New $30M ‘Millennia’ Breaks Ground in New Rochelle
Real Estate In-Depth | June 2017
NEW ROCHELLE— Political, civic and business officials from the City of New Rochelle were on hand for Monday’s groundbreaking for a new residential project whose name all but gives away its target market—the “Millennia.”
New Rochelle Mayor Noam Bramson, along with officials from the New Rochelle Industrial Development Agency, the Community Preservation Corporation, and Tompkins Mahopac Bank, joined with developer Tony Hammel, CEO of ELD Properties, Inc. to mark the groundbreaking of the new $30-million, 110-unit multifamily development in downtown New Rochelle.
The ceremony also marked the official opening of Burling Plaza, a new community greenspace at the corner of Burling Lane and North Avenue in New Rochelle. The Millennia is the third of seven planned residential properties in the city by ELD. A total of 10% of the units in the Millennia will be affordable to low-income families. Situated one block away from The Millennia at the corner of North Avenue, Burling Plaza is the Downtown’s newest open space. The plaza includes one of three sculptures commissioned through the Mahlstedt Gallery for the city’s central gateway, created by local artists Bob Perucci and Jake Genovesi. Also in the plaza is a solar-powered Soofa bench. The Millennia NR, LLC will oversee general maintenance of the plaza.
“The Millennia represents the next, exciting step in the dramatic transformation of New Rochelle’s downtown and, especially with the inclusion of a new public plaza, will bring life and energy to one of the most visible locations in our city,” said New Rochelle Mayor Bramson. “I congratulate ELD on their vision and look forward to additional positive steps in the years to come.”
“The contemporary design and smart technological features of the amenity-rich Millennia will attract young professionals,” said Hammel, noting that the six-story, 130,000 square-foot rental property will feature 110 highly-appointed apartments situated only one block away from the New Rochelle Transit Center. “A state-of-the-art fitness center will open into a center courtyard with glass ceiling, koi pond and putting green,” he added. “A social room, rooftop patio and flex office space provide the perfect settings to support tenant’s leisure and work activities.”
Completion and tenancy for the new development project are planned for the fourth quarter of 2018.
“We’re proud to bring projects like the Millennia to downtown New Rochelle,” said Charles B. Strome III, New Rochelle city manager and chair of the Industrial Development Agency. “The Millennia’s combination of first-class amenities and affordable rental units speaks to the caliber of things to come in New Rochelle.”
New Rochelle’s Development Commissioner Luiz Aragon noted that the downtown redevelopment initiative involves the rezoning of 279 acres of land and is one of the most ambitious programs in the region and is expected to attract more than $4 billion in new investment to the downtown area.
The Community Preservation Corporation, with participant lender Tompkins Mahopac Bank provided a $27 million construction and permanent loan for the Millennia. The Millennia continues CPC’s commitment to working with the city to invest in the resurgence of Downtown New Rochelle. Since 1994, CPC has helped finance more than 50 multifamily housing projects with more than 1,100 units in New Rochelle.
“CPC is proud to be part of a project that will bring new, high-quality housing opportunities to the people of New Rochelle while also playing a key role in the city’s revitalization plan,” said Mary Paden, vice president and mortgage officer at the Community Preservation Corporation. “Investing in housing projects like the Millennia that connect people to transit, retail, parks and other neighborhood amenities is critical to creating vibrant and diverse communities. My thanks to Mayor Bramson and the New Rochelle IDA, ELD Properties, our financing partners at Tompkins Mahopac Bank, and members of the community who have all supported this fantastic project.”