Two planned New Rochelle mixed-use projects are taking longer than expected; and the recession is to blame.
“We understand that in this difficult economy large development is not unfolding within the time frame initially hoped,” New Rochelle Mayor Noam Bramson said.
LeCount Square, an 875,000-square-foot mixed used development, is scheduled to include a hotel, office, retail and residential space. The $450 million project will feature two 32-story towers comprising 400,000 square feet of residences, 200,000 square feet of retail space and an office/hotel complex of 300,000 square feet.
The developer of the project originally hoped to break ground this year.
“We”™re hopeful to announce in the not-too-distant future that this project will be getting off the ground,” said Joseph Apicella, executive vice president at Valhalla-based Cappelli Enterprises Inc., the developer on the LeCount Square project. “There are a lot of sensitive lease terminations and buyouts that we need yet to do, so it may take some time.”
LeCount Square would displace the U.S. Post Office at the corner of North Avenue and Huguenot Street as well as some businesses.
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“The developers are still pursuing site control and negotiating with the postal service, and once they have achieved site control the next procedural step would be planning board consideration of their site plan,” Bramson said.
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Echo Bay, Forest City Residential Group”™s project, will be a 26-acre mixed-use development of luxury apartments, town homes, condominiums, retail space and a 15,000-square-foot community building on the footprint of New Rochelle Public Works”™ city yard.
“Forest City has consistently reaffirmed their commitment to Echo Bay, and we believe the project is in the public interest, but commencement of the environmental review and construction will take longer than we initially expected,” Bramson said.
The city is, however, working on other proposals.
“We are continuing a variety of initiatives to promote our small business community, including new live-work artist residences and work space, restaurant promotions and an apartment showcase that highlights home furnishings and other retail categories in New Rochelle,” Bramson said. “We are also in the late stages of approving new zoning for the North Avenue corridor aimed at attracting beneficial and appropriately scaled private investment.”
At New Roc City, a Cappelli entertainment complex across from the LeCount site, the addition of Target and Kohl”™s will make New Roc a more retail-driven environment.
“We have a signed agreement with Target and we”™re weeks away from signing a lease with Kohl”™s,” Apicella said.
