Ivy Realty, which reports having a commercial real estate portfolio of 11 million square feet valued at $1.5 billion, is proposing to build a mixed-use building at 27-47 N. Main St. in Port Chester.
The company, which has offices in Greenwich and Montvale, New Jersey, submitted an application to Port Chester”™s Planning Commission on Dec. 15.
Ivy Realty is no stranger to Westchester and Fairfield counties, with its commercial portfolio including, among other buildings: 275 Main St. and 244 Westchester Ave. in White Plains; 33 W. Main St. in Elmsford; 2975 Westchester Ave. in Purchase; 41 W. Putnam Ave. in Greenwich; and, formerly, One Atlantic St. and 1111 and 1177 Summer St. in Stamford.
The proposed structure would have a varied height, predominately four and six stories, and would contain 203 apartments along with 10,000 square feet of retail space. The site is at North Main Street and Abendroth Avenue between Adee Street and Westchester Avenue. The North Main Street frontage presently has a number of two- and three-story structures containing storefronts, some with apartments above.
Ivy Realty said it has contacted the residents of the 10 apartments at 27-45 N. Main St. and would help them relocate to apartments nearby that are of at least the same quality and cost as the ones on the planned construction site. It has earmarked 10% of the proposed development”™s apartments for low- and moderate-income residents.
Ivy told the Business Journal that it has had several preliminary meetings to discuss the project with village officials.
The company said that the Mamaroneck-based nonprofit Human Development Services of Westchester (HDSW) has agreed to relocate to the building when it has been completed. HDSW provides health, behavioral health, rehabilitative, residential and community stabilization services in Westchester County. It has been operating for more than 45 years and serves more than 3,000 people each year.
The proposal includes on-site parking with 145 spaces. Ivy said additional parking could come from on-street spaces and a nearby municipal parking lot and that the parking would be adequate for residents of the building as well as users of the commercial space. It said a recent traffic study by an engineering firm found that the proposed project would not result in any significant site-specific traffic impacts.
Ivy said that because the mix of apartments would be largely studios and one-bedrooms, there would not be a significant impact on local schools from children living in the building. It is believed that the project would increase property tax revenues for Port Chester to more than the approximately $227,000 currently generated from properties on the site, but what that amount would be has not yet been determined. Ivy said that the project would create 175 construction jobs along with 50 permanent jobs in the residential and commercial components of the building. Construction time was estimated at 14 months.
Ivy Realty said that the project would support the village”™s vision for a more walkable, active and sustainable downtown.
Ivy believes the application might be discussed at the next planning commission meeting on Jan. 6.
