Nearly one month after accepting a final generic environmental impact statement for the project, New Rochelle’s City Council at its Dec. 8 meeting unanimously approved the largest and most ambitious downtown redevelopment plan in the city’s history.
The Downtown Overlay Zone, a collection of six districts over 274 acres branching out from the city’s transit center, was adopted by the council, the lead agency for the mixed-use development proposed by master developer RDRXR at New Rochelle LLC, a team of two Long Island-based companies, RXR Realty LLC and Renaissance Downtowns.
The plan would allow for up to 990,000 square feet of new retail space, 1.8 million square feet of non-medical office space, 420,000 square feet of medical office space and 5,500 apartments, 10 percent of which will qualify as affordable housing. Uses would be split between commercial, retail, residential, education, cultural, health care and entertainment space. The goal: to create a thriving, transit-oriented downtown.
New Rochelle Mayor Noam Bramson said the plan would build upon the city’s already-existing amenities, including its transit connections, schools, libraries and neighborhoods. Officials also said in a release a new Fair Share Mitigation Fund will ensure that the project covers any public costs and taxpayers will receive a net benefit.
“This innovative development framework positions our city for success,” Bramson said. “There is no community in New York that offers a better opportunity today or a bigger upside tomorrow.”
City officials previously estimated the project would bring in more than $65.7 million in annual property tax revenue and more than $43 million in projected sales tax revenue. Construction is expected to begin anywhere from mid-2016 to late 2017, depending on market conditions.
Officials received more than 100 unique downtown development ideas during a public crowdsourcing program earlier this year, all of which were considered by RDRXR. Two public hearings on the project were held during the fall before the council accepted a final generic environmental impact statement on Nov. 10.
RXR Realty CEO Scott Rechler called it a “great day” for the city, and hoped the completed project would make New Rochelle a model for 21st century suburban downtowns.
“The rezoning passed by the City Council will not only bring new employment opportunities and services to the city’s residents, but will also attract significant new private investment to the city and generate tens of millions of dollars in incremental tax revenue to allow the city to continue to prosper in the years to come,” Rechler said.
