RXR Breaks Ground on New Rochelle Community
- Nov 01, 2019
Developer RXR Realty has broken ground on a 352-unit residential property in New Rochelle, N.Y., in its latest project within its massive redevelopment plan for the city that seeks to transform the downtown area, creating millions of square feet of commercial space and thousands of housing units. The opening comes about a month after RXR landed a $98M loan for a luxury mixed-use project in downtown Stamford, Conn.
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Located at 26 South Division St., the 28-story community houses a mix of one-, two- and three-bedroom apartment units and is one of two projects rising on the site. Resident amenities will include a valet parking garage, lounge, coworking space and a speakeasy. Also included in the building will be more than 12,000 square feet of retail space. The residential building is slated to open in late 2021.
In June, CAC Realty Group broke ground on The Huguenot, a 60-unit luxury residential project in the downtown area that is part of the city’s redevelopment plan. The community is one of the first projects in New Rochelle to be designed using the city’s form-based zoning, which requires private developers to provide a community amenity in exchange for added building height.
An ambitious undertaking
The plan for downtown New Rochelle was launched back in 2015, when the city council of New Rochelle approved RXR’s plan to revitalize the city’s downtown core, in a plan that is expected to draw up to $4 billion in new investment from various entities. Included in the plan will be the development of 5,500 residential units, 1.1 million square feet of retail and restaurant use, 300,000 square feet of hospitality space, 2.2 million square feet of medical and non-medical office space and 2.3 million square feet of student housing, adult care and institutional space.