The Port Chester Industrial Development Agency (IDA) has voted to move ahead with contemplating the offer of financial assistance to Boston Post Road Owner LLC, the entity that has applied to it for incentives in the redevelopment of the former United Hospital site. Rose Associates and BedRock Real Estate Partners will be the developers of the project.
The mixed-use project would rise on a site bounded by Boston Post Road, High Street, Abendroth Park and South Regent Street. The applicant intends to subdivide the site into nine lots that will be developed with a mix of uses including market-rate housing, senior independent living and assisted living housing, affordable housing, a boutique hotel, cell tower, retail spaces, green spaces and parking. The IDA was told that the developer has identified an operator for the senior housing and a hotel developer for the hotel.
The entire project would incorporate 975 apartments within five structures, approximately 33,000 square feet of commercial and amenity spaces, a 120-room hotel, 1,088 structured and surface parking spaces, and more.
The IDA is considering sales and use tax exemptions, mortgage recording tax exemptions and a PILOT program for property tax relief. The applicant estimated that it would spend $229,900,000 on items subject sales and use tax, resulting in taxes of $19,254,125. The applicant also estimated that there would be mortgages totaling $384,820,000, resulting in mortgage recording taxes of $3,848,200.
A resolution that was passed unanimously by the IDA authorized the preparation of documents and scheduling of required public hearings so that the application can be given further consideration.
