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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.
Plans call for a mix of studios and one-, two- and three-bedroom options, as well as 22,000 square feet of retail space near Iona College.
The New Rochelle Industrial Development Agency granted the tax benefits on Sept. 26 to New Rochelle Birch Development LLC of Bayside, Queens.
Together, four developments are budgeted for $689.4 million and could receive $109.5 million in tax incentives over 20 to 30 years.
The New Rochelle Industrial Development Agency has amended a tax abatement deal to protect itself against the possibility that a portion of the $48 million 70 Nardozzi Place project isn’t built.
“This is one of my happier moments,” Charles B. Strome III, chairman of the city’s Industrial Development Agency, said at a meeting about plans for 70 Nardozzi Place.
Buxton Co. mines information from more than 250 databases to identify specific characteristics of households and even individuals.
The project, proposed by a New York City developer, is a 64,000-square-foot, 71-apartment, six-story building within walking distance of the city's train station.