Ribbon-cutting opens $135M Highgarden Tower in New Rochelle

A ribbon-cutting ceremony was held July 25 to formally open Highgarden Tower, a 219-unit affordable housing apartment building at 11 Garden St. in New Rochelle. All the units at Highgarden Tower are available to households earning up to 80% of the Area Median Income. There are 77 apartments reserved for households with individuals who need on-site support services such as counseling, safety planning, health coaching and financial coaching.

Highgarden Tower was developed by Georgica Green Ventures, LLC in collaboration with RXR, the master developer for New Rochelle’s downtown. Housing nonprofit New Destiny Housing is providing on-site support services.

RXR Executive Vice President of Development Services Joseph Graziose, Jr., said, “With its permanent affordability, location next to key transit and onsite social services, Highgarden Tower is a model for sustainable affordable housing development. Highgarden Tower not only substantially increases the number of quality affordable units in Westchester County, but also serves as an invaluable resource for the residents of New Rochelle.”

The development includes 8,000 square feet of community incubator space contributed by the City of New Rochelle which will be used for programs to  to develop and expand small businesses.

The new building has a learning center, playground, gym, community rooms, laundry facilities and a large parking garage. Heat, air conditioning and hot water are included in the rent. Tenants pay for their own electric. Representative rents include 33 studio apartments at $1.358, 67 one-bedroom units priced at $1.573, and 10 two-bedroom units priced at $2,498.

New York Gov. Kathy Hochul, in a statement released to coincide with the building’s opening, said, “Highgarden Towers provides New Rochelle with another affordable, modern apartment building in a convenient location.”

The project is supported by the state’s Homes and Community Renewal (HCR) Federal and State Low Income Housing Tax Credit program that provided approximately $45 million in equity, $26.5 million in permanent tax-exempt bonds, $34.7 million in subsidy and a $6 million loan from its Federal Housing Trust Fund program.

The development participated in the Department of Environmental Conservation’s Brownfield Cleanup Program and became eligible for $7 million in tax credits to be issued by the New York State Department of Tax and Finance. Operating funding for the 77 supportive units is being provided by the Empire State Supportive Housing Initiative through the Office of Temporary and Disability Assistance.

HCR Commissioner RuthAnne Visnauskas said, “This $135 million development will increase affordability, improve access to public transit, and support New Rochelle’s downtown community. We thank our partners for bringing this project to fruition.”

Assemblymember Amy Paulin characterized the development as “a fantastic example of how we can address our critical housing needs while creating vibrant, sustainable communities.”

Westchester County Executive George Latimer said the county “is pleased to have played an important part in the development of 219 units of affordable housing, using county-owned land originally conveyed to the city for municipal purposes.”

According to New Rochelle Mayor Yadira Ramos-Herbert, “In the midst of a statewide housing crisis, Highgarden Tower’s 219 affordable apartments address a critical need. Buildings like Highgarden Tower ensure that New Rochelle remains a livable and accessible city for all.”