CVS Pharmacy plans to relocate its current store at 625 North Ave. in New Rochelle to The Rockwell, a building under construction at 583 North Ave. and due to open in the second quarter of next year.
The real estate development company YoungCraft announced that CVS has signed a multiyear lease for 13,200 square feet. Plans call for The Rockwell to have about 22,000 square feet of ground-floor space devoted to retail uses in the 5-story building.
“We worked closely with the CVS team to create an easily-accessible, drive-thru pharmacy window, on-site truck loading and ample parking within steps of the front entrance,” said Robert Young, a partner of YoungCraft. The “Craft” in YoungCraft refers to partner Phil Craft. The company has properties in New York, Connecticut, Massachusetts and Florida.
New Rochelle Mayor Noam Bramson said, “CVS”™ continued presence on North Avenue as an anchor tenant of The Rockwell is good news for the area and for New Rochelle”™s overall development plans. We wish them well in this new space and look forward to additional progress on North Avenue and throughout the downtown overlay zone.”
The Rockwell is named in honor of artist Norman Rockwell who lived in Westchester from 1912 to 1939, in both New Rochelle and Mamaroneck. The 114-unit apartment building is expected to cost $60 million and will encompass about 160,000 square feet. Ground was broken for the project Oct. 3, 2018.
CVS has more than 9,800 locations nationwide. The Rockwell location is expected to offer expanded beauty sections and an enhanced assortment of health and wellness products, including food items.
Plans call for the building to include 20 studio apartments along with 59 one-bedroom, 28 two-bedroom and seven three-bedroom units. Eleven of those apartments are to be designated as affordable housing. Amenities include a 4,000-square-foot landscaped rooftop terrace, community lounge and fitness center. There will be parking for 207 cars. Construction is scheduled to be completed in the summer of 2020.
The New Rochelle Industrial Development Agency approved sales tax exemptions of $1.2 million for the project along with a mortgage recording tax abatement of $395,000. There also is a payment in lieu of taxes package covering the residential and commercial aspects of the building that is estimated would produce $4.7 million in property tax savings over 20 years.
