Right before G.M. sold the property to a development team in 2014, Sleepy Hollow, which has an annual budget of $21 million, received only $140,000 a year in taxes from the site. (After the plant closed, officials were forced to raise property taxes 20 percent in a single year.)

Now, with the site still a blank slate, tax revenue has already jumped to nearly $800,000 a year. That has enabled the village government to cut property taxes.

The tax benefits are not the only thing residents await. The developers, Diversified Realty Advisors and SunCal, worked with the environmental group Scenic Hudson, which years ago saw the potential of the former factory site to create open space on the Hudson.

As a result of discussions between Scenic Hudson, village officials, residents and the developers, the complex will include 24 acres of public space, including 16 acres of parkland and trails. Trails through the site will connect to RiverWalk, a planned 51-mile Hudson River path that is being built in stages. In addition, the new green space will border Kingsland Point Park, which is managed by the village.

The new open space will effectively expand the county park by 40 percent. “Kingsland Point Park will flow seamlessly into the park space for this development,” said Amy Kacala, a senior planner at Scenic Hudson. “That’s very exciting.”

In addition, local officials years ago had agreed on a plan that required any developer to give a large chunk of land to the village. Because Metro-North Railroad train tracks cross over the site, the most valuable land — from a developer’s perspective — is on the west side of the tracks along the river, with its majestic views.