New Rochelle IDA revisits tax breaks for proposed Cooper’s Corner memory care home
The New Rochelle Industrial Development Agency gave preliminary approval Nov. 18 in tax breaks for a $39.7 million assisted living home at the same place abandoned by a previous developer.
Monarch Development Co., Hooksett, New Hampshire, is asking for $2.7 million in tax relief to build a 72-unit memory healthcare facility at 11 Mill Road.
ND Acquisitions, a joint venture of National Development and EPOCH Senior Living of Massachusetts, proposed a similar home in 2016, but quit the project because it “did not have the right risk-reward profile,” Michael Glynn, Monarch”™s vice president who previously held the same position with National Development, told the IDA board.
The 3.5-acre site is between Hutchinson River Parkway and the Kensington Woods gated community, at the Y-shaped intersection of North Avenue and Wilmot and Mill roads. It is known as Cooper”™s Corner, for the name of a garden center that closed in 2015 after 72 years of operation.
The plans call for a 61,500-square foot, two-story building and basement. Glynn said the design is similar to National Development”™s. One costly difference is that it will incorporate the latest public health criteria for ventilation and lighting, nutrition and mental health support, and other standards.
Another difference is that Monarch is asking for property tax abatement ”“ a request ND did not make — that Glynn said is needed to attract financing.
Under a 10-year deal, Monarch would pay $2.9 million in property taxes instead of the full rate of nearly $4.6 million, saving $1.7 million. It is also asking for a $797,951 sales tax exemption on building materials and a $194,580 mortgage recording tax exemption.
The project is expected to create 300 construction jobs and 64 permanent jobs.
Monarch is partnering with PROCON, a New Hampshire construction company that has designed and built senior living homes in the Northeast.
Construction could begin early next year, take 15 to 18 months to complete and be ready for occupancy by summer 2022, according to the IDA application.
The previous proposal faced a legal challenge in 2017 when neighbors from the Bonnie Crest neighborhood sued the city and ND, demanding annulment of new zoning, arguing that the city council had rushed the process and not allowed full public participation.
A Westchester Supreme Court justice dismissed the case, ruling that the neighbors lived too far away to have legal standing. The Second Appellate court affirmed the decision in February.
“I don”™t imagine anything has changed enough to sway supporters or detractors” of the project, Glynn told the IDA board.
Charles B. Strome III, the city manager and IDA chairman, agreed. “The people who opposed last time will remain opposed this time,” he said. “They are already sending out emails and legal opinions.”
The board scheduled a public hearing for Monarch”™s proposal for Dec. 16.