RXR Realty, which is the master developer for New Rochelle”™s downtown, held a groundbreaking ceremony Oct. 30 marking the start of construction for a 28-story mixed-use building at 26 S. Division St.
This is the second time officials from the city and RXR got together at the site for a ceremony. In the spring of 2018, many of the same people took part in a ceremony at the site, which was followed by heavy equipment going into action to tear down the dilapidated Church/Division parking structure which stood there.
The plan calls for two towers to be built, the second one also having 28 floors. The address of the second building is to be 28 S. Division St.
The structure now being built at 26 S. Division St. will feature 352 market-rate apartments. There will be a mix of one-, two- and three-bedroom units. The plan calls for more than 12,000 square feet of retail space. Amenities include a valet parking garage, resident lounge, coworking space and a public plaza.
“When completed, 26 S. Division will be a major boost for New Rochelle”™s economy and an important contributor to the vibrancy and success of our entire downtown,” Mayor Noam Bramson said.
RXR Executive Vice President Seth Pinsky used the occasion to announce that RXR has created a building community fund at the Westchester Community Foundation (WCF). RXR is initially putting $225,000 into the fund, which will support youth enrichment, workforce development, economic development, public safety, the environment and parks, recreation and wellness. Laura Rossi, executive director of the foundation, described the new fund as “a game-changer.”
RXR said that it anticipates residential leasing for 26 S. Division St. will begin in the fourth quarter of 2020. The two South Division Street buildings will have a total of 730 rental apartments, 675 parking spaces and 20,000 square feet of street level retail space.
RXR has estimated that as master developer and under the revitalization plan it helped put into place for New Rochelle”™s downtown, it will be able to develop about 4 million square feet of space on sites it controls. The overall plan for New Rochelle”™s downtown includes 5,500 residential units, 1.1 million square feet of retail and restaurant use, 300,000 square feet of hospitality space, more than 2.3 million square feet of student housing, adult care and institutional space and 2.2 million square feet of medical and nonmedical office space, according to RXR.
RXR said that it hopes to break ground for the building at 28 S. Division St. in the summer of next year. It said that it has agreed to study a new design that would incorporate municipal parking on the site as requested by the city. The currently approved plan calls for RXR to pay the city $1.6 million instead of creating 80 municipal parking spaces as part of the project. RXR said it needs to study the costs involved in adding the municipal parking spaces.
As of the end of June, RXR Realty managed 71 commercial real estate properties and investments with an aggregate gross asset value of approximately $20.5 billion.
