Hines and Toronto-based real estate investment manager Peakhill Equity Partners have closed on a joint venture to acquire and develop a 1.44-acre site to be known as the Station Lofts in Port Chester, within Westchester County. Terms were not disclosed.

Station Lofts will consist of a five-story, 180-unit Class A multifamily development, ranging from studios to two-bedroom homes, along with three levels of parking. Amenities are expected to include a residential lounge with a kitchen and coffee bar, co-working space, fitness center, bicycle storage, outdoor deck with grills and environmental sustainability features such as a green roof and EV charging stations.

“Station Lofts will enhance Port Chester’s vibrant community and contribute to the demand for high-quality living options in the area,” said Grant Jaber, managing director of Hines. “The project’s proximity to transit and superb access to the surrounding neighborhoods make it an extremely attractive investment for Hines.”

Construction on Station Lofts is expected to commence in early 2025, with completion by 2027.  The partnership plans to capitalize the vertical construction in the second half of 2024 to align with the projected construction schedule.