The Westchester County Legislature has approved legislation authorizing the county to purchase about 0.4-acre of land at 455 Main St. in New Rochelle and then convey the property to WBP Development LLC for the construction of the 126-unit Stella Phase II affordable housing development.
According to New York State Homes and Community Renewal (HCR), which is helping to fund the project, the development is by 140 Le Count Owner LLC, a joint venture of L+M Development Partners and WBP Development LLC. WBP is Wilder Balter Partners, headquartered in Chappaqua. According to HCR, the team has completed two developments in New Rochelle: Stella Phase I, a 27-story, 380-unit mixed use rental building that is 75% market-rate and 25% affordable; and 25 Maple, an 8-story 184-unit market-rate building, including 200 municipal parking spaces.
The County Legislature approved spending up to $7,500,000 for the property and then its conveyance to WBP Development LLC for $1 via deeds as approved by the county attorney. In addition, the Legislature approved a New Homes Land Acquisition Bond Act to authorize the issuance of county bonds in a total amount not to exceed $7,560,000 to cover the purchase price and other costs.
HCR described the Stella Phase II project as a 17-story building with 126 for-sale condominium units, 3,750 square feet of retail space on the ground floor, and 101 parking spaces. Stella Phase II’s unit mix is 14 studios, 56 one-bedroom homes, 42 two-bedroom homes and 14 three-bedroom homes, available to households making up to 80% of Area Median Income. Parking will be available on-site for a market price, and additionally for a deeply discounted price in the New Roc Garage, an off-site municipal garage just across the street. The parking and commercial spaces will comprise their own condo, and the operations will be independent from the operations of the residential space.
HCR said that sales prices for the condo units would range from $278,049 to $388,420 with an average of $334,452 based on unit size and buyer income. HCR said an analysis found that one-bedrooms at Stella Phase II would be priced at a roughly 17% discount compared with the existing market, with two-bedrooms at a 35% discount, and three-bedrooms at a 54% discount.
HCR said that the total development cost for Stella Phase II is $98.9 million, which totals roughly $784,000 per unit and $540 per square foot.
I would like to see condos built without income limits. There are many empty nesters who would rather buy than rent and remain in New Rochelle. The market rate rents are high and the rooms are small and not designed for those coming from a house. It’s time the City consider all its residents.