Groundbreaking Ceremony in New Rochelle marks start of Downtown Revitalization

By Bob Brown, Fios1 News

A ground breaking ceremony was held Wednesday for a state-of-the-art residential building in New Rochelle, with construction set to begin on the new 28-story residential building to help revitalize the downtown area.

Officials say the construction of the $120 million luxury building is just a first step in a 10-year multi-billion dollar plan to build more housing and businesses in New Rochelle. Ten percent of the building will be for affordable housing.

This all translates to over 6,300new housing units, 1,200 hotel rooms and over two million square feet of commercial office space.

In the 1990s and early 200s, developers came in and built housing , which was expected to be the start of a wave of economic boom in the city, but that didn’t happen.

Developers say people who can’t afford to live in New York City still want to live in an urban setting close to mass transit to Manhattan.

According to the latest census, nearly 8,700 people live in downtown New Rochelle.

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Published: November 30, 2016
Filed Under: Redevelopment

The RXR platform manages 74 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.7 billion, comprising approximately 23.7 million square feet of commercial operating properties and approximately 6,000 multi-family and for sale units in various stages of development in the New York Metropolitan area as of September 30, 2017, adjusted for transactions through October 18, 2017. Gross asset value is compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.