A groundbreaking ceremony has marked the start of construction in New Rochelle for the third in a cluster of three residential buildings developed by Allstate Ventures. When completed, 33 Westchester Place will join the luxury rental 16-story building The Arc, and the seven-story affordable artists”™ residence The Atelier. Ground floor retail is a feature of all three buildings in the Westchester Place development.
Leasing for The Arc started in May with occupancy expected to begin in July. A lottery for the 65 units at artist residence The Atelier is expected to open for certified artists in June, with construction expected to be completed toward the end of the summer. The Atelier has been designed with a gym, a public art studio open to all residents and a roof terrace.
Financing for 33 Westchester Place comes via Enhanced Capital”™s Impact Real Estate Group and Crossroads Impact Corp with a total finance package of approximately $150 million. It includes a senior construction loan, a brownfield tax credit bridge loan and $31 million in C-PACE financing facilitated by Energy Improvement Corp, a NY C-PACE program administrator.
A heat recovery HVAC system has been designed into the building so there is no need for a cooling tower. The majority of the roof surface is being used for a swimming pool, terrace and lounge for residents.
Designed by New York City architectural firm Fogarty Finger, the building’s amenities include: fitness rooms dedicated to yoga; cardio and strength training; areas for co-working; and facilities for movie and TV screenings, barbecuing and social gatherings,
There will be 110 studio apartments, some with separate alcoves, 161 one-bedroom units and 44 two-bedroom apartments.
“At the base of the building, glazed storefronts and a perforated bronze screen enliven pedestrian activities and serve as a focal point for the neighborhood,” said Chris Fogarty, co-founding principal of Fogarty Finger. “For residents of the building, we created a variety of amenity spaces that afford wellness and socializing opportunities, both indoors and out.”
New Rochelle’s Mayor Noam Bramson said, “New Rochelle continues to make enormous strides in implementing our visionary plan for downtown development. The high-quality design of 33 Westchester Place will raise the bar once again for our city and, in conjunction with Allstate Ventures’ two adjoining projects, will have a dramatic positive impact on the street-level energy and appeal of our arts and cultural district.”
“The work from home or hybrid lifestyle was very much taken into consideration,” said Rachel Spater, project manager for Allstate Ventures. “The team designed a 2,000-square-foot co-working area, including six private work booths and a conference room for meetings, and made sure to incorporate flexible space in many of the residences that can be used for home offices.”
Construction of 33 Westchester Place is expected to be completed by the end of next year.
