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A Long Island developer with a track
record of turning around debt--ridden and
deteriorating housing projects statewide plans to
do more of the same in Mount Vernon.
The Sheldrake Organization Inc. will spend $35 million on a top-to-bottom renovation of the
496-unit Levister Towers. Sheldrake said the complexs 1,200 residents will see better security, better services and more attractive places to live.
Without the renovation, Sheldrake argues, the
20-acre complex of five buildings would have to be placed into receivership because Levister is operating more than $3 million in the red.
"We're planning to start construction, if all goes well, in the late spring or early summer. There will be a one-year construction period," said J. Christopher Daly, president of The Sheldrake Organization, during a presentation earlier this month to the Westchester County Industrial Development Agency (IDA).
Through entity Levister Redevelopment Company L.L.C.,...