New York, NY and Yonkers, NY — Forest City Ratner Companies
(FCRC), the New-York based subsidiary of Forest City Enterprises, Inc. [NYSE:
has signed a letter of intent to anchor the mixed-use development, Ridge Hill, which is
currently under construction. The center is located between the New York State
Thruway and Sprain Brook Parkway in Yonkers,
Fifth Avenue in the county.
At 80,000 square feet,
the store will be on two levels and offer a full complement of the finest
designer collections for men and women, as well as accessories, cosmetics and
gifts. Steve Sadove, chairman and chief executive officer of Saks Incorporated,
commented, "We are very excited about expanding Saks Fifth Avenue's presence
in metropolitan New York City. We have looked for the right opportunity in Westchester for some time, and Ridge Hill's sophisticated, upscale setting will be an ideal
location for our store. We look forward to delivering our unique selection of
luxury brands and experiences to this vibrant community."
"The addition of
Avenue as an anchor store to Ridge Hill is a
tremendous step forward in creating a heightened shopping experience in Westchester County
executive vice president of retail development, FCRC. "Saks is joined by
Whole Foods, which offers the highest quality natural and organic products.
These anchors set the standard for the exciting mix of national, upscale brands
planned for Ridge Hill."
Yonkers Mayor Phil Amicone chimed in, "As
we have said all along, Ridge Hill Village will be a tremendous economic engine for the City of Yonkers
to provide good quality services and continue to improve our schools. Even though we're
in a recession now, I know Ridge Hill Village
over the metro area."
Ridge Hill will offer a spectrum of vibrant experiences,
making the center the
sophistication in Westchester County N.Y.
This outdoor oasis of elegant shopping and gracious dining will infuse the area
with a refreshing element of retail distinction. Featuring approximately 1.2
million square feet of retail and entertainment space, Ridge Hill will bring
upscale tenants Banana Republic, L.L.Bean, Cinema De Lux, a multiplex cinema by
National Amusements, and dozens of other local and national retailers and
Designed to create an appealing pedestrian experience, Ridge
Hill will be a lively, engaging place to shop, stroll or dine. The center will
blend winding walkable streets with native landscaping, where sidewalks are
surrounded and shoppers are connected. An engaging village green, comfortable
outdoor furniture and a cozy firepit will create the ideal, park-like ambiance,
perfect for community concerts, evening events and children's entertainment.
Ridge Hill will also include approximately 156,000 square
feet of office and research facilities. The residential component will comprise
up to 1,000 apartments, of which 200 will be for over-55 active adults and 135
will be affordable units. For more information, visit www.ridgehill.com.
Founded in 1924 with the opening of its Fifth Avenue New
York City flagship store – which continues today as the Company's landmark
store – Saks Fifth Avenue is one of the world's preeminent specialty retailers.
Saks is renowned for its superlative American and international designer
apparel collections; its expertly edited assortment of handbags, shoes,
jewelry, cosmetics and gifts; and the first-rate fashion expertise and
exemplary client service of its associates. Today,
Fifth Avenue operates 53 full-line stores in 25
states, 5 licensed stores in the Middle East and 1
licensed store in Mexico City, 52
Saks Fifth Avenue OFF 5TH stores, and saks.com,
the company's online store. Saks Fifth Avenue's
parent company, Saks Incorporated, is publicly traded on the NYSE under the
FCRC, a wholly owned subsidiary of Forest City Enterprises,
Inc., owns and operates 31 properties in the
NYSE-listed national real estate company. The Company is principally engaged in
the ownership, development, management and acquisition of commercial and
residential real estate and land throughout the United
States. For more information, visit www.forestcity.net .