Earlier this week, the Wall Street Journal published an article about the sale of the Main Street property that once housed the Loews movie theater. The site had, not long ago, been approved for residential development in a deal that fell through when the housing market crashed. The new owners are also interested in the development potential of the site, but for now will upgrade the property for storefront retail and small office use.
The narrative of the Journal’s article links the history and sale of the building to the larger story of cities like New Rochelle: economic decline from the 1950s to the 1990s, progress from the 1990s forward, but slowing in the face of a tough national economy, and now tentative signs of renewed momentum. Though one transaction does not make a recovery, the sale is a hopeful indicator.