Former General Motors site in Sleepy Hollow, N.Y., sold for hotel, retail development

A partnership has closed on a former General Motors vehicle assembly plant in Sleepy Hollow, N.Y., that will be redeveloped for residential and retail uses.

Diversified Realty Advisors of Summit, N.J. and SunCal of Irvine, Calif. paid $39.5 million on for the 96-acre property known as Lighthouse Landing. The abandoned industrial site at the foot of Beekman Avenue will be transformed into a mixed-use project that will include 1,177 residential units, 135,000 square feet of retail, a 140-room hotel and a 16.1-acre waterfront park. The retail component envisions a cinema and an urban market.

"This is Sleepy Hollow turning permanently from its industrial past," Wray said Monday. "In many, many ways it's going to shape the future of the village. It feels really good to have GM in our rear view mirror."

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General Motors used the site as a vehicle assembly plant from 1915 through 1996