The first large-scale residential and retail project in White Plains in six years broke ground Nov. 19 at 55 Bank St.
The $250 million development, which has been in the works for eight years, will be made up of two buildings that will contain a total 561 units.
James M. Driscoll, senior vice president of the Manhattan office of LCOR Inc., said “LCOR developed 15 Bank Street, the adjacent property, in the early 2000s and was eager to move forward with this current 55 Bank Street. Now in 2015, we’re able to realize that reality.”
LCOR bought the property – previously a municipal parking lot – for $15.5 million from the city in 2007, according to a previous Business Journal report.
The two 16-story buildings will each offer about 3,000 square feet of retail space and is less than a half-mile to the Metro-North Railroad station. The property’s proximity to public transit aligns with White Plains Mayor Thomas M. Roach’s vision to rejuvenate the city’s downtown with new residences.
“This end of the city,” Roach said at the groundbreaking, “doesn’t generate street activity. That’s why it’ so wonderful to have a project like this come in.”
Roach said the 55 Bank St. property is a key component to “better accommodate pedestrians, cyclists, and create the energy here that we already have on Mamaroneck Avenue.”
Westchester County Executive Robert P. Astorino, who was also in attendance for the groundbreaking, said LCOR is creating a prototype for future transit-oriented developments in the area.
“LCOR has put its stamp on the west side of downtown White Plains,” he said. “This city really has seen a major renaissance over the last 15 years, continued by Mayor Roach, and we’re happy to be a part of it.”
The construction of the residential towers will be completed in two phases with the first tower set to be finished in summer 2017 and the second will open shortly after, Driscoll said.
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