The Kennedy Mall, a retail strip center located at 23-67 Kennedy Drive in Spring Valley, has been sold for $18 million. The seller, Cuzson Associates, LLC, finalized the deal with the buyer, Brooklyn-based Kennedy Center Mall, LLC.
Built in 1985, the shopping center spans 5.14 acres and features approximately 50,000 square feet of retail space across two buildings. Financing for the acquisition, totaling $9.08 million, was provided by New York City-based NEG 8 Financing LLC. The transaction was brokered by the Metrex Realty Commerical Division.
Plans for the site’s redevelopment have already been submitted to the Village of Spring Valley Planning Board. The proposal includes adding three additional floors to both structures on the property. While the ground floors will remain retail spaces and be expanded, the upper floors are slated to feature residential units. The northern building is proposed to include 42 apartments, while the southern building will house 52 apartments, bringing the total to 94 units.
To accommodate the residential addition, the existing parking lot will be reconfigured to offer 270 spaces. However, the Rockland County Planning Board and Planning Department have expressed concerns about the project’s scale and impact on the neighborhood. While acknowledging the need for housing and the benefits of revitalizing the aging property, they raised issues regarding the proposed building height of 60 feet and the .75 Floor Area Ratio (FAR). Officials noted that the plans could result in “massive blocks” that might affect the local streetscape and quality of life.
The project would require several variances, as well as site plan approval from the Planning Board and a Special Permit from the Village Board.
Another instance of shoot first and worry about the consequences later. No one at all cares what this will do to the traffic and environment as long as the members of the respective planning boards are paid off.
Spring valley is a disgusting place.
Monsey is really disgusting place too