Hines, a global real estate investment, development and property manager. that operates in 30 countries and Toronto-based real estate investor Peakhill Equity Partners have closed on a joint venture to build Station Lofts, a 180-unit apartment development at 67 New Broad St. in Port Chester. Details of the financial arrangement between Hines and Peakhill were not included in the announcement that the joint venture agreement had been finalized.
When Hines, through Station Lofts Venture LLC, went before the Port Chester Industrial Development Agency (IDA) seeking financial incentives for the project, it told the IDA said that “Hines seeks to partner with a to-be-determined outside investor(s).” Station Lofts Venture LLC was described as representing “the ownership entity to develop the project.”
The project cost was estimated at $98.61 million. Hines received a sales tax exemption of $2,962,736 and a mortgage recording tax exemption in addition to a PILOT (payment in lieu of taxes) agreement from the IDA.
“Peakhill is thrilled to partner with Hines, a first-class real estate firm with deep experience developing multifamily real estate across the U.S.,” said Jonah Belkin, managing director of Peakhill Equity Partners. “Through our partnership, we’re excited to play a role in the continued growth of Port Chester’s diverse and vibrant downtown.”
“Station Lofts will enhance Port Chester’s vibrant community and contribute to the demand for high-quality living options in the area,” said Grant Jaber, managing director of Hines. “The project’s proximity to transit and superb access to the surrounding neighborhoods make it an extremely attractive investment for Hines.”
Station Lofts is designed as a five-story building. There would be 34 studio apartments, 85 one-bedroom units and 61 two-bedroom units. The plans call for 224 parking spaces in three levels including 50 spaces at ground level that would be available for public use.
Among the planned amenities are a residential lounge with a kitchen and coffee bar, co-working space, a fitness center, bicycle storage, an outdoor deck with grills, and environmental sustainability features such as a green roof and charging stations for electric vehicles.
Construction on Station Lofts is expected to begin early next year with completion by 2027. From 350 to 400 construction jobs are expected to be created. The site covers 1.44 acres adjacent to the Metro-North train station.
