RXR Realty Begins Ground-Up Construction Of 28-Story New Rochelle Apartment Tower
Real Estate In-Depth | November 2019
NEW ROCHELLE—RXR Realty, the master developer for the City of New Rochelle’s downtown district, recently hosted a groundbreaking ceremony for the start of ground-up construction of a new 28-story development at 26 South Division St. here.
The Oct. 30th event marked the launch of construction of the first of two projects being undertaken at the site. Once completed, 26 South Division St. will feature 352 market-rate apartments, ranging from studio to one- two- and three-bedroom apartments with a valet parking garage, lounge, co-working space, speakeasy, and more than 12,000 square feet of retail. It is a major component of RXR’s redevelopment plan for the city, which included the opening of its 360 Huguenot property earlier this year.
Held in unison with New Rochelle city Officials including Mayor Noam Bramson, the ceremony included remarks by the mayor and RXR Realty’s Executive Vice President, Seth Pinsky. Pinsky will be leaving RXR Realty at the beginning of 2020 to take over as executive director of the 92nd St. Y in Manhattan.
“When completed, 26 South Division will be a major boost for New Rochelle’s economy and an important contributor to the vibrancy and success of our entire downtown. In addition, I applaud RXR for its commitment to community benefits, as evidenced by the launch of the Building Community Fund and by physical features of this project, including a new public plaza and additional public parking,” said New Rochelle Mayor Noam Bramson.
“We are excited to announce not only that work has begun at 26 South Division Street, but also that RXR will be establishing a new fund at the Westchester Community Foundation, representing another investment that RXR is making in the City of New Rochelle, with a particular focus on the most vulnerable residents and the most acute needs of this great city,” said Pinsky. “We have always said that we believe in the incredible potential of New Rochelle. Today’s announcements represent yet more steps towards realizing this potential.”
“RXR is giving back to the City of New Rochelle in a significant way through this fund,” said Laura Rossi, executive director of the Westchester Community Foundation. “For a developer like RXR and for New Rochelle this is a game-changer.”
The property at 26 South Division is expected to open in late 2021.
RXR also announced that it has been pursuing an updated design of a parallel project at 28 South Division Street. The currently approved plan includes a $1.6-million payment in lieu of building 80 municipal parking spaces, conforming with the Downtown Overlay Zone and the previously approved Parking Management Plan. However, the City of New Rochelle has asked RXR to help address the parking needs of the downtown by incorporating municipal parking on site instead of making its payment. RXR has agreed to study a new design for the second phase and to analyze related cost estimates to determine if such an on-site option is feasible for the project. The project is expected to break ground in the summer of 2020.
In addition, RXR reported it had launched a new initiative aimed at building opportunities for New Rochelle’s residents with the creation of the RXR Building Community Fund at the Westchester Community Foundation. Capitalized with a seed contribution of $225,000 from RXR, the new fund will provide grants to innovative and meaningful programs and facilities that address issues including: youth enrichment, workforce development, economic development, parks, recreation, and wellness, environment and sustainability and public safety.
Administration of the RXR Building Community Fund will be provided by the Westchester Community Foundation. For 45 years, the foundation, a division of The New York Community Trust, has worked to improve the quality of life in Westchester by addressing community issues, promoting responsible philanthropy and connecting donors to critical, local needs.
The Building Community Fund will be guided and advised by an Advisory Council comprised of different stakeholders in the New Rochelle community. The members of the Council include: Lisa Burton, My Brother’s Keeper – New Rochelle; Stephanie Tomei, New Rochelle Council of Community Services; Ariel Alarcon, Esq., Immigration Law Practitioner and Co-chair of the Mayor’s Advisory Committee of Immigrant Affairs; Rev. Dr. David Holder, New York Covenant Church; David Dimond, Monroe College; Ex Officio Member: New Rochelle Mayor Bramson and Ex Officio Member: New Rochelle City Manager Charles B. Strome III.