Rockland Psychiatric Center Land Deal Closes
Former town supervisor Andy Stewart enthusiastically announced closing a deal in October involving a land sale of 60 acres, part of the former site of the Rockland Psychiatric Center. The sale of the property, which has never been on the town tax roll, was sold to JP Morgan Chase Bank for a price of $7.5 million dollars.
Most proposals for development of derelict land include high-density housing or retail. This often puts a long-term strain on local infrastructure and utilities in exchange for short-term profits for the developer. This is not the case here. JP Morgan intends to invest close to $500 million to build a data center, which has historically been shown to have a low impact on the surrounding areas. The development proposal includes the demolition and asbestos abatement of 40 derelict buildings on the property. JP Morgan will receive $35 million in sales tax exemptions from the Rockland Industrial Development Agency as well as a gradual increase in property valuation. Many view this as the best scenario for the abandoned property since the proposal includes site cleanup, tax revenue generation and low impact development. Stay tuned for project updates!