Westchester LDC Approves up to $400 Million in Bonding for Purchase College Senior Project
Real Estate In-Depth | August 27, 2021
WHITE PLAINS—Due to rising construction costs, The Board of Directors of Westchester County’s Local Development Corporation (LDC) voted on Aug. 24 to approve a developer’s application to amend the LDC’s previous preliminary approval of tax-exempt bond financing for the development of a senior learning community on the SUNY Purchase campus. The LDC Board approved increasing the bond financing to approximately $385 million, but not to exceed $400 million.
In May, the LDC voted preliminary approval of the issuance of tax-exempt bonds of approximately $300 million not to exceed $350 million. Project developer Purchase Senior Learning Community LLC sought the increase due to higher construction costs resulting from the COVID-19 pandemic.
A public hearing on the LDC’s preliminary approval will be held Wednesday, Sept. 1 at 3:00 pm at the Michaelian Office Building, 148 Martine Ave., White Plains.
Phase one of the project is comprised of 220 independent living units, 18 assisted-living beds, 16 memory care beds, underground parking, a separate assisted living and memory care building and up to 46 single-family and duplex homes, all totaling approximately 552,000 square feet of space, together with supporting infrastructure and property site improvements. The project, which will be built in two phases, is located on approximately 40-acre parcel of land located on the campus of Purchase College at 735 Anderson Hill Road.
Project Manager Wayne Rush said the project has been “very well received” noting that more than 75% of the 220 units in the first phase have been pre-sold and 33 of the 44 affordable unit are pre-sold. Rush said construction costs for the project have increased between 40% to 60%.
Rush said that the developer hopes to break ground shortly after receiving all approvals and the issuance of the bonds.
The LDC assists Westchester not-for-profit organizations in securing tax-exempt bond financing benefits. Since its inception in 2012, LDC has assisted not-for-profit organizations in securing tax-exempt bond financing totaling over $400 million.