Developer plans project near New York airport

Developer plans project near New York airport Savannah Investment Management said it has purchased a 282-acre site in Montgomery, N.Y. and plans to build a business center with more than 1 million square feet of space adjacent to Stewart International Airport.
   A 93-year lease to Stewart was acquired by the Port Authority of New York and New Jersey last year and the agency plans to develop it into a fourth major airport for the New York region.
   Savannah said the project, which it calls the Hudson International Business Center will be ideal for industrial users because of its proximity to the airport and interstates 87 and 84.
   The company said it plans to develop up to five buildings ranging from 130,000 to 475,000 square feet with a mix of build-to-suit single-tenant and multitenant configurations.