Developer Unveils Plans for Luxury Condos in Larchmont
Real Estate In-Depth | April 2019
LARCHMONT—Rye-based developer Elk Homes has unveiled plans this week for “Centro Larchmont,” a new luxury condominium residence to be developed in the heart of the village.
The new building will replace several aging commercial buildings that will be demolished. Located at 112 Chatsworth Ave. and 65 Wendt Ave., the 26-unit building will include 23 market rate and three affordable condominium residences ranging in size from 900 square feet to 3,500 square feet. Centro Larchmont will feature an elegant lobby entrance and will include 5,000 square feet of modern retail space along Chatsworth Avenue.
Designed by the architecture firm Perkins Eastman, Centro Larchmont is consistent with the scale of many of the historic and long-established multifamily and mixed-use buildings nearby, the developer maintained. The building design reflects and incorporates many classic architectural elements contextually significant within the Larchmont Central Business District, the firm noted.
The project will include the redevelopment of the current village parking lot on the north side of Wendt Avenue that will be rebuilt as a two-story parking structure. The expansion will provide 28 additional parking spaces, including four handicapped spaces—a 50% increase in lot capacity. The parking deck will be constructed and paid for by Elk Homes. An additional 54 parking spaces will be provided within Centro Larchmont to serve residents and merchants of the new building.
Elk Homes will also provide and maintain a new 10-foot wide accessible pedestrian walkway from the parking lot to Chatsworth Avenue, making direct access to Chatsworth far easier for shoppers and residents.
The project will provide a substantial increase in the village tax base with minimal impact on municipal services. Over the first 10 years, estimated local taxes to be paid will be approximately $4 million, with approximately 60% going to the schools.
The site is a short walk to the Larchmont Metro-North station as well as the village’s retail stores and restaurants.
“Centro Larchmont is a bold step in the revitalization of the village’s central business district. The project offers many benefits to the community with increased tax revenue for the schools and village, additional parking for the village and much-needed modern retail stores—and all with minimal impact on municipal services,” said Gary D. Hirsch, chairman of Elk Homes, a premier developer of high quality single-family and multi-family housing.
Elk Homes currently owns and operates 64 rental properties located in Westchester and Greenwich, CT. The company initially focused solely on the purchase, construction and rental of single-family homes, but over time has expanded its scope to include development of multi-family properties at infill locations. Completed projects include: Elk Court in Rye; Astor Court in Irvington; Harbor Court, Marina Court and Coastal Court in Mamaroneck; and Orchard Court and Brookside Court in Greenwich, CT. The firm’s Colonial Court development is currently under construction in Pelham.