NEW ROCHELLE | 587 Main Street | 285 FEET | 28 Floors
a rendering of the first tower to be constructed as part of New Rochelle's downtown redevelopment under master developer RDRXR was unveiled at the mayor's state of the city address. New Rochelle is a satellite city of New York.
As a sign of its commitment to downtown New Rochelle and its belief in the transformative impact of the Revitalization Plan, RXR has entered into an agreement to joint venture with the existing owners of a site on the western side of downtown, called 587 Main Street.
The Project is anticipated to be a mixed-use tower comprised of:
229 rental residential units
10,000 sf arts and cultural space
7,998 sf of retail space
234 on-site, structured parking spaces
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A $120 million mixed-use project only minutes from the train station, served by Metro-North Railroad and Amtrak, was announced earlier this month and could break ground by the beginning of the fourth quarter. The owners of the property, investors led by ABS Partners Real Estate LLC and Brause Realty Inc., formed a joint venture with RXR as the developer to build a complex that includes a 28-story tower with about 270 rental apartments, retail space and a roughly 10,000-square-foot theater for live performances—one of the public improvements requested by residents.
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Celebrants at the ceremonial groundbreaking of a $120 million, 28-story mixed-use building in downtown New Rochelle on Nov. 30 left unspoken a big reason for their joy: Speed equals money.
Public officials and principals of RXR Realty, the developer of 587 Main St., boasted about how quickly the project got going.
The groundbreaking took place 10 months after the project was announced.
Contrast that timetable with RXR’s Garvies Point mixed-use project in Glen Cove, Nassau County. Groundbreaking is scheduled for Dec. 5, 13 years after the project was first pitched.
RXR promised to break ground in November, said New Rochelle Mayor Noam Bramson, “and here we are today. They delivered.”
City Manager Charles Strome III said starting the project in less than a year is a monumental achievement.
“You think it’s easy to get seven city councilmen to unanimously agree?” he asked. “It’s not. With a lot of councils this wouldn’t have happened.”
Scott Rechler, RXR’s chairman and CEO, said the city’s urgency gave the firm the confidence to act quickly.
Speed counts. Speed lowers the costs of planning and prepping a project. It quickens the schedule for collecting rents and making a return on investment.
Construction workers are put on the job sooner and permanent jobs are filled. New stores can open.
Replacing a blighted, abandoned property with a modern residential-retail tower enhances property values and expands the tax base.
Other developers see what’s going on and propose their own projects.
“It creates a self-reinforcing cycle,” Rechler said.
The 587 Main St. project is also the proof of New Rochelle’s strategy for positioning the city as an ideal suburb of New York City.
New Rendering And Construction Update For 587 Main Street, New Rochelle
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When finished, the project will yield 229 residential rental units, and 234 on-site parking spaces. It will also preserve and restore the façade of an abandoned Lowe’s Theater, and dedicate 10,000 square feet to a new black box theater. Nearly 8,000 square feet will be made available for retail use.
The new rendering, from RXR Realty, looks at the site from Huguenot Street, after sunset, showing minor variations from the first image, which looked at the building from Main Street.
RXR Realty, Brause Realty, and ABS Partners Real Estate are the developers. Paulus, Sokolowski and Sartor (PS&S) is the architect and completion is expected in late 2018.
When we last checked in on 587 Main Street in New Rochelle, New York, it was barely noticeable on the skyline, rising just six flights up. Now, thanks to photos by Nick Ramacciato, we can see that the structure has made substantial progress. Work is currently up to the 20th floor, out of a total 28. Façade installation has not yet started, though the angled shape of the building is easily visible. Paulus, Sokolowski, and Sartor (PS&S) are responsible for the architecture, and a fresh rendering also gives a better view of what the top floors will soon look like.
(photo in article is posted above)
When finished, the structure will bring 280 residential units and 294 parking spaces to the area. It also preserves and restores the façade of an abandoned Lowe’s Theater at its base, leading to 10,000 square feet dedicated to a future black box theater. There will also be 8,000 square feet dedicated to retail use.