There was a topping out ceremony held Sept. 20 for a 28-story residential tower under construction at 247 North Ave. in New Rochelle. The building, which is located less than two blocks from the New Rochelle train station, will feature 307 apartments, 1,800 square feet of ground-floor commercial space and parking for 257 vehicles.
In September of 2023, the Business Journal reported that the real estate investment, development and management company LCOR and JLL Capital Markets announced the closing of a $94 million construction loan from Pacific Life for the project.
The residential units will include studio as well as one-bedroom and two-bedroom units. There will be 31 apartments priced in the affordable category for residents earning 80% of the Area Median Income. Rather than using fossil fuel-fired equipment, a geothermal system will provide heat and cooling throughout the property via a series of geothermal wells located deep under the building, thus reducing carbon emissions while lowering utility costs.
LRC Construction, an affiliate of the Cappelli Organization is the general contractor for the property. LRC held the topping out ceremony signifying the completion of the final floor of the building. Signatures were put on a steel beam while the several hundred construction workers on the project cheered and later were treated to a BBQ lunch.
Amenities for residents will include co-working spaces and lounges, an outdoor pool, a fitness center and yoga studio, a rooftop sky lounge and a conservatory.
“As general contractor of this outstanding project. We are very proud of our team of highly skilled and dedicated construction workers whose hard work is making this exciting and innovative residential project a reality,” said Peter Palazzo, president of LRC Construction.
