Construction crews in downtown Larchmont this summer are raising the superstructure of The Cambium, said to be the first multifamily development project built in the village since the 1980s.
The eight-story, 149-unit luxury condominium building at 10 Byron Place is rising on a 1.5 acre site that adjoins the Larchmont-Mamaroneck Maxwell Avenue recycling center and a New York Sports Club. Workers have completed construction of a three-level, 270-car underground parking garage on the site.
The approximately $70 million project is a short walk from the Larchmont Metro-North Railroad station and across Myrtle Boulevard from a cluster of condominium and co-op apartment buildings built as part of the village”™s master plan for residential development near mass transit.
Ceres Realty Group in Katonah is managing partner of the Cambium ownership, Byron Place Associates L.L.C. The partnership is headed by William Neville & Sons, a family-owned construction and real estate development company in Wexford, Ireland.
The Irish development team in 2009 paid $14 million to acquire the Larchmont property from Forest City Residential Group, a Cleveland mixed-use development company. Forest City”™s plans to build rental apartments rather than owner-occupied condo units on Byron Place were opposed by residents and town of Mamaroneck officials.
Prices for the Cambium”™s one-bedroom and two-bedroom units range from $515,000 to $1.15 million.
Susan Joyce, sales director at The Cambium and an agent at Houlihan Lawrence, said about 30 percent of the project”™s first 94 condo units are in contract with buyers.
Gay Prizio, project marketing director at Houlihan Lawrence, said the development has attracted “a wide array of buyers” from Westchester County, New York City and the tristate region. “There”™s so little new construction, and especially in a town like Larchmont that overall is on fire” in house sales, she said. “It”™s very rare and I think it”™s really resonating with buyers. It”™s a very convenient location in a town that people really want” to live in. “Larchmont is a very strong market.”
The Cambium is expected to be ready for occupancy by the fourth quarter of 2015.
1. This is located in Town of Mamaroneck jurisdiction, not Village of Larchmont.
2. It’s the Town of Mamaroneck Town Yard, which includes the garbage dump – not just a recycling center.