Rajeev Chennattu, founder of Regency Commercial Real Estate at 455 Central Park Ave. in Scarsdale, has amassed a lot of experience during his more than 30 years in the business. He came to the U.S. from India as a teenager, graduated from Iona, went to work for IBM and ultimately set off on his own in the world of commercial real estate, including brokering properties and arranging investments.
Recently, through his Regency Port Chester JV LLC, he took over a project to build a 12-story 185-unit apartment building at 208-216 King St. in Port Chester. The project originally had been presented to Port Chester as a development by High Street Residential, the residential subsidiary of Trammell Crow Company with its application filed by TC NE Metro Development Inc./Trammell Crow Company.
“We do have a number of development parcels that we own and one of the parcels that we own was King Street for a number of years,” Chennattu told the Business Journals. “Trammel Crow came in and expressed an interest in doing a venture with us in developing that parcel. This happened back in 2020. So, we entered into a contract and they were contract vendee with us subject to them getting a site plan approval, which they pursued with the village of Port Chester.”
Chennattu said that the approval process took longer than anticipated.
“We had a closing date with Trammell Crow initially in July of 2021 and then we moved that up to November of 2021,” Chennattu said. “They completed all they had to do I would say by September of 2021.”
He said that the village then held up issuing approvals. The closing date on the property had to be moved to March 2022.
“The village was not ready to approve any projects at the time and March came and went and Trammell Crow felt that without any further ability for a certain approval date they couldn”™t actually hold the agreement any further,” Chennattu said. “They wanted to exercise their option to terminate the deal and walk away and I took over the application from that point on. There were a number of reasons why the village felt they were not ready to approve any projects, not only this one.”
Chennattu continued with the application review process, ultimately receiving necessary approvals from Port Chester in September.
“One of the reasons that I was attracted to Port Chester was all of the attributes, all of the positive attributes that Port Chester has to offer and that still stands regardless of what happened with the delay,” Chennattu said. “Our interest is still solid and firm. But, with that said, if someone comes along and they”™re worthy as a partner or purchaser with the right terms and conditions of course I”™m open for that opportunity.”
Chennattu also said that he”™s prepared to line up the financing and build the project on his own if that route is indicated. He said that he didn”™t anticipate there being a lengthy delay in moving ahead with the project that would require asking the village for approval extensions. He pointed out that those working on the development included:Â Stuart Johnson of Minno & Wasko as architects and planners; Attorney Anthony B. Gioffre of the White Plains-based law firm Cuddy & Feder; and Bonnie Vonohlsen of the engineering firm Kimley-Horn.
“Port Chester has a vibrant life to it that attracts both young families, young millennials, along with baby boomers and everything between,” Chennattu said. “You do have a geographic location that”™s absolutely incredible. You are right at the hub of I-95, I-287, and the train station is right there. It”™s a unique place in comparison with some of the other communities. You have Greenwich on the north and Rye on the south.”
The new building would be on a 0.56-acre site at the southwest corner of King Street and Summerfield Place. It would have 36 studio apartments along with 58 one-bedroom, 80 two-bedroom and 11 three-bedroom units. Nineteen of the rental units would be priced in the affordable housing category. The new building would have parking for 152 vehicles in a two-level internal garage. In addition, there would be 47 spaces for bicycles.
Chennattu said that the project would be valued at from $110 million to $130 million.
“This is a final, approved site plan. It”™s a wonderful class A building that they designed,” Chennattu said. “By virtue of being in a business venture there are unforeseen things that always come up and you just need to prepare to deal with it. We”™re ready for business. We want to get this done one way or another.”
