Although BRP Companies back in April marked the grand opening of its mixed-use development known as The Leaf at 12 Church St., in New Rochelle, on Sept. 24 a formal ribbon-cutting ceremony was held and New York State Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas announced that The Leaf has indeed been completed. It’s a 477-unit $297 million mixed-income housing development that includes 119 units of affordable housing for residents earning up to 60% of the Area Median Income.
“Thanks to HCR’s partnership with the City of New Rochelle, Westchester County, BRP Companies and others, this impressive new development is bringing equitable, affordable housing within walking distance of essential public transportation and a booming downtown,” Visnauskas said. “By contributing nearly $50 million in tax credits and bonds to The Leaf, HCR is advancing Gov. Hochul’s visionary $25 billion Housing Plan that is creating and preserving essential affordable housing across New York.”
The 26-story building was constructed on land previously occupied by the New York Covenant Church. The church now occupies portions of the first two floors of the new building. A community space and retail space are also on the first floor. The Leaf is within walking distance of the New Rochelle Transportation Center for Metro-North and Amtrak, as well as several bus lines.
The project features the largest mural in Westchester County, a 20-story tall piece of artwork paying homage to New Rochelle’s diversity that is on The Leaf’s north-facing side on Main Street.
The Leaf was supported by New York State Homes and Community Renewal’s Federal Low Income Housing Tax Credit Program that is expected to generate $20.7 million in equity, as well as $29 million in tax-exempt bonds. Westchester County provided $5 million, the New Rochelle Industrial Development Agency approved a local tax abatement, and a $2.5 million loan was provided from the non-profit Interfaith Dwellings Corporation. Goldman Sachs, in combination with Merchants Capital Corp. and KeyBank, provided a construction loan. Merchants Capital Corp. provided a forward commitment for permanent financing through Fannie Mae’s M.TEB program, underwritten by Wells Fargo. Goldman Sachs and BRP Companies also provided $50 million in equity.
“My administration is working aggressively to create more housing opportunities in thriving communities like New Rochelle,” Gov. Hochul said. “With the opening of a building like The Leaf, which revitalized a downtown property while providing affordable units close to public transportation, we are increasing the housing supply and ensuring more families have affordable places to live.”
Meredith Marshall, co-founder and managing partner of BRP Companies, said, “The Leaf represents BRP’s second major development in New Rochelle and underscores our unwavering commitment to the city’s revitalization and long-term prosperity. We are honored to collaborate with dedicated partners who share our vision of creating vibrant, inclusive communities that not only provide quality housing but also strengthen the social and economic fabric of New Rochelle for generations to come.”
New Rochelle’s Mayor Yadira Ramos-Herbert said, “This new mixed-used, mixed-income development is providing New Rochelle with new and affordable homes, state-of-the-art amenities and 3,000 square feet of ground floor retail space – a portion of which will be used to host exciting city programming.”
According to County Executive Ken Jenkins, “The completion of The Leaf housing development is another powerful step forward in addressing the need for more diverse housing options in Westchester County. This mixed-income project not only provides hundreds of families with access to safe and affordable homes, but also strengthens New Rochelle’s vibrant downtown, supports transit-oriented development, and reflects our shared vision for advancement and growth.”
