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.
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.
