The New Year is off to a great start for economic development in Westchester! As the leading advocacy and economic development organization in the county, The Business Council of Westchester has long led the charge in support of developing “The North 60” into one of the most cutting-edge, forward-thinking developments in the nation. The North 60 is arguably the most significant project not just for Westchester but for the region, and that’s why The BCW has been a steadfast supporter of this visionary project from the very beginning.
Today, County Executive George Latimer signed a long-term lease with Fareri Associates to transform the site, which is comprised of 60 acres of county-owned land adjacent to Westchester Medical Center plus 20 adjoining acres owned by Fareri Associates. The BCW applauds the County Executive for advancing this exciting project.
Even before “biotech” became a household word, and when others did not yet recognize the economic importance that this cluster represented for the county, The BCW was hard at work supporting a life-sciences sector in the Hudson Valley. This dates back to before the creation of a biotech incubator at New York Medical College – known as BioInc – which would not have become a reality without The BCW’s advocacy, resulting in a $5 million state grant.
The North 60 will cement Westchester’s standing as a leading hub for biotechnology and life sciences. It will generate thousands of construction jobs and promises to attract high-paying medical, scientific and research positions, as well as extensive support staff. The site’s prime location near the Medical Center, New York Medical College and other institutions of higher education such as Westchester Community College, Pace University and others will foster innovative partnerships. The new development will also bring added tax revenues to support local schools, services and taxpayers.
Westchester is already home to biotech powerhouses such as BCW members Regeneron Pharmaceuticals, Acorda Therapeutics, ContraFect Corporation and many more. The potential for synergistic relationships is clear, and there is demand for the laboratory and research space planned at The North 60. In a county where 47 percent of residents have at least a bachelor’s degree or higher – with nearly half of those being in science, engineering or related fields, according to The BCW Data Exchange – it makes perfect sense that a biotech development would thrive in Westchester.
Again, we applaud County Executive Latimer for advancing this project and congratulate BCW member Fareri Associates for having the vision, ability and staying power to make it happen. There is no telling what life-saving discoveries will be made at The North 60.