The Continuum, a 288-unit mixed-use 16-story apartment tower at 55 Bank St. near the White Plains Metro-North station, is ready to start moving residents in this month, its developer announced.
The estimated $250 million development comes from LCOR Inc., a Berwyn, Pennsylvania real estate development company with a Manhattan office. The apartment building includes 3,000 square feet of retail space at ground level and an underground parking garage with 381 spaces.
The building represents phase one of the project, which will eventually include a 16-story south tower with 273 apartment units and ground-floor retail.
The Continuum rentals are a mix of studios and one- and two-bedroom apartments. The studios, which range from 523 to 587 square feet, are priced from $2,120 to $2,380 per month. The one-bedroom residences range in size from 710 to 732 square feet and rent for $2,680 to $3,020. The two-bedroom residences, ranging from 1,184 to 1,256 square feet, are priced between $3,845 and $4,220 per month. The building features 57 units designated as affordable.
The first residents are expected to move in Nov. 15. Amenities include a two-story lobby with 24-hour concierge service, a club room, fitness center and a rooftop deck with a pool and barbecue grills.
LCOR bought the property, previously a municipal parking lot, from the city for $15.5 million in 2007, but the project stalled following the financial crisis in 2007 and 2008 and subsequent recession. LCOR’s previous financial partner, Lehman Brothers, went bankrupt in 2008.
LCOR returned to the project in 2015 with an $80 million construction loan from Wells Fargo and the California State Teachers”™ Retirement System as a financial partner.
The Continuum marks LCOR’s second major project near White Plains’ Metro-North station. In 2004, the company built the 502-unit Bank Street Commons apartment towers, now known as 15 Bank St.
Construction for the second phase of the development is expected to begin in early 2019, according to a spokesperson for the project.
In a statement, White Plains Mayor Thomas Roach said The Continuum aligns with the city’s vision for a redeveloped transit-oriented district surrounding its Metro-North station.
The city put out a request for expressions of interest (RFEI) in June for three city-owned properties, along with a parcel owned by the city”™s Urban Renewal Agency, along the east side of the train station. Roach told the Business Journal the city received nine responses to the RFEI. The land would be redeveloped as part of a vision developed through a million-dollar state grant that would establish a transit-oriented district with mixed-use apartment buildings, ground-floor retail, open space and pedestrian and bicycle infrastructure.
Roach said he was “pleased to see (The Continuum) come to fruition. In addition to a great living space, Continuum residents will be perfectly situated to take advantage of the planned improvements to the city’s transit district.”
