Tishman Speyer Puts Planned Town Center Property Up for Sale

WHITE PLAINS-Officials with the city have confirmed reports that Tishman Speyer Properties of New York City has put the property–where it was to build its 400,000 sf Town Center retail/entertainment development–on the market. Sources also indicate that the firm has retained CB Richard Ellis to find a buyer. Officials with either company would not comment.

However, Paul Wood, a spokesman for Mayor Joseph Delfino, says that Tishman Speyer did inform the city that it intended to put the Town Center property up for sale. The company did not say what brokerage firm it had hired to market the property, Wood says.

The Town Center project, which was approved by the city in July, was dealt a major blow when Tishman Speyer told the city in September that the project was on hold. The developer realized that the project could not be financed sufficiently because of the fiscal woes of its main anchor, Loews Cineplex Entertainment Corp., which was to build a 21-screen, 5,1000 seat multiplex at the site.

The property is located in the heart of Downtown where a former Macy’s department store now stands on Mamaroneck Avenue, Main Street and Martin Avenue. The Macy’s store has been vacant since 1996 when it relocated to the Galleria at White Plains. The store was to be demolished to make way for Tishman’s retail/entertainment development.

Wood notes that the city wants some development to take place at the Town Center location. He reports that although Tishman Speyer has put the property on the market, “It has not entirely ruled out developing the property on its own.”

Whatever happens, Wood says that the city would prefer to have some entertainment facility at the site as well as some housing. “We would like to see a movie theater there, if possible,” he notes.