Home Construction New Rochelle IDA grants developer bonus tax break for public plaza

New Rochelle IDA grants developer bonus tax break for public plaza

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A New Rochelle apartment project is getting a bonus tax subsidy for renovations to an off-site street and plaza.

The New Rochelle Industrial Development Agency approved a $140,674 sales tax exemption for WBLM 25 Maple Owner LLC, April 30, bringing the developer’s total tax subsidies to $24.3 million.

The subsidy was added to the developer’s proposed 25 Maple Avenue project, but the extra work will be done about six zigzag blocks away at Anderson Street.

new rochelle IDA plaza
A rendering of the plaza.

WBLM is a joint venture of Wilder Balter Partners Inc. of Chappaqua and L+M Development Partners Inc. of Larchmont.

The IDA previously granted approval to the developer for property, sales, and mortgage tax exemptions for a the $70.6 million, seven-story, 184-unit apartment building on a city parking lot at 25 Maple Ave.

Anderson Street is a one-way, one-block connection between North Avenue and LeCount Place, aimed at New Roc City Mall. It is also adjacent to WBLM’s 14 LeCount Place project.

The plaza is a mostly inaccessible island of overgrown trees and undergrowth, bordered by parking on one side and by a walkway, eight storefronts and a Key Bank branch on the other side.

The developer’s plan is to enliven the streetscape with bubble fountains, a variety of seating and less dense landscaping.

The hope is to make the plaza more inviting, and to put it to use for public events such as festivals, a farmers market and performances.

WBLM has begun construction of 14 LeCount Place, a $190 million, 27-story, 380-apartment and ground floor retail complex. The IDA previously approved $38.8 million in tax subsidies for that project.

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