Master Planning & Revitalization
On December 15, 2014, RDRXR, a joint venture of RXR and Renaissance Downtowns, was officially named “Master Developer” of Downtown New Rochelle, tasked with helping to revitalize this historic area, the largest and most significant economic development initiative in the city’s history. Pursuant to the agreement reached between the city and RDRXR, RDRXR was required to work with the city and the community to fund the creation of, and work to develop, a revitalization plan for the downtown area, an area that had once been one of Westchester’s premier economic engines, but notwithstanding continued excellent transit connectivity to Manhattan and points north, including Stamford, had fallen on hard times in recent years.
Working with the public at-large and city officials, the plan developed by RDRXR was approved in a unanimous, bi-partisan vote by New Rochelle’s traditionally fractious city council on December 8, 2015 – just 51 weeks after RDRXR’s selection as master developer. The rapidity and unanimity of the vote were achieved thanks to RDRXR’s collaborative planning process that sought to “co-create” the Revitalization Plan with the people and leaders and the city. The approval of the Revitalization Plan was also attributable, on the RXR side, to the company’s “Power of Local” expertise (including the experience of RXR’s team with major area rezonings, ground-breaking public-private partnerships, and the company’s long history in Westchester County.
With the passage of the revitalization plan, the City of New Rochelle has now entitled, essentially as-of-right, over 10 million square feet of development potential in its downtown. Under its master development agreement with the city, RDRXR is, as a result, entitled, going forward, to acquire any municipally owned property in the downtown and to develop it pursuant to the new zoning. RDRXR estimates that approximately 40% of the development potential under the Revitalization Plan, or about 4 million square feet, can be developed on the sites controlled by RDRXR. RDRXR will have the right either to develop these sites itself or to sell to or joint-venture with third-parties to develop these sites.
The Revitalization Plan will help transform downtown New Rochelle into a center for job generation, quality, affordable housing for young professionals, empty nesters and others, dining, retail and arts and culture. The mix of uses now entitled across the downtown, including on the sites controlled by RDRXR includes the following:
587 Main Street Project
As a sign of its commitment to downtown New Rochelle and its belief in the transformative impact of the Revitalization Plan, RXR has entered into an agreement to joint venture with the existing owners of a site on the western side of downtown, called 587 Main Street.
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The RXR platform manages 72 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.7 billion, comprising approximately 23.1 million square feet of commercial operating properties and approximately 6,300 multi-family and for sale units in various stages of development in the New York Metropolitan area. Gross asset value 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.