Empire Zone Incentives Provide Impetus for Development of 94,000-Square-Foot Crossroads at Stony Point

Crossroads Companies, LLC
20 Ridge Road, Suite 210
Mahwah, New Jersey 07430

Media Contact: Evelyn Weiss Francisco/ 201-796-7788 / [email protected]

EMPIRE ZONE INCENTIVES PROVIDE IMPETUS FOR DEVELOPMENT OF 94,000-SQUARE-FOOT CROSSROADS AT STONY POINT
Stony Point Liquors Joins ShopRite as Center Continues on Track for Pre-Holiday Season Opening

STONY POINT, N.Y., April 26, 2010 – Fueled by incentives provided by the state's Empire Zone Program, development of Stony Point, N.Y.’s newest supermarket-anchored retail center is rapidly taking shape. Occupancy of the 92,491-square-foot Crossroads at Stony Point is slated for the fall. At completion, the center will include a 70,000-square-foot Inserra ShopRite supermarket, the just-signed Stony Point Liquors, seven other 2,000-square-foot retail shops and one “junior” anchor store of 8,000 square feet.

Crossroads at Stony Point is located within one of Rockland County’s state-designated Empire Zone, offering the many benefits of the highly effective economic development program created to make New York State more competitive. The program was designed to stimulate economic growth through a variety of tax incentives in order to attract new businesses and enable existing businesses to expand and create more jobs. Among the key benefits is a refund of state taxes paid during the year.

“Interest in Crossroads at Stony Point remains very high among local, regional and national retailers due to its central location within both the Rockland County marketplace and the Empire Zone," explained Ken Fioretti, Crossroads’ development and leasing associate. “In return for creating jobs and providing much-needed convenience and lifestyle services, tenants will benefit from an Empire Zone Program tax refund proportionate to that which they pay throughout the year for the first 10 years. We anticipate additional tenant announcements very shortly.”

To date, site work has been finalized, and the steel installation is projected to be completed by early May. According to Fioretti, fit-outs will follow over the next six months with a targeted opening in time for the 2010 holiday season.

Crossroads at Stony Point is being developed by Crossroads Companies, LLC, of Mahwah, N.J., a leading regional developer of neighborhood and supermarket-anchored shopping centers. Strategically located on Holt Drive, with planned traffic-signal access from Route 9W, the shopping center will offer abundant parking and professional landscaping. “The parking has been carefully designed to be the most functional and easy to navigate compared to other supermarket-anchored shopping centers in Northern Rockland County,” added Fioretti.

Historic Stony Point is comprised of 10 hamlets within its 27.8 square land miles. The population within a three-mile radius of Crossroads at Stony Point is more than 46,000 residents with an average income of $80,570.

“This project is a tremendous boon for the local economy and will anchor Stony Point’s southern retail corridor, which is critical to attracting and retaining businesses that offer consumer-related services, employment opportunities and revenue,” said Steven Porath, director of Rockland Economic Development Corporation. “Crossroads at Stony Point brings us one step closer to realizing our goal of establishing a downtown area with good business neighbors committed to our community.”

Situated just north of Haverstraw, N.Y. and bordered by the Hudson River to the west, Stony Point is a residential community popular among visitors throughout the year. In addition to numerous marinas along the Hudson River, local attractions include Bear Mountain State Park; Harriman State Park, which features 32 lakes and ponds and more than 40 hiking trails; Stony Point Battlefield, an important site during the Revolutionary War; and Stony Point Lighthouse. Patriot Hills Golf Course and the Penguin Repertory Theater are nearby. In addition to Route 9W, U.S. Route 202 and the Palisades Interstate Parkway also offer highway access to the area.

A regional development company with a portfolio valued at approximately $150 million, Crossroads’ development expertise extends from project conception to completion. Comprehensive services include shopping center development, project consulting, management and leasing services. Crossroads’ in-house team is comprised of talented professionals, with diverse backgrounds, whose business expertise spans development, marketing, leasing, construction, financing and property management.

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