New Rochelle Wins $10M Downtown Revitalization Grant
Real Estate In-Depth | October 2018
NEW ROCHELLE— Gov. Andrew Cuomo announced Sept. 27 that New Rochelle’s Lincoln Avenue Corridor will receive $10 million in funding as the Mid-Hudson region’s winner of the third round of the state’s Downtown Revitalization Initiative competition.
“New Rochelle’s Lincoln Avenue Corridor is an area ripe with potential to appeal to a new generation of residents, businesses and visitors,” Gov. Cuomo said. “This new funding will lead to strategic investments that will spur positive economic growth for New Rochelle, Westchester County and the surrounding region.”
With the DRI award, New Rochelle will connect its evolving and prosperous city center with the mile-long Lincoln Avenue Corridor that contains mixed-income residential housing, a newly renovated hospital, green space, a Metro North Train Station and part of the city’s Arts and Cultural District.
The Downtown New Rochelle Strategic Investment Plan will build upon significant public-private investment over the past few years to spur commercial, residential, and mixed-use development in the city. DRI investments will leverage city resources and private investments to forge connections between residential neighborhoods in the northern portion of the corridor with commercial, institutional, and cultural resources to the south, state officials noted.
The city envisions infrastructure improvements that will improve pedestrian and traffic circulation and extend the downtown’s walkable, sustainable, transit-oriented design into this corridor to create a bustling environment in which to live and work.
New Rochelle Mayor Noam Bramson said, “With New Rochelle as the most recent winner, the Downtown Revitalization Initiative continues to be the proven economic driver for communities across the state. We are proud to be the recipient of this award that will create exciting opportunities for New Rochelle, its residents, businesses and visitors.”
The Mid-Hudson Regional Economic Development Council went through a competitive review process of proposals from communities throughout the region and recommended New Rochelle as its nominee for this year’s DRI award.
Donald Christian, chair of the Mid-Hudson Regional Economic Development Council said, “The Downtown Revitalization Initiative is a significant part of the success of the governor’s regional approach to generating economic potential for the Mid-Hudson region. This third round proposal from New Rochelle exemplified the council’s priorities and key criteria. I look forward to seeing this plan come to fruition, and to the great benefits this project will bring to New Rochelle, its residents, and the economy and well-being of the region.”
New Rochelle’s third round DRI win entitles it to receive $10 million in state funding and investments to revitalize its downtown neighborhoods and generate new opportunities for long-term growth. New Rochelle now joins the cities of Middletown and Kingston, which were the Mid-Hudson region’s winners in the first and second DRI rounds, respectively.
Empire State Development President, CEO and Commissioner Howard Zemsky said, “Vibrant, attractive downtowns are vital to our economic future and this award will help invigorate New Rochelle with new development, improved infrastructure, and greater opportunities.”
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas added, “Through Governor Cuomo’s Downtown Revitalization Initiative, these community-led, targeted investments will combine with HCR’s $818-million investment in the Mid-Hudson Valley over the last seven years that has created affordable housing for about 28,000 residents to help ensure that as New Rochelle’s economy grows, all New Yorkers have the opportunity to take part.”
New Rochelle will now begin the process of developing a Strategic Investment Plan to revitalize its downtown with up to $300,000 in planning funds from the $10-million DRI grant. A Local Planning Committee made up of municipal representatives, community leaders, and other stakeholders will lead the effort, supported by a team of private sector experts and state planners.
The Strategic Investment Plan for New Rochelle will examine local assets and opportunities and identify economic development, transportation, housing, and community projects that align with the community’s vision for downtown revitalization and that are poised for implementation. The Lincoln Avenue Corridor Strategic Investment Plan will guide the investment of DRI grant funds in revitalization projects that will advance the community’s vision for its downtown and that can leverage and expand upon the state’s $10-million investment. Plans for the DRI’s third round will be complete in 2019.