Ossining, NY (2006-02-28) More than eight years of planning, meetings redesigning and negotiating culminated today with the groundbreaking for the long-discussed $78 million Harbor Square development on the Ossining waterfront. Cappelli Enterprises and Ginsburg Development Companies (GDC), who are jointly developing the project, co-hosted the event that is a major step forward in redeveloping the riverfront of Westchester's oldest village.

One Harbor Square, as the project is now known, will include 150 market-rate condominiums, 10,000 square feet of retail and restaurant space, as well as a waterfront park, a water's edge esplanade, fishing pier, kayak launch and storage center and a public beach. The existing ferry pier which serves commuter ferries linking Ossining's Metro-North train station with Haverstraw on the west side of the Hudson, will be incorporated into the Harbor Square development.

Before construction can begin, the site must be cleared of abandoned industrial buildings and debris including the removal of underground oil tanks. Environmental remediation work to remove contaminated soil and asbestos in the old buildings will require several weeks to complete, after which the demolition and site clearing can be done. Construction of One Harbor Square will begin this spring and is expected to take 18 to 24 months to complete.

The parameters for the Harbor Square project were established by the Village Board, which then solicited proposals from dozens of development companies. Cappelli was selected from the numerous companies who responded. The village's criteria for development of the site were that any project would include residential and a modest amount of retail uses, as well as publicly accessible open space and amenities.

After being selected, Cappelli and the Village Board worked through various approaches to the project, eventually settling on the current layout. It includes two residential buildings and a free-standing restaurant, and preserves nearly two thirds of the 4.5-acre site as publicly accessible open space with a broad range of amenities.

Last summer, Cappelli and Ginsburg formed a joint venture to build and market One Harbor Square. Ginsburg has extensive experience developing waterfront projects along the Hudson including projects currently underway at Peekskill, Haverstraw and Sleepy Hollow. Cappelli, through its George A. Fuller Construction Co., will construct the project while Ginsburg will provide architectural design input and will handle sales and marketing.

Commenting on the project, Ossining Mayor Eugene Napolitano said: This is a great day for Ossining. This project has been a long time in the making but we're confident that the wait has been worthwhile. With two of Westchester's leading developers working together, our goal of a revitalized waterfront will finally be realized. One Harbor Square will bring new residents to our community, will produce much-needed new tax revenues, and will provide water-related public uses on the Hudson River for our residents to enjoy. We feel very strongly that this project will be good for all of Ossining and will spur further revitalization.

Louis R. Cappelli, President of Cappelli Enterprises, noted, This project has been subjected to the most extensive environmental review of any project I have ever been involved with. It has not always been an easy process to reach an approval, but the final plan is a good one. One Harbor Square will be an asset to Ossining and to the Hudson Valley. I am very pleased with the final plan and am anxious to get started on the construction.

Martin Ginsburg, President of GDC, noted that Ossining has one of the most attractive waterfront settings of any community along the Hudson. The views are spectacular and the convenience of the Metro-North station make this a one-of-a-kind location. We previously built Mystic Point overlooking the river in the Village of Ossining and it has been one of our most successful communities. We are very pleased to be part of the Harbor Square development that we are confident will be another success story.

Ginsburg's current riverfront projects include Harbors at Haverstraw, Ichabod's Landing in Sleepy Hollow and Riverbend at Peekskill. The company has also been designated to redevelop a large area of Peekskill's waterfront adjacent to that community's MetroNorth station. Established in 1964 and based in Valhalla, Ginsburg Development Corp. is one of the nation's leading full-service real estate development companies. The firm has built over 4,000 for-sale units as well as apartments, office buildings, and shopping centers.

Cappelli Enterprises Inc. is a leading real estate developer and general contractor in the Northeast. Headquartered in Valhalla, NY, the company has built more than 10 million square feet of mixed use, retail, waterfront, residential, office, laboratory and parking facilities. It recently completed the $325 million City Center project including Trump Tower in downtown White Plains and is currently working on a series of projects across Westchester including the $375 million Renaissance Square in downtown White Plains, Trump Plaza in New Rochelle and Barger Brook Manor at Yorktown.