New Rochelle Mayor Noam Bramson led a groundbreaking ceremony for 14 LeCount Place, a 27-story mixed-use, mixed-income development.
The $190 million project is being funded through a number of public and private financing sources, including a $125 million construction loan from Citi Community Capital funded by a tax-exempt and taxable bond issuance by the New York State Homes and Community Renewal, as well as a permanent financing commitment from Freddie Mac.
The 457,000-square foot project is expected to be completed in 2022.
The development will feature 380 units of housing — 25% of it affordable – along with 6,200 square feet of retail space, a parking garage with 160 parking spaces, and an outdoor pool on the 25th floor.
Wilder Balter Partners and L+M Development Partners have a second, adjoining phase of development planned for the site, consisting of 173 residential units; construction is expected to begin in 2022.