NEW ROCHELLE, NY—RXR Realty, which is building a high-rise mixed use project at the former Loew’s Theater site in Downtown New Rochelle, announced plans for a second major development project here.
The firm, which is the master developer for the City of New Rochelle’s downtown redevelopment program with partner Renaissance Downtowns, is proposing to build a twin, 28-story mixed-use project at the Church-Division parking lot site in Downtown New Rochelle.
When completed, the project will feature 650 to 700 residential apartments and between 35,000 square feet to 40,000 square feet of retail space. RXR Realty broke ground on the Loew’s Theater project at 587 Main St. on Nov. 30, 2016 that at full build-out will be comprised of 280 rental units, 10,000 square feet of arts and cultural space, 17,000 square feet of commercial space and 234 on-site parking spaces. Leasing is expected to begin in late 2018 on that project.
Also in Westchester County, RXR Realty is currently building Larkin Plaza, a twin-tower mixed-use project in Yonkers that when completed in about two years will feature a 25-story tower building and a 17-story building that will house 442 rental apartments and 35,000 square feet of retail space at a site nearby the Yonkers Metro North station.
RXR is expecting to seek site plan approval for the Church-Division project in New Rochelle in late 2017 and if site plan approval is secured from city agencies, will break ground on the first project tower at the Church-Division site in the second half of 2018.
“With this announcement—the most significant since the adoption of our ambitious downtown development plan—New Rochelle’s revitalization efforts kick into high gear,” says New Rochelle Mayor Noam Bramson. “RXR’s new project brings us a huge step closer to achieving our shared vision for a thriving, diverse city center, and will set the stage for further private investment in our local economy.”
New Rochelle’s redevelopment plan, which includes the rezoning of 279 acres of land around its train station in its Downtown area, allows for more than 12 million square feet of new construction, including up to 2.4 million square feet of office space, 1 million square feet of retail, 6,370 housing units and 1,200 hotel rooms.
“These new buildings, which will bring more high-quality residential and commercial space to New Rochelle’s Downtown area, are exciting additions to our overall redevelopment program,” says city manager Charles B. Strome, III. “RXR is a committed partner, who not only remains fully invested in New Rochelle’s future, but is helping us to realize the impact of the city’s ambitious downtown vision.”
Seth Pinsky, EVP with RXR Realty, told a recent real estate gathering, “Westchester and the New York region are at a crossroads. We have a core New York City, in particular, that is thriving, but the success of New York City is threatening to overwhelm New York City.” He noted at the June 22nd meeting of the Hudson Gateway Association of Realtors’ Commercial Investment Division that costs are rising and the city’s infrastructure is strained on a day-to-day basis, which could create opportunities for investors in the northern suburbs of New York City.
Pinsky believes the “unsustainability” of both the city’s growth and an ongoing suburban malaise have created opportunities for investments in suburban urban centers near mass transit, such as Mount Vernon, Yonkers, New Rochelle and White Plains. At the CID session, Pinsky said that RXR is currently studying possible development opportunities in White Plains, Mount Vernon and Yonkers, and added he would soon be announcing further projects in Downtown New Rochelle.
RXR’s operating platform manages 89 commercial real estate properties and investments comprising 25.2 million square feet, with an aggregate gross asset value of $14.7 billion, as of June 30, 2016. In addition, RXR has a residential development pipeline of approximately 3,000 residential units in the New York metropolitan area. Among its other new projects in development include Garvies Point along the shores of Hempstead Harbor in Glen Cove, Long Island, 810 Fulton St. in the Fort Greene section of Brooklyn, Pier 57, Atlantic Station in Stamford, CT and Cooper Place in Hempstead, NY (Nassau County).
In June, the New Rochelle City Council selected MacQuesten Development, LLC of Pelham, NY as the winning bidder to develop a major mixed-use project in the Downtown District. The firm plans to build a 27-story mixed-use building at the current site of the city’s Fire Station #1 at 45 Harrison St. MacQuesten’s proposed project includes 282 residential units, approximately 9,500 square feet of retail, a four-story parking garage and an option for nearly 50,000 square feet of office space.
The developer’s proposal also includes relocating Fire Station #1 to a new site. MacQuesten intends to start construction on the new building while keeping the original station fully operational. The developer is hoping to begin construction on the project in the first quarter of 2018.