New Multifamily Project in New Rochelle Breaks Ground
John Jordan | October 4, 2018
NEW ROCHELLE—YoungCraft, a locally-based real estate development company, held a groundbreaking ceremony on Oct. 3 at the future site of The Rockwell, a more than 160,000-square-foot mixed-use development at 583 North Ave. here.
Robert Young and Phil Craft, principals of YoungCraft, were joined at the project site by New Rochelle Mayor Noam Bramson, City Manager Chuck Strome and other city officials at the ceremony.
The Rockwell, a $60-million project when completed, will feature 114 apartments ranging from studios, one-bedroom, two-bedroom and three-bedroom units, all with hi-end appliances, modern furnishings and custom kitchens and baths.
A total of 11 units will qualify for affordable housing. The development t will also feature a fully landscaped rooftop terrace, a community lounge, and a fitness center. An additional 22,000 square feet will be devoted to ground floor retail, with 13,000 square feet already pre-leased, according to YoungCraft officials. The site will also include 207 parking spaces for residents and retail customers. The Rockwell is scheduled to be completed in the summer of 2020.
“Today the YoungCraft team embarks on our 12-year mission to rebuild and reimagine this stretch of North Avenue by breaking ground on this impressive development in the geographical center of New Rochelle,” said Robert Young, partner of YoungCraft. “The Rockwell will be the premiere luxury living development on North Avenue, with 135,000 square feet of residential space and numerous amenities for our residents.”
People’s United Bank and Fairfield County Bank are providing financing for the project.
“The Rockwell is the most significant new project on the North Avenue corridor in generations. Fully consistent with our ambitious goals for transit-oriented growth, it will have a dramatic positive impact not only on its immediate surroundings, but also on public impressions of our primary north-south artery. I applaud the YoungCraft team for their vision and persistence, and look forward to the completion of this transformative development” said Mayor Bramson.
“We look for projects that make an impact on communities and this is one of them. Having the opportunity to purchase 700-800 feet of street frontage in the center of a city like New Rochelle is a once-in-a-lifetime opportunity. I look forward to additional projects here in New Rochelle,” said Craft.
YoungCraft is developing high-end, mid-sized residential and mixed-use properties in New York, Connecticut, Massachusetts and Florida. The company anticipates announcing additional projects in the coming year, the developer stated.
Editor, Real Estate In-Depth