RXR Begins $190M Mixed-Use Project in Downtown Yonkers

John Jordan | December 2016

RXR Realty and Yonkers officials break ground on the mixed-use tower project at Larkin Plaza. PHOTO CREDIT: MAURICE MERCADO, CITY OF YONKERS

YONKERS—Marking the firm’s second major groundbreaking of late in Westchester County, developer RXR Realty and partner Rising Development joined Yonkers Mayor Mike Spano and city officials on Dec. 14th to officially begin construction on its $190-million Larkin Plaza mixed-use development project.

A rendering of the project that will feature 439 rental housing units.
A rendering of the project that will feature 439 rental housing units.

The Larkin Plaza project, among the largest private developments in downtown Yonkers in some time, will consist of 439 apartments along with 35,000 square feet of on-site space for shops, restaurants and other retailers. The residential units will be in two towers—one 25 stories and the other 17 stories. The project is located steps from Yonkers’ train station.

The two towers will share a landscaped roof terrace with outdoor amenities, including a terrace amphitheater and movie screen. Each feature additional first-class amenities indoors, such as attended lobby and concierge services; state-of-the-art resident lounges with media centers, dining rooms and kitchens; and resident business centers with Wi-Fi. As part of the project, the landscaped roof terrace will be named in memory of Nick Sprayregen, founder of Rising Development. Sprayregen passed away on July 13.

An additional two-story building along Van Der Donck Park, which is also part of the project, will house much of the project’s retail space, activating the long dormant frontage along the park. A separate, three-story structure will house parking for 539 vehicles in an attended parking facility. Partners RXR Realty and Rising Development began demolition and site work several months ago, with vertical construction now set to begin immediately. Completion is expected in the fourth quarter of 2018. The project is being financed in part through a loan from Capital One Bank and Santander Bank.

“We are so proud to be breaking ground on the Larkin Plaza development,” said Scott Rechler, chairman and CEO of RXR. “Building on the work of so many, Yonkers is well-positioned, once again, to be one of Westchester’s great economic and social hubs. We are thrilled that our project will play an important role in the rebirth of this great city, providing a top-quality alternative to the high-priced housing in New York City, while creating new jobs, services and tax revenue for the people of Yonkers.”

“Nick would be proud to see his vision for Yonkers materializing here today,” said Tim Rutledge, CFO of Rising Development, said of the company’s late founder, Sprayregen. “He loved this city and believed that with some creativity and hard work, we could create a true city-center in the downtown. We all look forward to completing his dream.”

“Today’s groundbreaking marks another monumental step in the revitalization efforts of our Yonkers waterfront,” said Yonkers Mayor Spano. “This is the type of development we need in Yonkers to meet a growing demand for people who want to live, work and play in a diverse and urban environment. Thank you to RXR Realty, Rising Development and Empire State Development for investing in Yonkers so it remains a destination for years to come.”

The Mid-Hudson Regional Economic Development Council awarded the Larkin Plaza project a $1 million-grant in both 2014 and 2015, in Rounds IV and V of Governor Cuomo’s Consolidated Funding Application program.

The Larkin Plaza project is part of RXR’s Public/Private Partnership Strategy, which, with other transit-oriented projects the company is developing across the region. These projects will provide affordable, quality housing options to the region’s residents, including young professionals and empty nesters. RXR currently has approximately 3,000 units in its development pipeline, with projects in Yonkers, New Rochelle, Connecticut, on Long Island and in Brooklyn.

On Nov. 30, RXR Realty and partners broke ground on its $120-million mixed-use project in New Rochelle and on Dec. 6 turned the first dirt on its $1-billion waterfront project in Glen Cove in Nassau County.

 

John Jordan
Editor, Real Estate In-Depth