAN

T

GLE

NW

OO

D

ME

TR

O N

OR

TH

S

TAT

ION

PR

OP

OS

ED

R

ES

IDE

NT

IAL

TOW

ER

PAR

KIN

G B

AS

E w

/ C

OM

MU

NIT

Y

GR

OC

ER

Y S

TOR

E

RE

STO

RE

D

GLE

NW

OO

D

PO

WE

RP

LAN

T

GLE

NW

OO

D

ME

TR

O N

OR

TH

S

TAT

ION

RE

STO

RE

D H

UD

SO

N

WE

TLA

ND

IMP

RO

VE

D

PE

DE

ST

RIA

N /

WA

TE

R A

CC

ES

S

JFK

PA

RK

PLA

N

IMP

RO

VE

ME

NT

S

GLE

NW

OO

D P

OW

ER

S

TAT

ION

GLE

NW

OO

D

ME

TR

O N

OR

TH

S

TAT

ION

PR

OP

OS

ED

MA

ST

ER

P

LAN

CO

NN

EC

TOR

R

OA

D A

ND

SID

EW

ALK

A

LON

G S

HO

RE

LIN

E

TO J

FK P

AR

K

(MA

ST

ER

PLA

N

IGN

OR

ES

PO

WE

R

STA

TIO

N)

CIT

Y O

F Y

ON

KE

RS

M

AS

TE

RP

LAN

FO

R

WA

TE

RFR

ON

T

RE

DE

VE

LOP

ME

NT

?

N

N

N

(RE) Power Proposal

City of Yonkers proposal

Current conditions

24

The Glenwood Power Station Site in Southwest Yonkers can become a model for responsible economic, environmental and social developmentwhile benefitting the city of Yonkers,the county of Westchester and the greater New York region. Although theplanpresented is specific to the site conditions,the goals and implementation of the project can serve as a model to be applied to similar decaying industrial waterfront sites located throughout the United States.As the city debates over what to do with this complex, we have developed a plan that will save the historic structure, re-program its use, and connect two critical axes along the river while simultaneously reconnecting to a long ignored and cut-off community.

Project Proposal

The Proposed Master Plan for the Glenwood Power Station and the

surrounding context (right).

25

HUDSON RIVER

JFK PARK

RETAIL COURTYARD

TREVOR PARK

PEDESTRIAN WALK TO HUDSON RIVER MUSEUM

METRO NORTHHUDSON RIVER

LINETO

POUGHKEEPSIE

METRO NORTHHUDSON RIVER

LINE TO YONKERS / NYC

PEDESTRIAN ACCESS

VEHICULAR ACCESS

PROPOSED RESIDENTIAL TOWER18 STORIES // 320 UNITS

PARKING BASE5 STORIES // 417 PARKING SPOTS

40,000 SF COMMUNITY GROCERY STORE

GLENWOOD POWER STATION

METRO-NORTH GLENWOOD STATION

MASTER PLAN CONNECTOR ROADMASTER PLAN CONNECTOR ROAD

CITY OF YONKERS WATERFRONT DEVELOPMENT

REHABILITATED WETLAND

PEDESTRIAN CONNECITON BOARDWALK

50 25 100

N

PARCEL B

PARCEL A

PARCEL C

26

The reuse of the Power Stations main building presents an opportunity to reconnect the now disconnected site to the river, the community, and the Glenwood Train Station. The existinggroundfloor,locatedattheleveloftheriver,will house a

restaurant with river promenade access and a kayak rental facility

(fig. 1). At this ground level, a continuous boardwalk will be constructed around the perimeter to complete the now broken link between the proposed waterfront development to the south and the underutilized JFK Park to the north. This promenade will provide access both to the wetland rehabilitation site proposed to the immediate south and outdoor access from the programs within the Power Station. A new public ground floorwill be created at the levelof the Glenwood Station platform. The train station platform,

approximately 10 above grade, will be extended over the access

road at two locations to provide a direct connection into the

power station (fig. 2). One of the connections will access the south faade portico and will lead into a double height space alongthefaade,ensuringlightpenetrationdeepintothefloors.A boardwalk along the south faade will provide numerous opportunities for both interior and exterior views, seating and circulation. The other connection from the train platform into the complex takes place at the courtyard. A 40 wide walk will lead directly off the platform into the courtyard that will have

retail spaces opening into the public space (fig. 3). Small retail spaces will be located on this level as well as access to the restaurant and kayak launch spaces below. Thesecondlevelwillcontaintheofficesoftheeducationaland research institutions. Here the organizations will be able

tocollabortativelyworktogetherinwhatwearedefiningasaSustainable Industries Incubator explained on the next page. The third level of the power station will be directly connected

Parcel A GLENWOOD POWER STATION

GLENWOOD POWER PLANTNORTH ANCILLARY BUILDING

RESIDENTIAL TOWER

PUBLIC LEVELCONNECTION TO POWER PLANT

GROCERY STOREPUBLIC / PRIVATE PARKING

MTA PLATFORM

JFK PARK

FL5

FL4

FL3

FL2

FL1a b

cc

d

e

f

g

h

a_OYSTER BARb_KAYAK RENTALc_1st FLOOR RETAILd_MANUFACTURING e_GREENHOUSE SUPPORTf_GREENHOUSEg_OFFICESh_OFFICES (NEW CONSTRUCTION)


RESIDENTIAL TOWER



MTA PLATFORM

JFK PARK

a_OYSTER BARb_KAYAK RENTALc_1st FLOOR RETAILd_MANUFACTURING e_GREENHOUSE OPERATIONSf_GREENHOUSEg_OFFICESh_OFFICES

N

SE

CT

ION

A

RESIDENTIAL TOWER

LOBBY / AMENITIESGROCERY STORE

PARKING GARAGE

METRO-NORTHCONNECTION

HUDSON RIVER

+ 220

NORTH ANCILLARY BUILDING

OFFICE

NEW OFFICE BUILDING(BUILT ATOP EXISTING STRUCTURE)

RETAILRETAIL

+ 100

+ 0

Figure 2.

Figure 1.

27GLENWOOD POWER PLANT


RESIDENTIAL TOWER



MTA PLATFORM

JFK PARK

FL5

FL4

FL3

FL2

FL1a b

cc

d

e

f

g

h

a_OYSTER BARb_KAYAK RENTALc_1st FLOOR RETAILd_MANUFACTURING e_GREENHOUSE SUPPORTf_GREENHOUSEg_OFFICESh_OFFICES (NEW CONSTRUCTION)

N

PARCEL B

PARCEL C

PARCEL A

28

to the Ravine Street Community across the railroad tracks to the east by taking advantage of a grade change that occurs at the site. The topographic change in elevation across the tracks allows this critical east-west connection to be made from the neighborhood into the third floor of the Power Station. Thisbridge will cross the tracks and connect directly into a parking structure built as part of Parcel B. The connection at this level will bring the community onto a level that will house additional exhibition space for the Hudson River Museum, retail and community spaces that can be used for educational purposes and community events. The highest level of the building, contained inside the existing roof structures, will be converted into a greenhouse

that will be publicly accessible (fig. 4). This space can support various kinds of agriculture-based activities, from the growing of vegetables to be sold to local grocers, to the establishment of community gardens.North Ancillary Building Reuse:The new ground plane and courtyard level of the main power plant structure (to line up with the train platform) occurs atthesecondfloorofthenarrowbuilding.Thislevelwillhaveretail that opens up into the courtyard and is the link between the park and the power plant building

The floor below, at the grade of JFKPark,will containpark related commercial enterprises consisting of concessions and equipment rental. To mediate the change in elevation a restaurant caf and exhibition space will link the park to the

courtyard and main floor of the Power Station (fig. 5).

ThebuildingwillsupportadditionalfloorsofClassAofficespace in its existing structure and another three built atop.GLENWOOD POWER PLANT


RESIDENTIAL TOWER



MTA PLATFORM

JFK PARK


N

SE

CT

ION

A


RESIDENTIAL TOWER



MTA PLATFORM

JFK PARK


N

SE

CT

ION

A


RESIDENTIAL TOWER



MTA PLATFORM

JFK PARK


N

SE

CT

ION

A

Figure 4.

Figure 5.

Figure 3.

Parcel A (Power Station) program

breakdown.

29

Greenhouse26,000 SF

Renovated Roof Structure

Restaurant26,500 SF

Retail18,100 SF

CirculationZone

Production Space37,950 SF

Incubator Space37,950 SF

Oce52,800 SF

New Roof Structure

RenovatedBuilding Shell

Retail14,400 SF

Water Retail9,500 SF

Education Space18,000 SF

30

Trader Joes (Re)PowerYes Its OrganicThe Old Wood CompanyRacheal Roy Recycled Furniture.comCow Jones Industrials

CamillaEco CitizenEco PersonalityFair IndigoFashion Ethic

31

Green With Glamour

Go Natural BabyRouge TomateHabana OutpostAngelica KitchenGustOrganicsThe Green Table

Green Stuff connection Sunshine SuitesBronx Green JobsBlueSkyWind, LLCAbsolute Green Homes

32

The (RE) Power Coalition connects project stakeholders to foster innovation, collaboration and investmenttocreateeconomic,environmental,social,andculturalbenefitsforall.Aninnovativereal estate development project like (RE) Power necessitates an equally innovative approach to operations and management. The diverse stakeholders with interests in (RE) Power were assembled because of the value they bring to the project. Their contribution to the development shouldntbeconfinedwithinthewallsoftheirownexhibitionspaceorshop.(RE) Power Coalition is a partnership that includes all tenants in the development. New tenants join the Coalition to access capital and services to start their businesses. Available capital sources include private equity from a Coalition Member Fund and the (RE) Power ownership, as well as public funding in a variety of forms. New members are guided to available resources including legal and accounting services, also provided by Coalition members. Coalition members constantly collaborate to create new programs or products, to tackle community issues, and improve business operations and add value to each others organizations. The RE Power Coalition connects with the community by sponsoring education and training programs and by hiring through Coalition member community groups.

(RE) Power Tenants Coalition

ENTERPRISE INCUBATORREPRESENTATIVE

OWNER/OPERATOR

(RE) POWER COALITION

(RE) POWER DEVELOPMENT

RETAILREPRESENTATIVE

INSTITUTIONALREPRESENTATIVE

PUBLICREPRESENTATIVE

COMMUNITYREPRESENTATIVE

OFFICE TOWERREPRESENTATIVE

(RE) POWER SUSTAINABLEENTERPRISE INCUBATOR

(RE) POWEROFFICE TOWER

SUSTAINABLEENTERPRISE

SUSTAINABLEENTERPRISE

RETAILESTABLISHMENT

RETAILESTABLISHMENT

RETAILESTABLISHMENT

HUDSON RIVERMUSEUM

BECZAK ENVIRONMENTALEDUCATION CENTER

GREEN PRIVATEEQUITY FUND

INVESTMENT RETURNS

LEGAL COUNSEL / POLICY ADVICE

BUSINESS STRATEGY

GROWTH CAPITAL

SUSTAINABLE STARTUPVENTURE FUND

CAMERON-COLEBUSINESS CONSULTANT

GREENTECHLAW PARTNERS

OVERSIGHT

GREYSTONBAKERY

CLEAN RIDGESOAP COMPANY

33

To ensure the success of the [RE] Power project we have assembled a list of tenants that share our goal of promoting the region and fostering sustainability.CulturalInstitutionsBeczak Environmental Education Center TheBeczakEnvironmentalEducationCenterisanon-profitenvironmentaleducationfacilitythatpresentsexhibitsand programs for all ages to raise environmental awareness and to encourage informed stewardship of the Hudson River and other local waterways. Beczak providing river-related educational, cultural and social events for a wide community, and will play a crucial role in the development as the operator of the Hudson River Conservation Park.Hudson River MuseumThe Hudson River Museum, which is located in Trevor Park is a premier regional art museum with an extensive collection of works from the Hudson River School. The museum also features exhibits on the history, science and heritage of the region, and was recently named one of the Wonders of Westchester.CommercialEnterprisesGreyston BakerySince its founding in 1982, the Greyston Bakery has been a model for sustainable business practices. The bakery continues to be a force for self-transformation and community renewal, offering on-site training and fair wages and benefitstomorethan65localresidents,regardlessoftheirworkhistory.ExceptionalqualitydefinesGreystonsproducts and the bakerys prominence in the area will provide a strong regional draw to the project.Clean Ridge Soap CompanyIn its sixth year of business, the Clean Ridge Soap Company is a sustainable local business with proven market appeal. Clean Ridge offers 120 hand-made products, including lip balms, lotions, diffusers and candles. The products are all-naturalandcraftedfromthefinestingredients,manyofwhicharelocallysourced.Sourcingingredientsfromthe[RE] Power rooftop greenhouses will allow customers to witness the origins of these sustainable products.ServiceProvidersCameron-ColeCameron-Cole helps clients address environmental issues within the framework of an environmentally-conscious business strategy. With a multidisciplinary staff that includes sustainability strategists, scientists, engineers, geologists, hydrogeologists, chemists, statisticians, policy analysts, and information technology specialists, Cameron-Cole can provide expertise on a broad range of sustainable business practices. With a nation-wide practice and local presence, Cameron-Cole ensures reliable services for clients and credit-stability as a tenant.Greentech Law PartnersCleantech Law Partners offers a broad range of legal services to meet the unique needs of renewable energy and cleantechcompanies.Thefirmcanassistsustainablebusinessesintheareasofprojectdevelopment,intellectualproperty,financialservices,andpolicyanalysis.GreentechLawPartnerswillplayanimportantroleinfosteringboth established and burgeoning businesses in the [RE] Power sustainable business incubator.

34

Thesecondpieceoftheproposalisaninfillsite,justeastof the Power Plant site along the edge of Trevor Park (reference Aquisition Plan for property aquirement plan). On this site, an 18 story, LEED Platinum residential tower with both market rate and affordable units will be constructed.The residential program consists of 320 total units, with 253 market rate and 67 affordable units. The affordable units willbepartiallyfinancedthroughtheLIHTCprogramfromtheFederal Government. The market rate units will be a mix of studio, 1, 2, and 3 bedroom units, and the affordable units will consist of studio, 1, and 2 bedroom units.

The buildings ground floor will address neighborhoodservices that do not currently exist in the community. A 20,000 SF grocery store, badly needed in the area will be housed, as well

as other amenities, including a laundromat and caf (fig. 6). (see market analysis on page 48).The structures podium will also support five floors ofparking for residents, employers and visitors to the Power Plant. Critical to this proposal is a public promenade that will connect the building and surrounding context directly into the power plant. The bride connection, at grade on the neighborhood side to the east, it will connect to the Power Station across the tracks at the third level. A more direct access to the train platforms below from this level will also be constructed. This

new connection provides a more direct and logical connection to

the Hudson River Museum and Trevor Park (fig. 7).

Parcel B re-connection and residential tower

HUDSON RIVER

JFK PARK

CURRENT ACCESS ROUTE TO MUSEUM

PROPOSED ACCESS ROUTE TO MUSEUM

TREVOR PARK

MTA PLATFORM

RESIDENTIAL TOWER


PARKING GARAGE


HUDSON RIVER

+ 220


OFFICE


RETAILRETAIL

+ 100

+ 0

RESIDENTIAL TOWER


PARKING GARAGE


HUDSON RIVER

+ 220


OFFICE


RETAILRETAIL

+ 100

+ 0Figure 6.

Figure 7.

35

RESIDENTIAL TOWER


PARKING GARAGE


HUDSON RIVER

+ 220


OFFICE


RETAILRETAIL

+ 100

+ 0

N

PARCEL B

PARCEL C

PARCEL A

36

The last part of the proposal involves the construction of a natural wetland system along a stretch of the Hudson Estuary as a way to restore some of the natural habitat that has been lost to centuries of industrial development. In addition to playing an important part in the conservation and reclamation of the estuarys ecology, this wetland conservation area will provide a site for new educational, research, and recreation uses. While much concern will be devoted to restoring and preserving the natural ecology of the estuary, this habitat will be combined with strategic access points that will allow the public to experience the

rich ecology of the estuary, and simultaneously activate many

new programs around the site (fig. 8). Such a project is not only crucial for the maintenance and restoration of this important ecology, but also in reconsidering how we relate to the water in the post-industrial era.

Parcel CHudson River Conservation Park


RESIDENTIAL TOWER



JFK PARKREHABILITATED HUDSON RIVER WETLANDS AREA YONKERS MASTERPLAN DEVELOPMENT

5

4

3

2

1a b

cc

d

e

f

g

h

GLENWOOD POWER STATION_LEVELS

1_HUDSON RIVER WATER LEVEL // parking, loading, oyster bar, kayak rental2_GLENWOOD STATION PLATFORM LEVEL // retail3_INCUBATOR LEVEL // Light Manufacturing4_YONKERS CONNECTION // connection to neighborhood / parking, greenhouse support, cafe5_GREENHOUSE // two greenhouses, sustainable technology testing

NORTH ANCILLARY BUILDING_LEVELS

1_GROUND LEVEL // jfk park connection, recreational related retail2_PLATFORM LEVEL // connection to glenwood power station, glenwood train station, retail, courtyard space3-5_OFFICES // restored original building6-8_OFFICES // new glass office space built atop original steel and brick structure

a_OYSTER BARb_KAYAK RENTALc_1st FLOOR RETAILd_MANUFACTURING e_GREENHOUSE OPERATIONSf_GREENHOUSEg_officesh_offices

N

SE

CT

ION

C

SECTION B


RESIDENTIAL TOWER




5

4

3

2

1a b

cc

d

e

f

g

h






N

SE

CT

ION

C

SECTION B

Figure 8.

37GLENWOOD POWER PLANT


RESIDENTIAL TOWER




5

4

3

2

1a b

cc

d

e

f

g

h






N

SE

CT

ION

C

SECTION B

N

PARCEL B

PARCEL C

PARCEL A

38

Lying directly next to a rail line, this stretch of waterfront is currently unused. Current plans for this stretch include a connector road with public access, but no specific plans forecological conservation or restoration. Although a public connectionalongthissitewouldbebeneficial,thecurrentplansdo not take advantage of the potentials of waterfront restoration at this site, and also do not provide a good pedestrian experience. As an alternative, our plan will designate the the entire stretch as a protected waterfront, with certain portions rebuilt as wetlands to restore the Hudsons natural ecology and habitats. Public access will be shifted out to a series of piers on the water, so as not to interfere with the new habitat. This pedestrian path will link the boardwalks of the new developments on either side, and provide a richer pedestrian experience. Perpendicular platforms along this path will contain pavilions that can provide a space to rest and enjoy the water, and also accommodate many water-related programs. The undersides of the platforms will also benefit the ecology by providing a complex habitat

importantforfishandothermarineorganisms.On the land side, these platforms will selectively extend into the wetland, to provide monitoring and viewing access for research and educational purposes, and allow people to explore this fascinating ecology. Access to this habitat will provide an important amenity for future tenants of the (RE) Power facility, who can utilize the wetland and pavilions in developing their educational and research programs. On the river side, the platforms can be used for recreational uses such as the launching of non-motorized boats and kayaks, fishing spots, and swimming access. This access to

the water would benefit recreational organizations such asthe Yonkers Kayak club, which could use the platforms while renting commercial space in the (RE) Power facility. In this way, the wetland reclamation project would not only benefitthe environment but lead to a development that is both environmentallyandfinanciallysustainable.

Restored minish wetland (above right)

Conceptual rendering of wetland with

restored power station in background

(right)

39

EXISTING TREES

MINISH WETLAND (BEFORE RESTORATION)

MINISH WETLAND (AFTER RESTORATION)

EXISTING INVASIVE VEGETATION

UPLAND SLOPE

ASSORTED DEBRIS

MEAN HIGH WATER

MEAN TIDE LEVEL

HUDSON RIVER

HUDSON RIVER

ENHANCEDUPLAND SLOPE

LOW MARSH

NATURAL PLANTINGS FOR SOIL RETENTION

CLEAN WETLAND TOPSOIL

WETLAND SPECIES

WOODEN STAKES

TIDE BREAK

40

(RE) Power aims to holistically approach sustainability with equal emphasis on social, economic, and environmental

sustainability. Although all aspects of the project should be considered sustainable in one way or another, a closer look at building performance is necessary. As a measure of (RE) Powers sustainability, the project aims to achieve Platinum Certification through the LEED Green Building Rating System. Platinum Certification, the highest rating achievable throughthe USGBCs four-tiered system, will be attained for the restored Power Station through LEED for Core and Shell and for the mixed-income residential tower through LEED for New Construction.

We have set five primary goals for the environmentallysustainable development and operation of the project: Minimize energy use Conserve city potable water and preserve the Hudson River Reducewastetolandfills

Maximize indoor and outdoor environmental quality Reduce the buildings life cycle costsWater100% of the rainwater falling on-site will be collected and reused. The power station site is designed primarily with hardscaping, which will direct rainwater into central cisterns in the basement. Rainwater and other greywater will be treated and recirculated through an efficient drip irrigation system (fig.

9). A xeriscaping strategy will be adopted to reduce irrigation demands for the limited planted vegetation. Native species have been selected not only for their low water use, but also to complement the natural ecology of the adjacent open spaces.

Sustainability Strategy

Figure 9.

41

Within the buildings, water use will be further reduced with theuseofno-flowandlow-flowplumbingfixturesandwater-

efficient appliances. Greywater and blackwater from thesesystems will be treated and used for on-site irrigation, primarily on the roof where hydroponic farming techniques efficientlyreuse water. River water, filtered through reverse osmosis, will play an important role as a source for agricultural irrigation

and in building systems (fig. 10). Through these measures the project will reduce municipal water use, with the aim of being a net-zero water consumer annually.Energy and AirIn lieu of central chillers, river water will serve zoned heat pumps which will provide locally-controlled heating and cooling. Local control will provide greater efficiency as well

asmorecomfortforresidents.TheefficiencyofHVACsystemsis further increased through designed cogeneration systems, which will capture heat typically lost in conventional systems. Thermal radiation will be used for much of the heating in the project, located either in concrete slabs or hanging ceiling panels. Solar water tubes, located in the greenhouse structure, will provide a renewable source of heat energy for the thermal system.Inthewinter,flowcanbereversedthroughsolarwatertubes to heat the greenhouses and protect crops.

Energy demand will be actively reduced through high efficiency lighting and Energy Star appliances, which willcompliment an array of passive strategies. Daylighting will be used as much as possible to naturally illuminate interiors during the day. In newly constructed towers, natural light is managed through high performance glazing and solar shading (fig. 11). Particular attention will be paid to the control of light and heat in the rooftop greenhouses. Double-wall rigid plastic will allow the greatest amount of solar energy to enter into the greenhouse while minimizing energy loss. Ventilation in the greenhouse and

Figure 10.

Figure 11.

42

throughout the project will be provided by passive strategies which exploit convective currents and Hudson River breezes.Renewable energy will be produced onsite with vertical axis wind turbines and photovoltaic panels located on the roofs

ofthenewlyconstructedbuildings.Withsignificantreductionsin energy demand due to the aforementioned strategies, the energy produced on-site should be sufficient to power theentire project, resulting in a net-zero energy building. The clean sourcesofpowerwillcontributesignificantlytoreductionsofgreen house gas emissions.Materials and Waste

Theretrofitandreuseofanabandonedbuildingminimizesnew materials use and construction-related carbon emissions. Construction materials, from structure to finishes, will beselected to maximize recycled content and minimize harmful chemicals. Priority will be given to local material sources and manufactures and, whenever possible, materials will be transported by barge, rather than by truck, to further reduce greenhouse gas emissions.

Construction waste will be reduced by sorting, salvaging and recycling all unused construction materials. During operations, a rigorous recycling and waste reduction program will be instituted. A waste sorting and distribution facility will be provided for residents and tenants who will be contractually required to participate in onsite recycling programs. Visitors will find ample recycling bins and signage to promotewastereduction. Finally, food waste from residences and restaurants will be treated by organic anaerobic digestion, which produces useful fertilizer and biogas biproducts.

44

Financing Strategy

Whilesignificantbarriersstandinthewayofsustainableconstructionandaffordablehousingdevelopment, many programs exist to facilitate community oriented development. Grant funding will be garnered to support a large portion of low income housing, sustainable construction, brownfield remediation, and historic preservation. Private equity capitalwill also be investedalongside developer equity, and receive an annual compounded return of 12%. While the aforementioned programs and capital sources will help with the projects construction, the City of Yonkerswill play the largest role in ensuring financial feasibility bydonating a parcel of land and supporting a Payments In Lieu of Taxes (PILOT) program. In the PILOT program, over $4,500,000 of real estate taxes will be deferred annually and directed to upkeep parks, wetlands, and natural habitats adjacent to the site, ensuring that public community spacesadjacenttothesitewillcontinuetobenefitfromthedevelopmentindefinitely.

Table 4. Financing Sources BreakdownSource Amount (x $1,000) TermsEquitySponsor Equity 1,000 Sponsor equity will be earn 7% preferred return pari-passu with private equity distribution. Projected annual compounded return for Sponsor is 34%. Private Equity 40,000 Private equity partner will be given a 9% preferred return pari-passu with sponsor investment. Once 9% preferred return is reached partner willreceive90%oftotalcashflowandsponsorwillreceive20%oftotalcashflow.ProjectedannualcompoundedreturnforPartneris12%.Grant FundingLow Income Housing Tax Credit (LIHTC) 10,000 Tax credit program provides 30% of cost of affordable element through 4% 10-year tax credit. New Market Tax Credit 8,300 QualifiedCommunityDevelopmententitymayreceivetaxcreditthatissold to third party.

EPABrownfieldsCleanupGrant 200 Require 20% cost share by developer. NYS-DECBrownfieldCleanupProgram 500 Tax credit program provides 50% of cost in tax credit. Historic Preservation Tax Credit 1,000 Entity may receive tax credit that is sold to third party.NYSERDA Multifamily Performance Program 1,000 Grant for incremental cost of green building technologies. NYSERDA Green Affordable Housing Program 1,000 MandatethatprojectachievesLEEDSilverspecificationandincludeaffordable housing. DebtLow Interest NYSERDA Loan 50,000 1.5% Interest Only, 25% LTCConstruction Loan 82,194 7.0% Interest Only, 42% LTCTotal 198,194Permanent Loan 128,825 5% Interest Only, 65% LTV, 1.3 DSCR

45

Table 5. AcquisitionParcel Use DescriptionParcel A Parkland The land for the residential tower with internal parking and super market retail is currently owned by the Yonkers Parks Department. They will donate the land in exchange for the construction of twice the area of in new parkland on Parcel B and Parcel C.Parcel B Power Plant The main power plant site is currently owned by Kenneth Capelino, an area contractor. Mr. Capelino has agreed to sell the property for $10,000,000. The developer will offer Mr. Capelino an option to purchase contract for $10,000,000 with a 3 year window. The developer will have right to conduct further due diligence at time of transaction. Title, legal, and unexpected environmental issues will be the only actionable items to materially affect pricing.Parcel C Restricted Land is currently owned by a railroad easement. The land will not be acquired. A joint venture will be formed with the railroad in which payments in lieu of taxes (PILOTS)willservetofinanceandupkeepthewetlands.Insurable risk will be held by the (RE) Power Collation.

Table 6. Disposition Parcel A Residential The residential project will be sold 2-4 years after stabilization depending on market conditions. Affordable housing credits mandate acquiring entity until20yearsafterinitialcertificateofoccupancy.Parcel B [RE]Power and

OfficesThe power plant will be retained and operated by the sponsorindefinitely*.Parcel C Wetlands JV and maintain with PILOT payments.

*Officewillberefinancedandretainedbyowner.

Acquisition and Disposition Plan

46

(RE) Power Development will form a shell Limited Liability Company to act as the parent company for the entire (RE)Power Development. A joint venture will be formed between (RE) Power Development and (RE) Power Private Equity acting as a Limited Partner. (RE) Power will get a promoted interest in the project as well as development and management fees. A normal promote structure will be executed and include a preferred return for the developer.Parcels A, B and C will be structured as Limited Liability Companies with the buildings being the sole asset to curtail liability in the event of negative unforeseeable circumstances. Parcel A will be incorporated as two separate companies: (RE)Power Office LLC and (RE) Power Mixed-

use. (RE) Power Property Management will be created to manage and operate Parcels A and B. Parcel C will be operated by the Yonkers Parks department.Parcel C will be structured as a Joint Venture public-private partnership. A Joint Venture between Yonkers Parks Department and (RE) Power Development for the design, construction,

financing,operationandmaintenanceofParcelC.Eachpartycontributespropertyand/orfundingand shares in project-related risks and rewards.

Legal Structure

47

General Partner / GPProject Sponsor(RE) Power Development

Joint Venture / FV Limited Partner / LP

LLC

Operating Co. Operating Co. Operating Co.

LLC

(RE) Power CoalitionDept. of Parks/Beczak Center (RE) Power Mgmt.

Parcel A(Power Station)LLC LLCParcel C(Park)

Operations

Disposition

ProjectPartne

rship

Hold PPP Sell 2-4 years Sell 2-4 yearsHold

Parcel A(Ofice)

Parcel A(Mixed Use) Parcel B(Residential)

City of Yonkers EquityPartner

48

Market Analysis

Downtown Main Street

ManyWestchester towns such as Rye,NY contain heavily traffickedmain street districts,bustling with restaurants and retail opportunity. These areas are a draw for local residents and a haven for small business. With this redevelopment, boutique retail will be brought on site to simulate a walkable urban main street. While direct comparables are not available, this retail will be underwritten to perform like local non-anchor retail. Shopping CentersAs in the majority of the nation, shopping centers have erupted along the spine of highly traffickedautomobileroutes.Yonkersisnodifferent,andnotablySouthwesternYonkershasbeen

leftoutofanysignificantretaildevelopment.Sevenretailpropertiesmappedanddescribedin

thefollowingfiguresillustratethistrend.Theaveragevacancyrateandaveragenonanchorrents

ofthesecomparablepropertiesoutperformthevacancyandrentfiguresfortheentiremetro,at3.6% and $34.67. The retail on site is underwritten to perform as non-anchor retail in the adjacent area. However, while REIS projections forecast an increase in average retail rent from $33/SF to $35/SF over two years, developer underwriting projects rent to remain constant. This is due to the introduction of new retail and time needed for place making in the development. Table 6. Lack of Grocery Options in Southwest Sub-market, Yonkers, NY

Anchor Distance to Property

Address

1 Shop Rite 1.4 25-23 Prospect St

2 Stew Leonards 4.4 1 Stew Leonard Dr

3 Stop and Shop 4.5 11 Vredenburgh Ave

4 Shop Rite 3.2 278 Tuckahoe Rd

5 Costco 4.4 601 S Sprain Rd

6 A&P 2.9 1233 Nepperhan Ave

Average: 3.5

Source: CoStar

28

29

30

31

32

33

34

35

36

0

2

4

6

8

10

1220052006200620062006200620072007200720072007200820082008200820082009200920092009200920102010201020102011201220132014

Rent

($/S

F)

Vac

ancy

(%

)

Southwest Retail SubmarketYonkers, NY

Vac % Developer Forecast REIS Rent ($)

Source: REIS

0

10

20

30

40

50

60

0

5

10

15

20

25

1988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015

Rent

($/S

F)

Vac

ancy

(%

)

Southwest Oce Submarket

VacancyRate

Developer Forecast TW RentIndex

forcast

forcast

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2010

Rent

($/U

nit)

Vac

ancy

(%

)Southwest Multifamily Submarket

Yonkers, NY

Vac % Developer Forecast REIS Rents ($ / Unit)

Source: REIS

2004

2010

2009

2008

2007

2006

2005

49

Table 7. Comparable Properties in Southern Westchester, Yonkers, New York, Data as of Q3 2010

Name Street Ad-dress

Size (SF) Year Built

Non-anchor Rent

Anchor Rent

Vacancy Rate

Distance (mi.)

Non-anchor Size

Anchor Size

Anchor/Major Tenants

A The Mall at Cross County

770 Central Park Ave

250,000 1987 $35.00 $18.00 1.1% 2.8 105,000 145,000 Discoveries, Fmr Kids r Us, Sports Authority, Thrift Drug, Tj Maxx, Unknown, Unknown, Unknown Anchor

B Yonkers Shop-ping Center/026


58,361 1970 $22.00 $18.99 0.0% 3.0 33,361 25,000 Ap Mortgage, Buffet, Kellys Nails, Lucille Roberts, Outback Steak-house, Staples, Sunny Onestop

C Highridge Plaza 1757 Central Park Ave

95,000 1977 $35.00 $19.43 8.7% 3.0 45,000 50,000 Dollar Dream, Mc-donalds, Nail Salon, Pathmark, Pork Store, Quiznos

D Fleetwood Plaza Shopping Center

850 Bronx River Rd

30,000 1976 $40.00 N/A 5.1% 3.3 30,000 N/A Cvs, Dentist, Dunkin Do-nuts, Hair Salon, Subway

E Tanglewood Shopping Center


22,000 1954 $30.00 N/A 0.0% 3.6 22,000 N/A Beauty Salon, Catanias Pizza, Chinese Restau-rant, Cvs, Dunkin Donuts

F Centfort Plaza 2365 Central Park Ave

80,000 1975 $40.01 $37.66 10.6% 3.8 69,000 11,000 Dunkin Donuts, Furni-ture Store, Gamestop, Ready Cut Carpet, Subway, Vacant

G Central Plaza Shopping Center


151,055 1970 $40.67 $23.21 0.0% 4.3 54,565 96,490 Barnes & Noble, Beauty Salon, Castro Convert-ible, Clearview Cinena, Davids Bridal, Mar-shalls, Modells, Pizza, Unknown

Average: $34.67 $23.46

A

D

B C

EF

G

1 MILE

1

3

4

52

6

Table 6. Lack of Grocery Options in Southwest Sub-market, Yonkers, NY

Anchor Distance to Property

Address

1 Shop Rite 1.4 25-23 Prospect St

2 Stew Leonards 4.4 1 Stew Leonard Dr

3 Stop and Shop 4.5 11 Vredenburgh Ave

4 Shop Rite 3.2 278 Tuckahoe Rd

5 Costco 4.4 601 S Sprain Rd

6 A&P 2.9 1233 Nepperhan Ave

Average: 3.5

Source: CoStar

50

Grocery

Thereisnosignificantgroceryoptionwithinonemileofthesite.Thefollowingfiguresdetailthe location of the most proximate supermarkets. A supermarket below the residential units will capitalizeonnewdemandcreatedbythedevelopmentwhilesimultaneouslyfillingasignificantretail gap. Conversations with local residents and community leaders stress the need for qulity food in the immediate area.Multifamily The Yonkers area of Southern Westchester recognizes low vacancy and decently high multifamilyrents.TheserentsarelessthanthemoreaffluentareasofcentralWestchester,buthigher than the Northern most portions of the county. According to REIS Southern Westchester is forecasted to recognize the highest multifamily growth in the county. Class A, B, and C apartment units in the submarket containing the site recognize a 3.6% average vacancy rate. Class A absorption is net positive over the past 5 years, with over 2,000 units being completed and absorbed. No classBorCunitswerebroughttomarket,andsignificantnegativeabsorptionof-752unitswasobserved. Office

TheSouthwestsubmarket,asdefinedbyCBRE-EA,consistsofseveraltownsinSouthwestern

WestchesterCounty.Thismarketmakesuponlyafractionofthetotalofficespace,andlessthan3%

ofthetotalClassAofficespaceavailableinWestchesterCounty.TheClassAmarketiscomposedof4 buildings that, on average, realize 20% higher rent for Class A property than the greater market. However, vacancy in the submarket for Class A buildings is 4.3% greater than the market at large, indicating that it is a less desirable submarket. Therefore, the fact that lease rates outperform themarketatlargemaybeareflectionofcontractualtermsorspecialinstancesratherthananindication of an upward trend. CBRE-EA forecasts rent growth over a 5 year period, as well as decreasing vacancy.

Thedevelopmentincludestwoseparatekindsofofficespace.ClassAspacewillbelocatedin

onebuilding,withunderwritingassumptionsof$25/SFrentand14%vacancy.Officespacein

themainindustrialbuildingincludesnon-profitspaceandspacerelatedtosustainablebusinessdevelopment. This is underwritten at $10 / SF with 5% vacancy. Vacancy is lowered in this case duetorentsdecreasedsignificantlybelowmarket.

51

Table 8. Westchester Multifamily Summary

Class Market Size (Units)

5 Year Net Competions

5 Year Net Absorbtion

Current Vacancy (%)

Southern Submarket A 6587 2186 2050 3.6

BC 5321 0 -752 3.5

Submarket Total 11908 2186 1298 3.55

Westchester MSA ABC 13728 1886 -1002 5.5

Source: REIS

Table 9. Southwest Westchester Office Submarket

Class A, B, and C Offices Building Stock

NRA (SF x 1000) Completions YTD (SF x 1000)

Absorbtion YTD (SF x 1000)

Current Vacancy (%)

Gross Asking Rent

Southwest Submarket 16 950 0 -28 11.80 24.62

Westchester County 280 26,219 0 -620 13.80 24.54

Class A Offices

Southwest Submarket 4 320 0 -18 19.70 30.75

Westchester County 111 18,336 0 -404 14.40 25.83

Avg Annual Net Absorption (SF x 1000) Avg Annual Completions (SF x 1000)

Occupied Stock

Long-term Short-term 2-Yr Forecast Long-term Short-term

2-Yr Forecast

(SF x 1000) (Last 15 Yrs) (Last 3 Yrs) Level % of Metro (Last 15 Yrs) (Last 3 Yrs)

Level % of Metro

Submarket 847 11 0 11 0.20 6 0 0 0.00

Westchester County 22,662 238 -93 325 6.90 90 203 0 0.00

Source: CBRE-EA, 4Q 2010

28

29

30

31

32

33

34

35

36

0

2

4

6

8

10

12

20052006200620062006200620072007200720072007200820082008200820082009200920092009200920102010201020102011201220132014

Rent

($/S

F)

Vac

ancy

(%

)



Source: REIS

0

10

20

30

40

50

60

0

5

10

15

20

25

1988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015

Rent

($/S

F)

Vac

ancy

(%

)

Southwest Oce Submarket

VacancyRate


forcast

forcast

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2010

Rent

($/U

nit)

Vac

ancy

(%

)

Southwest Multifamily SubmarketYonkers, NY


Source: REIS

2004

2010

2009

2008

2007

2006

2005

28

29

30

31

32

33

34

35

36

0

2

4

6

8

10

12

20052006200620062006200620072007200720072007200820082008200820082009200920092009200920102010201020102011201220132014

Rent

($/S

F)

Vac

ancy

(%

)



Source: REIS

0

10

20

30

40

50

60

0

5

10

15

20

25

1988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015

Rent

($/S

F)

Vac

ancy

(%

)Southwest Oce Submarket

VacancyRate


forcast

forcast

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2010

Rent

($/U

nit)

Vac

ancy

(%

)

Southwest Multifamily SubmarketYonkers, NY


Source: REIS

2004

2010

2009

2008

2007

2006

2005

52

(RE)-Newing the Past, (RE)-Juvinating the Present, (RE)-Imagining the Future

PowerPLANT: The urban vibrance of New York City with the suburban twist of Yonkers. (Re) Power will become Yonkers premire destination, with the redeveloped Power Station serving as its anchor. A phenominal experience, sure to be a must see destintation for Yonkers, Westchester and the Greater New York region.Strategy:

Educating the tourist and host communities Promoting the opportunity to take part in the (RE) Power Coalition, including participating in an active community geared toward sustainable business practices Marketing business advantages of locating in an iconic project. Using the redeveloped water front and conservation park as amentities for educational and cultural facilities.PowerHOUSE: Affordable, Sustainable, Renewable. Luxurious spacious units, breath taking Hudson River views, a stones throw from Manhattan. For young urbanite families looking to escapetheconfinesofNewYorkCitylifewithoutabandoningalltheammenities,Yonkersprovidesan ideal option.Strategy:

Promotingproximitytoenvironmentallyresponsiblenon-profits,companiesandorganizations.

Marketing the truly unique opportunity to be a part of an amazing sustainability movement. Hiring an experienced marketing firm is essential. Corcoran Sunshine Marketing, HalstedDevelopment Marketing and other will be considered. BuildingsdoesntreceiveLEEDCertificationuntil6-8monthsafterconstruction,butcanbemarketed as such. Greenlivingtutorials,promotingthebenefitsofagreenlifestyle,willbeconductedalongwithopen houses at the development. A variety of media will be explored, including search engine marketing, signs and billboards, direct mail, and print media

Marketing Plan

54

Y0AcquisitionFinancing

Construction

ConstructionDetail

StabilizationDisposition

Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8

Roadwork

Residential Permits & Design

Excav. & FoundationsStuct. Steel & Joists

Concrete (Slab & Fill)Roof-Top HVAC Units

Mch's, Elect. - Plumb-SprinklerInterior Finishes & Painting

Punchlist & Approvals

Industrial Site RemediationPermits & Design

Stuct. Steel & JoistsConcrete (Slab & Fill)

Mch's, Elect. - Plumb-SprinklerGreenhouse

Interior Partitions Interior Finishes & PaintingWetlands, Sitework, Paving

Oce Permits & Design

Excav. & FoundationsStuct. Steel & Joists

Concrete (Slab & Fill)Roof-Top HVAC Units

Mch's, Elect. - Plumb-SprinklerInterior Finishes & Painting

Punchlist & Approvals

Glenwood Power Station Option

Permitting / Negotiation

Construction Loan

Grant application period

Perm Loan

Residential

Power Station

Residential

Power Station

Financing: Sponsor, Private, Other

Target Sell Date

Target Renance Date

Target Purchase Date

Target Sell Date

Project Timeline

55

ProformaYear 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Project Pro-Forma 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Acquisition: Residential 0Acquisition: Office (5,000,000)Acquisition: Power Station (5,000,000)

Construction: Residential (52,843,055) (56,145,745) 0Construction: Office 0 (9,774,545) (10,385,455)Construction: Power Station (18,683,617) (13,493,723) (16,607,660)Construction: Roadwork (10,000,000)

Residential Net Operating Income 0 1,788,238 7,416,031 8,512,764 8,689,939 9,008,304 9,288,932 9,577,978Office Net Operating Income 865,896 923,712 991,935 1,023,468 1,055,947 1,089,400 1,123,857 1,159,347Power Station Net Operating Income 1,130,181 2,133,811 2,224,923 2,319,679 2,393,589 2,444,341 2,496,108 2,548,910Total Project NOI (81,526,672) (79,414,014) (34,997,037) 4,845,761 10,632,888 11,855,911 12,139,474 12,542,045 12,908,896 13,286,234

119% 12% 2% 3% 3% 3%Equity Requirement Sponsor Equity 1,000,000 0 0Private Equity 40,000,000Other Equity Sources 25,000,000 0 0

Debt Service Construction Loan Beginning Balance 0 (16,290,540) (83,320,962) Construction Draw (15,526,672) (79,414,014) (34,997,037) Interest Expense (Construction) (763,869) (3,906,948) (5,820,915) Ending Balance (16,290,540) (83,320,962) (124,138,914)Refinance Origination Costs 1% (1,241,389) Term 30 Year DSCR 1.3Beginning Balance 128,825,970 Amortization I.0. Paydown of Construction Loan (124,138,914) Annual Rate 5%Cash Available for Private Equity Paydown 3,445,666 LTV 65%

Interest Expense (Refinance) 6,441,299 6,441,299 6,441,299 6,441,299 6,441,299 0 0

Cash Flow After Debt Service (80,762,803) (75,507,066) (29,176,122) (1,595,538) 4,191,590 5,414,613 5,698,176 6,100,746 3,619,964 2,548,910

Property Sale SensitivityResidential Sale

Cap Rate Year 6 Year 7 Year 8 Year 9 Year 10Recommendation: 4.5% 189,172,542 193,109,745 200,184,536 206,420,701 212,843,951Sell resdiential in Year 8 5.0% 170,255,287 173,798,771 180,166,082 185,778,631 191,559,556Sell Office in Year 9 5.5% 154,777,534 157,998,883 163,787,347 168,889,664 174,145,051

6.0% 141,879,406 144,832,309 150,138,402 154,815,526 159,632,9636.5% 130,965,606 133,691,362 138,589,294 142,906,639 147,353,505

Office Sale5.0% 20,469,355 21,118,931 21,787,995 22,477,131 23,186,9415.5% 18,608,504 19,199,028 19,807,268 20,433,755 21,079,0376.0% 17,057,795 17,599,109 18,156,663 18,730,942 19,322,4516.5% 15,745,657 16,245,332 16,759,996 17,290,101 17,836,1087.0% 14,620,968 15,084,951 15,562,854 16,055,094 16,562,101

Proceeds from Sale 180,166,082 18,730,942Less: Cost of Sale 3% (5,404,982) (561,928)Less: MTG Balance (128,825,970) 0CF From Sale 45,935,129 18,169,014CF Available for Distributions 3,445,666 4,191,590 5,414,613 5,698,176 52,035,876 21,788,978 2,548,910

Private Equity Waterfall Structure Tier 1 Tier 2Private Equity Investment 40,000,000 9% 90%Sponsor Investment 1,000,000 7% 10%

Tier 1 Cash FlowPrivate Equity 3,600,000 3,600,000 3,600,000 3,600,000 3,600,000 3,600,000 0Sponsor 70,000 70,000 70,000 70,000 70,000 70,000 0Cash Available to Flow to Tier 2 (224,334) 521,590 1,744,613 2,028,176 48,365,876 18,118,978 2,548,910

Tier 2 Cash FlowPrivate Equity (201,900) 469,431 1,570,152 1,825,358 43,529,288 16,307,080 2,294,019Sponsor (22,433) 52,159 174,461 202,818 4,836,588 1,811,898 254,891

Private Equity Cash Flow -40,000,000 0 0 3,398,100 4,069,431 5,170,152 5,425,358 47,129,288 19,907,080 2,294,019IRR 12%

Sponsor Cash Flow -1,000,000 0 0 47,567 122,159 244,461 272,818 4,906,588 1,881,898 254,891IRR 34%

NotesPowerplant and new office are on same parcel and share acquisition basisDistributions flow 99% to Private Equity 1% to Sponsor until PE reaches a 10%

56

Reside

nal Assum

pon

sAffordable

# of

Uni

tsR

ent @

100

% A

MI

Stud

io34

769

$26,

151

100%

AM

I95

% A

MI

90%

AM

I85

% A

MI

80%

AM

I1B

R26

769

$19,

998

Ann

ual I

ncom

e:$2

7,68

9$2

6,30

5$2

3,67

4$2

0,12

3$1

6,09

82B

R7

769

$5,3

84A

nnua

l Hou

sing

Allo

wan

ce a

t 1/3

:$9

,230

$8,7

68$7

,891

$6,7

08$5

,366

3BR

Mon

thly

Hou

sing

Allo

wan

ce:

$769

$731

$658

$559

$447

Tota

l Aff

orda

ble

67$5

1,53

2

Market Rate

# of

Uni

tsR

ent @

Mar

ket

Stud

io22

1,20

0$2

6,40

0U

NIT

SF

Uni

tsU

nits

Uni

ts1B

R94

1,65

0$1

55,1

00S

tudi

o60

056

120

102

2BR

116

2,20

0$2

55,2

001B

R75

012

010

20

3BR

213,

000

$63,

000

2BR

900

123

210

Tota

l Mar

ket

253

$499

,700

3BR

1150

210

0Pa

rkin

g30

0 ft

per s

pace

417

4000

016

5000

Retail

SF

Ren

t PS

FRe

tail

40,0

001

23

40,0

0033

$1,3

20,0

00To

tal S

uper

mar

ket

$1,3

20,0

00Va

canc

y as

sum

pon

:4%

104%

204%

Loss

Fac

tor

18%

118%

218%

Park

ing

Spa

ces

Rent

C

umul

ative

Ren

t41

712

5$5

2,08

3To

tal P

arki

ng$5

2,08

3

Year

1 P

GI

$603

,316

Res

iden

tial P

ro-F

orm

aY

ear 1

Yea

r 2Y

ear 3

Yea

r 4Y

ear 5

Yea

r 6Y

ear 7

Yea

r 8Y

ear 9

Yea

r 10

Yea

r 11

Yea

r 12

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Res

iden

tial R

ent G

row

th0%

0%1%

2%3%

3%3%

3%3%

3%3%

Sup

erm

arke

t Ren

t Ste

p-up

0.0%

0.0%

0.0%

2.5%

2.5%

2.5%

2.5%

2.5%

2.5%

2.5%

2.5%

Vac

ancy

90

%30

%4%

4%3%

3%3%

3%3%

3%3%

Mar

ket R

ate

Uni

t Rev

enue

1,49

9,10

05,

996,

400

6,05

6,36

46,

177,

491

6,36

2,81

66,

553,

700

6,75

0,31

26,

952,

821

7,16

1,40

57,

376,

248

7,59

7,53

5A

fford

able

Uni

t Rev

enue

189,

000

756,

000

763,

560

778,

831

802,

196

826,

262

851,

050

876,

581

902,

879

929,

965

957,

864

Gro

ss R

esid

entia

l Rev

enue

1,68

8,10

06,

752,

400

6,81

9,92

46,

956,

322

7,16

5,01

27,

379,

963

7,60

1,36

17,

829,

402

8,06

4,28

48,

306,

213

8,55

5,39

9

Less

: Res

iden

tial V

acan

cy /

Cre

dit L

oss

1,34

9,19

01,

798,

920

272,

797

278,

253

214,

950

221,

399

228,

041

234,

882

241,

929

249,

186

256,

662

Net

Res

iden

tial R

even

ue33

8,91

04,

953,

480

6,54

7,12

76,

678,

070

6,95

0,06

27,

158,

564

7,37

3,32

17,

594,

520

7,82

2,35

68,

057,

026

8,29

8,73

7

Ret

ail &

Pro

fess

iona

l Rev

enue

250,

000

1,00

0,00

01,

000,

000

1,02

5,00

01,

050,

625

1,07

6,89

11,

103,

813

1,13

1,40

81,

159,

693

1,18

8,68

61,

218,

403

Gar

age

Rev

enue

13,0

2152

,083

52,6

0453

,656

55,2

6656

,924

58,6

3260

,391

62,2

0264

,068

65,9

90 L

ess:

Gar

age

Vac

ancy

/ C

redi

t Los

s5%

651

2,60

42,

630

2,68

32,

763

2,84

62,

932

3,02

03,

110

3,20

33,

300

Net

Gar

age

Rev

enue

13,6

7254

,688

55,2

3456

,339

58,0

2959

,770

61,5

6363

,410

65,3

1267

,272

69,2

90

Oth

er R

even

ue10

,000

10,0

0010

,000

10,0

0010

,000

10,0

0010

,000

10,0

0010

,000

10,0

0110

,002

Effe

ctive

Gro

ss In

com

e2,

050,

682

11,7

70,5

6813

,432

,285

13,7

00,7

3114

,183

,103

14,6

08,2

9615

,046

,245

15,4

97,3

3315

,961

,952

16,4

40,5

1216

,933

,428

Gro

wth

(%)

14%

2%4%

3%3%

3%3%

3%3%

Ope

ratin

g E

xpen

ses

SF

Tota

l Ope

ratin

g E

xpen

ses

$262

,444

$4,3

54,5

37$4

,919

,521

$5,0

10,7

93$5

,174

,799

$5,3

19,3

65$5

,468

,267

$5,6

21,6

37$5

,779

,608

$5,9

42,3

18$6

,109

,910

Gro

wth

(%)

13%

2%3%

3%3%

3%3%

3%3%

Res

iden

tial N

et O

pera

ting

Inco

me

$1,7

88,2

38$7

,416

,031

$8,5

1

(RE)POWER YONKERS: A Sustainable Redevelopment Proposal for the city of Yonkers, NY

Documents

power station site

power addresses

story residential development

story residential towerjohn

income residential tower

natural wetland habitat

future sustainable growth

educational purposes