Hamilton Green development is a go with $50M in public financing

WHITE PLAINS – The developers of the Hamilton Green on the site of the former White Plains Mall can move ahead with plans for the project now that $50 million in public financing is in place.

The New York Power Authority Board of Trustees on Oct. 8 approved a development agreement with The Cappelli Organization and RXR, through their related entities W.P. Mall Realty, LLC, Hamilton Green I Partners, LLC, and SWD/WP LLC. The project calls for redeveloping four buildings in the former mall, including one that would become the new office building that will house the New York Power Authority, which will issue the $50 million in general obligation bonds.

NYPA is currently located at 123 Main St. in White Plains.

In an unanimously passed resolution, Authority Chairman John R. Koelmel called for the trustees to recommend the execution of the development agreement with Hamilton Green II Partners LLC and authorization to fund initial capital expenditures in the amount of $50 million.

The expenditure will be used to fund initial capital expenditures to advance the land purchase and acquisition and planning activities for the proposed White Plains office facilities.

As part of the agreement the Authority intends to reimburse to the maximum extent permitted by law with the proceeds of tax-exempt obligation bonds and all related expenditures.

The Power Authority is the country’s largest state power organization, with 16 generating facilities and more than 1,400 circuit-miles of transmission lines.

Hamilton Green is comprised of four mixed-income, multifamily buildings totaling 860 rental units. It includes 78 on-site affordable units, accessible open space and a variety of dining, retail and commercial spaces. The project is slated for a phased completion in 2025.

Phase one will consist of 470 luxury residential apartments in two high-rise buildings plus a 30,000-square-foot marketplace surrounding a 45,000-square-foot public open space. There would be 56 affordable apartments provided in phase one and the city would receive $2.2 million as a buyout for affordable units not provided.

The mall had opened in 1972 at 200 Hamilton Ave. It was built at a cost of $6 million and had more than three-dozen retail tenants.