NEW ROCHELLE | 500 Main Street | 26 FLOORS

[nramacciato]

This 26-story mixed use development will include 462 residential units; a ground floor church with an entrance on Main Street, along with retail.

Unfortunately, no high-quality rendering has been presented on the city's site or anywhere else, so we will have to wait. Although, here's a screen-cap from June's planning board meeting where they showcased a new design.



Current Site:

[antinimby]

New Rochelle, the little engine that could.

[Crawford]

There must be at least a dozen 20+ floor towers planned or u/c in New Rochelle. Pretty impressive.

[Busy Bee]

Wish they'd get a bit more sexy though

[nramacciato]

Originally Posted by Busy Bee

Wish they'd get a bit more sexy though

Have you seen the original rendering for this project? I'd call the new iteration a vast improvement.

It was originally meant to be 16 floors



I personally want more NYC-esque developments tbh

[nramacciato]

New design;

[chris08876]

Renderings Reveal 26-Story Mixed-Use Tower At 500 Main Street In Downtown New Rochelle

Renderings from Niles Bolton Associates offer a first glimpse of a new 26-story tower in the heart of downtown New Rochelle. Located at 500 Main Street, the building will house a mix of rental apartments and amenity spaces, a church, retail space, and enclosed parking area.

BRP Development is the private entity behind the rising property.

The residential component will yield up to 477 residential units ranging from studios to two-bedroom spreads. Ten percent of the units will be available below market rate as affordable homes.

The base of the structure houses a 452-vehicle parking garage with charging stations for electric vehicles, 2,400 square feet of retail, and residential amenities. Amenity spaces will include a fitness center, communal lounges, a courtyard, a rooftop pool, coworking space, and a dog park.

The podium of the building will also serve as a new home for the New York Covenant Church, one of the original owners of the land where the development will take shape. Their facilities will span 20,000 square feet and include a worship and congregation space, areas for food service, recreation, and education facilities.

Total square footage is just under 620,000 square feet.

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NYY

[chris08876]

New Rochelle Tower Project Secures $294 Million Construction Financing Deal

NEW ROCHELLE—BRP Companies, the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs), New York State Homes and Community Renewal, Westchester County, Interfaith Dwellings Corporation, Merchants Bank of Indiana, Wells Fargo, and Fannie Mae announced on Feb. 28 the closing of $294 million in construction financing for the 477-unit, mixed-use development located at 500 Main St. in Downtown New Rochelle.

The project ownership said construction was expected to begin on the 26-story project late last month.

Upon completion, 500 Main St. will deliver 477 residential units to the Downtown New Rochelle community, ranging in size from studios to two-bedroom homes. A total of 119 of the 477 homes will be affordable, with 20 units available to residents earning up to 50% of the area median income (AMI) and an additional 99 units available to residents earning up to 60% of AMI. Additionally, the building will include approximately 24,000 square feet of amenity spaces, inclusive of a resident fitness center, lounge, pool, roof deck and on-site parking.

A $200-million construction loan was procured through a combination of both taxable and tax-exempt bonds issued by HCR’s Housing Finance Agency, with credit enhancement via an equal amount of proceeds provided by Goldman Sachs and Merchants Bank of Indiana with Wells Fargo serving as the bond underwriter. Additionally, HCR, Goldman Sachs and Merchants Bank of Indiana provided a $25.4-million participation construction loan. Goldman Sachs will also be providing $40.7 million in equity and $20.7 million in LIHTC equity.

“We are thrilled to be celebrating this milestone alongside our project partners as we move one step closer to bringing 500 Main St. to fruition for the New Rochelle community,” said Meredith Marshall, Co-Founder & Managing Partner of BRP Companies. “Downtown New Rochelle is experiencing a major revitalization, and we’re proud to play a part in one of the most significant economic development initiatives in the city’s history. When completed, 500 Main Street will offer a quality housing option to area residents, including 119 low-income households, and will be a component of a thriving Downtown.”

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https://www.realestateindepth.com/ne...inancing-deal/

[Hudson11]

@KarenHessel2

[chris08876]

Credit: http://www.newrochelledevelopment.co...8#&gid=1&pid=2

[chris08876]

Credit: https://www.instagram.com/reel/CqK_b...YmMyMTA2M2Y%3D

[chris08876]

Credit: 101010nr

[chris08876]

Credit: 101010nr