The City of New Rochelle has been awarded $1.5 million in Regional Economic Development Funding for the reclamation of the Echo Bay Waterfront, Governor Cuomo announced today. The funding, received through New York State’s Regional Economic Development Council (REDC) Initiative, will assist the City in transforming contaminated and inaccessible land into a vibrant mixed-use waterfront community featuring more than 5 acres of open space, market rate and affordable rental housing, and retail.
The Regional Economic Development Councils were created in 2011 by Governor Cuomo to redesign the state’s approach to economic development from a top-down model to a community-based, performance-driven approach. The initiative empowers community, business, and academic leaders, as well as members of the public in each region of the state, to develop strategic plans specifically tailored to their region’s unique strengths and resources in order create jobs and support economic growth. New Rochelle was the only Westchester municipality to receive a grant award in this round.
“This grant will help achieve a dramatic, positive transformation along New Rochelle’s waterfront, including significant new public access to the shoreline,” said New Rochelle Mayor Noam Bramson. “I am delighted that the state recognized the significance and economic potential of this exciting project”
“For the second year in a row, the Regional Councils have been on the forefront of rebuilding New York State’s economy,” Governor Cuomo said. “For too many years, top-down economic development policies have failed communities across the state and not truly invested in the unique resources and strengths of each of New York’s regions. The strategic plans created during this process have given each region a comprehensive, locally created plan for future economic growth. With this second round of Regional Economic Development Council awards, the state is recognizing the creativity and innovation of each strategic plan, while investing hundreds of millions of dollars to put New Yorkers back to work and rebuild our economy.”