The entity 438 Main Street LLC, formed through a partnership between the St. Katherine Group and Kings Capital Group, is seeking financial incentives from the New Rochelle Industrial Development Agency for an affordable housing project at 438 Main St. in New Rochelle. The city’s Planning Board gave approval to site plans back in November of 2022 with an administrative amendment in December 2024. The building would include 115 units including one unit reserved for the building’s superintendent. The project also includes commercial space as well as 80 parking spaces.
The IDA was considering a sales and use tax exemption of $2,100,500 and a partial real estate property tax abatement structured under a PILOT (payment in lieu of taxes) agreement. There also is a mortgage recording tax exemption under consideration for the project.
The site is where the Union Baptist Church operated until it was destroyed in a five-alarm fire on Feb. 14, 2011. The interior was gutted and the roof collapsed in the fire and the remains of the building were demolished. As part of the project, a new church and event space will be constructed for the Union Baptist Church, which now is known as The New Union Church of New Rochelle. The congregation on Sept. 21 celebrated its 112th anniversary with a service conducted at The Salvation Army building at 22 Church St. in New Rochelle.
The church portion of the Main Street development would be treated as a condominium and separately owned and operated. It would be treated as having a price of $5.3 million, equivalent to the value of the land that was provided for the project.
The 114 apartments for rent will be for senior citizens and priced to be affordable to tenants earning 30% to 60% of the Area Median Income. There would be a commercial space in addition to the church.
The project’s cost has been estimated at $69 million. Financing would include equity raised on the sale of federal and state low income housing tax credits, a conventional loan, a Westchester County FLEX Fund Award and financing from the New York State Homes and Community Renewal (HCR), including the Senior Housing program (SENR).
It’s estimated by the developer that the project would result in there being only one additional student added to the enrollment of the New Rochelle Public Schools.
The developer expects there to be approximately 120 temporary construction jobs created at the site. When completed, the new residential building would be expected to create one new full-time and six new part-time jobs.
