Rockland County Info

Palisades Renewal Center

334 Route 9W, Palisades, NY · Proposed 342-unit residential development

The former IBM Palisades Conference Center — a 106-acre campus on Route 9W that sat vacant for years after its Chinese owner went bankrupt — is now the subject of a $270 million redevelopment proposal that would replace the hotel and convention buildings with 342 townhouses.

The Property

The campus sits at 334 Route 9W in Palisades, a hamlet in the Town of Orangetown, adjacent to Tallman Mountain State Park and roughly 20 miles north of Manhattan. It comprises approximately 106 acres and includes a 206-room hotel and a 450,000-square-foot conference center complex with 22 classrooms, 21 breakout rooms, and fitness facilities including a lap pool and racquetball courts.

History

IBM Era (1989–2016)

IBM opened the Palisades Executive Conference Center in 1989 as a flagship executive education facility. Designed by architect Romaldo Giurgola — a leading figure of the Philadelphia school alongside Louis Kahn and Robert Venturi — the building was notable for a stream running through its center, with classrooms to the south and guest accommodations to the north. About 200 Marriott employees staffed the property.

The facility hosted CEOs and senior executives for training programs through IBM's Advanced Business Institute. Attendance declined sharply after the September 11 attacks changed corporate travel habits, and IBM closed the Advanced Business Institute in 2004.

IBM sold the property to HNA Group in February 2016 for approximately $60 million.

HNA Era (2016–2020)

HNA Group, a Chinese airline and hospitality conglomerate, rebranded the property the HNA Palisades Premier Conference Center and hired Crescent Hotels & Resorts to manage it. The company used it as a training and retreat facility for its global executive team.

HNA closed the facility in 2020 as the company faced severe financial difficulties tied to its aggressive global acquisition spree. The property sat dormant. HNA ultimately entered bankruptcy proceedings, and New York REIT SL Green took possession of the asset.

REVEIL (2024)

In July 2024, REVEIL LLC purchased the property from SL Green for $26.3 million. REVEIL's team — which included developer Joseph Santullo, investor Pegah Ebrahimi, and original founders Mark Kitching and James Pelayo — proposed converting the campus into 342 residential units (a mix of townhouses and hotel-conversion apartments). The developer cited the need for sufficient density to make the project financially viable.

Orangetown agreed to an updated memorandum of understanding to accommodate the higher density, but required a zoning text amendment and mandated the hotel be operational before residential zoning approval. Nearly $9 million in back taxes were also settled as part of the sale, distributed among Rockland County, the town, and local school districts.

Current Developer: Orangetown Palisades Renewal Center JV

In May 2025, REVEIL sold the campus to Orangetown Palisades Renewal Center JV, LLC, a Woodbridge, New Jersey-based entity affiliated with Atlantic Realty Companies, for $27 million.

The new developer's plan largely mirrors REVEIL's: 342 townhouses spread across the 100-plus-acre property. Key differences:

  • The convention center will be demolished — the developer has said it is too deteriorated to save.
  • The fate of the hotel building remains undecided; if it cannot be reused, it will also be demolished.

As part of the sale, Orangetown Palisades Renewal Center JV agreed to restrictive covenants including a two-year prohibition on selling or transferring the property to a nonprofit entity and a five-year right of first refusal for the Town of Orangetown.

IDA Benefits Application

In August 2025, the developer applied to the Rockland County Industrial Development Agency (IDA) for economic incentives to support the project. The application sought:

  • Sales tax exemption — approximately $6.2 million on an estimated $74 million in taxable construction purchases
  • Mortgage recording tax exemption — approximately $2 million on a $190 million mortgage
  • Authority to negotiate a PILOT agreement (payment in lieu of taxes) with local taxing jurisdictions

Project Financials & Timeline

ItemAmount / Date
Land acquisition$40 million
Construction, infrastructure & soft costs$230 million
Total project cost (estimated)$270 million
Residential units342 townhouses
Construction start (projected)June 2027
Construction completion (projected)December 2030
First occupancy (projected)January 2031

Status (as of June 2026)

The project has not yet received zoning approval. A zoning text amendment is required before site plans can advance. The developer presented plans to the Orangetown Town Board on June 23, 2026. No formal approvals have been granted.

Background & Context