BRP Cos. Breaks Ground on New Rochelle Tower
This project is part of the New York City suburb’s master plan to revitalize its downtown.
500 Main Street. Image courtesy of BRP Cos.
BRP Cos., the Urban Investment Group within Goldman Sachs Asset Management, the city of New Rochelle and Westchester County officials have broken ground on a new mixed-income residential complex in downtown New Rochelle, N.Y.
Situated at 500 Main St., the rental property of the same name will rise 26 stories and offer 477 apartments. Goldman Sachs and Merchants Bank provided financing for the residential complex, which is expected to be completed by the end of 2024.
The apartment layouts at 500 Main Street will range in size from studios to two-bedroom residences. Of the total of 477 homes, 119 will be affordable. Twenty of the units will be available to residents who earn up to 50 percent of the area median income.
An additional 99 units will be available to those earning up to 60 percent of AMI.
The development’s approximately 24,000 square feet of amenity spaces will include a resident fitness center.
Homes downtown
The city of New Rochelle’s master development initiative calls for the creation of a lively downtown community offering ethnic and cultural diversity that will lure people from across Westchester County and beyond. A successful redevelopment plan has helped attract $2.2 billion in private investment, through approvals of 32 development projects. Those projects have brought to downtown New Rochelle 9.2 million square feet of space, as well as the development of more than 4,000 fresh housing units.
BRP has undertaken the development in conjunction with New York-based Skycore Builders, a construction company that has overseen construction of more than 18 million square feet of residential buildings. Earlier this year, RXR launched leasing at New Rochelle Tower in downtown New Rochelle.
