New Rochelle Mayor, RXR Realty Reveal $200M Project Will Move Forward
John Jordan | March 2018
NEW ROCHELLE—Another major mixed-use high-rise residential project is moving forward here. New Rochelle Mayor Noam Bramson announced at a business conference on Wednesday that RXR Realty will soon be presenting plans to the city for the long-anticipated development at Church and Division streets.
Mayor Bramson and officials with RXR Realty, the master developer for the for the City of New Rochelle’s downtown redevelopment program with partner Renaissance Downtowns, stated the developer will move forward with a plan to build twin, 28-story towers at the Church-Division parking lot site in Downtown New Rochelle.
RXR Realty proposed the ambitious mixed-use project back in August 2017. Mayor Bramson, speaking at a conference at TF Andrew at 607 Main St. sponsored by BisNow, said that he was planning to discuss RXR Realty’s ‘new iteration” of its Church-Division project, south of Main Street, in his “State of the City” address on March 1.
Mayor Bramson later stated that the developer would be presenting plans to the city in short order. Seth Pinsky, executive vice president, metro markets, public affairs director and portfolio manager with RXR Realty, told Real Estate In-Depth that the firm hopes to bring its plans before the city’s Planning Board in the next month or two and begin construction on the project by the end of this year.
Details about the latest RXR project were not available, however, the mayor and RXR Realty were expected to provide details in the coming days.
The plan as outlined by RXR last year called for 650 to 700 residential apartments and between 35,000 square feet to 40,000 square feet of retail space. Pinsky told Real Estate In-Depth at the BisNow event that the project is valued at approximately $200 million.
RXR Realty broke ground on the Loew’s Theater project at 587 Main St. on Nov. 30, 2016 that at full build-out will be comprised of 280 rental units, 10,000 square feet of arts and cultural space. The project, currently under construction, will also feature 17,000 square feet of commercial space and 234 on-site parking spaces.
Also in Westchester County, RXR Realty is currently building Larkin Plaza, a twin-tower mixed-use project in Yonkers that when completed will feature a 25-story tower building and a 17-story building that will house 442 rental apartments and 35,000 square feet of retail space at a site nearby the Yonkers Metro North station.
Mayor Bramson told the more than 300 attendees of the conference that there are about 15 development projects that are either under construction, approved or in the pipeline to be built in the city, with more to come.
“Over the next three or four years, as long as the national economy holds for us with significant strength, this is going to be a dramatically different community,” Mayor Bramson predicted.
He noted that there are going to be about eight or nine tower projects, including the Loew’s Theater site, that will be constructed downtown that will forever change the city’s skyline.
“New Rochelle will be emblematic from the surrounding area of what a modern urban, suburban area can look like,” he said.
He added that outside of the downtown district, the city is looking to open up its waterfront and link the urban center with the shoreline.
The conference also featured a panel of developers that all have projects in development in the city. The panel included: Alex Twining, president and CEO of Twining Properties; Joseph Apicella, managing director of development for MacQuesten Development; Bill Balter, president of Wilder Balter Partners Inc.; Jerry Bermingham, executive vice president of development/acquisitions for National Realty & Development Corp. Jose Cruz, senior managing director and co-head of the New Jersey office of HFF and moderator Michael Gilbert, business development manager for Con Edison of New York.
All of the developers praised the city for its zoning and approval reform initiatives that have resulted in a significant amount of increased investment in the city.
New Rochelle’s redevelopment plan, which included the rezoning of 279 acres of land around its train station in its Downtown area, allows for more than 12 million square feet of new construction, including up to 2.4 million square feet of office space, 1 million square feet of retail, 6,370 housing units and 1,200 hotel rooms.