RXR Downtown New Rochelle Master Planning & Revitalization
On December 15, 2014, RXR, in collaboration with it’s joint venture partner, 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 the partnership, RXR worked 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 RXR was approved in a unanimous, bi-partisan vote by New Rochelle’s traditionally fractious city council on December 8, 2015 – just 51 weeks after RXR’s selection as master developer. The rapidity and unanimity of the vote were achieved thanks to the 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, RXR 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. RXR 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 RXR.
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 RXR includes the following:
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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.
Church/Division Garage Redevelopment Project
As it’s first Master Developer project, RXR is undertaking the redevelopment of the former Church/Division parking garage located just east of Main Street in the downtown district. The long vacant and crumbling public parking structure will be redeveloped as a mixed-use project that will continue the revitalization and growth of downtowner New Rochelle. RXR and the City of New Rochelle broke ground on the demolition phase of the project in March 2018.
The RXR platform manages 68 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.8 billion, comprising approximately 30.4 million square feet of commercial properties, inclusive of approximately 6.0 million square feet of buildings securing debt and preferred equity investments, a multi-family residential portfolio of approximately 2,600 units under operation or development, and control of development rights for an additional approximately 3,700 multi-family and for sale units in the New York Metropolitan area as of March 31, 2019. 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.