Big, breaking news this week . . .
RXR, part of New Rochelle’s master development team, has just announced plans to construct two new towers at the site of the Church-Division parking garage, a stone’s throw from Main Street. At 28 stories each, these towers will contain a combined total of 650 to 700 apartments, with about 40,000 square feet of new retail at the base, and parking to service both residential and commercial components, at an overall value of around $300 million.
This is the most significant and exciting announcement since the adoption of New Rochelle’s ambitious downtown development plan, and it kicks our revitalization efforts into high gear, as we pursue the community’s vision for a vibrant, diverse city center.
RXR expects to seek site plan approval for the project later this year and aims to break ground during the second half of 2018, just as their first project at 587 Main Street begins to lease up.
This press release contains more information, and the renderings displayed in this post offer a preliminary view of the project’s design. There’s also a piece on Bloomberg News which puts the Church-Division development (and others) in a regional context.
It is truly exciting that New Rochelle’s potential is — finally — being recognized by investors. Of course, it will still be several years before our plans are fully executed and before their positive ground-level impacts can be realized, but, as this latest news demonstrates, our positive momentum is building, and building fast.