Ground to be Broken on $68M Chappaqua Crossing

QUINCY, Mass. – In one of the largest ground-up development projects in its 40-year commercial real estate history, The Grossman Companies, Inc. has partnered with Summit Development to develop a high-end 120,000-square-foot, $68-million retail development on 19 acres at 480 Bedford Road, part of the long-time, former Readers Digest world headquarters located in Quincy, Massachusetts. The entire site consists of 114 acres.

Chappaqua Crossing will be ready for its anchor tenants, Whole Foods and Life Time Fitness, each 40,000 square feet, in mid- 2018. Other tenants that have already signed leases include Pet Valu, Chase Bank, AT&T and Go Health Urgent Care. The remainder of the Readers Digest property will ultimately include 91 high-end townhomes, approximately 500,000 square feet of medical and office space anchored by Northern Westchester Hospital and 66 affordable housing units and various public amenities including a walking trail and performance center.

CBRE’s National Retail Partners represented Grossman and Summit, and arranged both the debt and equity capital that includes the construction loan of $44 million and a 90 percent institutional joint venture equity partner for the $24 million equity requirement.

Located on the east bank of the Hudson River, Chappaqua is situated 30 miles from New York City – a 56-minute train ride to Manhattan. The center is accessible via several main highways and will be a benefit to and benefit from nearby towns.