An elite multifamily project on the waterfront in Yonkers, N.Y. is more than doubling in size with a recently begun construction phase.

Developer Collins Enterprises LLC of Stamford, Conn. and equity provider AIG Global Real Estate expect to complete the $110 million Hudson Park North by the end of 2008. The 294-unit complex of high-end apartments includes one- and two-bedroom units in two towers of 14 and 12 stories, connected by a four-story building. Units will lease for $1,800 to $3,000 per month.

The complex is the second phase of Park North, a $72 million, 266-unit project completed in 2003. In addition to multifamily, the mixed-use development includes 15,500 sq. ft. of retail space.

The City of Yonkers is upgrading its downtown waterfront infrastructure, which is the site selected for a new library and a 4.5-mile waterside park and marina.

Private real estate company Collins Enterprises owns and operates a $200 million portfolio of multifamily and office properties from Virginia to the greater New York City area. AIG Global Real Estate comprises a group of international companies within AIG Global Investment Group that invest in and manage real estate for clients and AIG companies. The group has more than $10 billion in equity under management.