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The tax breaks, approved on Oct. 27, are for two apartment buildings that are expected to cost $172 million to build, situated within the three-building Westchester Place development project.
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.”
The Garden Street building is a departure from most IDA-supported projects, in that all 219 apartments will be rented as affordable housing, and many tenants will have incomes significantly less than average for the region.
77 units will be reserved for victims of domestic violence.
The smaller of the two projects – NRP’s $63 million Lincoln Renaissance Apartments – is arguably the more transformative proposal.
The developer planned to build a $25 million self-storage warehouse at 2 Birch St., for ExtraSpace Storage, of Salt Lake City, Utah.
The subsidy was added to the developer’s proposed 25 Maple Avenue project, but the extra work will be done about six zig zag blocks away at Anderson Street.
Commercial real estate services and investment firm CBRE has announced the sale of a 2.02-acre site in New Rochelle where a 334-unit residential development...
The proposed projects would add nearly 1 million square feet of residential and retail space, provide 839 downtown apartments and cost about $369 million to build.
“When this happens, it will be completely transformative," Luiz Aragon, commissioner of development said. "It will change how people perceive our city.”
Huguenot Partners LLC proposed a 28-story structure at Huguenot Street and Centre Avenue and Mill Creek Residential Trust LLC presented plans for an 8-story structure at 24 Maple Ave.
The building will be named The Grand, after the name of the street that bisects the triangle, and it will be the fifth of seven apartment buildings proposed by Anthony and William Hammel.
The 285 apartments will be “fairly compact” by Westchester standards, but larger than typical New York City apartments.
The private college disclosed to bondholders in December that it is has reached a memorandum of understanding for “a potential strategic transaction” with an unnamed educational institution.
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