Lennar Multifamily Communities (LMC) currently anticipates beginning construction on its 814-apartment mixed-use project at 60 S. Broadway in White Plains early in the first quarter of 2023, the Business Journals were told. The news came as LMC”™s newly-opened 434-unit mixed-use development known as The Mitchell, which is just a few blocks away attracted strong leasing activity.
“We”™re very proud to be finally delivering this building,” Greg Belew, LMC”™s division president of the New York tri-state area said of The Mitchell. “We look forward to being able to do more groundbreaking projects as we go forward.”
It was at a White Plains Common Council Special Meeting in July 2015, that Maple & Broadway LLC, a subsidiary of Lennar Corporation through LMC, unveiled its vision for redeveloping the Westchester Pavilion. On March 1, 2017, Urstadt Biddle Properties Inc., owner of the Pavilion property for about 15 years, announced that it had completed the sale of the real estate to Lennar. Urstadt Biddle said the aggregate amount paid to the company for the Pavilion was $56.6 million.
The 60 S. Broadway project has been pending for some time with the shopping mall having been demolished and debris cleared.
LMC had told Westchester County”™s Industrial Development Agency it anticipated construction on the first phase of the two-phase 60 S. Broadway project to begin in June 2020 with occupancy expected around September 2022. Phase two was expected to then begin with full occupancy expected by September 2024. In addition to two 28-story towers the project was planned for 28,000 square feet of retail and dining along with 932 parking spaces. The cost of each phase of the project had been estimated at $250 million.
Belew told the Business Journals that tenants started moving into The Mitchell in mid-August and as of the end of August about 100 leases had been signed.
“We started leasing the second week in July and the building has been very well received,” Belew said. “Typically the spring is the strongest leasing season so we were a little bit concerned that we were starting a little bit late in the year but the response has been overwhelming. In fact, we set the all-time leasing record for one month for our entire company, in the entire history of the company.”
Belew forecast that the Mitchell was going to be a huge success despite challenges faced during the construction, ranging from the Covid pandemic to the bankruptcy filing of the original construction contractor on the project, Katerra Inc. The bankruptcy action halted work on The Mitchell and Lennar brought in Louis Cappelli”™s construction company to take over the job.
The Mitchell is on properties with addresses of 9 Mitchell Place and 131 Mamaroneck Ave., that cover approximately 2.1 acres. The project involves two 15-story buildings and a six-story parking structure. Among the features of The Mitchell are a mezzanine-level co-working space and a rooftop deck. There is a club lounge, children’s playroom, a multi-sport golf simulator, conference room, coffee bar, and a dog wash. Features of the apartment interiors include quartz countertops, stainless-steel appliances with gas ranges, hardwood-style flooring, designer backsplashes and under-cabinet lighting.
“In the end the product speaks for itself. It”™s going to be a great outcome for us,” Belew said. “It certainly gives us additional optimism on the 60 S. Broadway project. We currently anticipate starting that early first quarter of this coming year.”
Lennar had $27.1 billion in revenues for its fiscal year ended Nov. 30 2021, according to a filing with the Securities and Exchange Commission. Earnings before income taxes were $5.8 billion.
