A 3.58-acre parcel of land in White Plains where a mixed-use project has been planned for several years has been sold. The site at 60 S. Broadway, where the Alexander’s Department Store once stood, was sold for $27 million by Quarterra Multifamily Communities to Alexander Members Holding LLC, a subsidiary of Stagg Group, whose CEO is White Plains resident Mark Stagg. Quarterra is a rebranding of Lennar’s LMC.
The real estate services company CBRE’s team of Jeffrey Dunne, Eric Apfel, and Travis Langer represented Quarterra.
The White Plains Common Council on May 5 approved a resolution extending the site plan approval originally granted on March 4, 2019, for the project. The site plan approval will now expire on March 4, 2026. The extension was granted to Quarterra F/K/A LMC/Lennar Multifamily owner Communities, LLC acting through Maple and Broadway Holdings, LLC. The approved plan calls for two 28-story apartment buildings containing a total of 814 dwelling units, 28,014 square feet of retail space and a below grade parking garage containing 907 parking spaces.
After Alexander’s, the site became the Westchester Pavilion mall. The project was to be built in two phases, with each phase having an estimated cost of $250 million for a total $500 million project.
Quarterra had told White Plains several months ago that it would be selling the property and CBRE would be handling the offering. It said it would be beneficial to everyone to sell the property with development approvals in place in part because whoever would buy it would then be that much closer to breaking ground.
The city previously had urged the developer to do something to beautify the site and make it useful to White Plains residents rather than just allowing it to remain a vacant site surrounded by fencing.
White Plains Mayor Tom Roach and members of the Common Council expressed concerns that because of the delays in moving ahead with the approved project it might no longer be the right project for the site.
The site is located at the eastern edge of the White Plains Central Business District near The Source and The Westchester Mall.
CBRE’s Jeff Dunne said, “The offering represented a highly unique opportunity to buy one of the most significant sites in White Plains. The location is ideally suited to a transformational, trophy asset.”
According CBRE’s Eric Apfel, “We are pleased to have represented our client, Quarterra, in the sale of their site at 60 S. Broadway. This purchase is transformative for White Plains. The site was highly sought-after and will offer an unbelievable location to future residents. We look forward to watching this project come together with the new owner, Stagg Group.”
