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RXR Realty hosted a groundbreaking ceremony for the start of ground-up construction of a new 28-story development at 26 South Division Street in New Rochelle, the first of two projects being undertaken at the site. Once completed, 26 South Division Street will feature 352 market-rate apartments, ranging from studio to one- two- and three-bedroom apartments with a valet parking garage, lounge, co-working space, speakeasy, and over 12,000 square feet of retail. It is a major component of RXR’s redevelopment plan for the city, which included the opening of their 360 Huguenot property earlier this year.
RXR also announced a new initiative aimed at building opportunities for New Rochelle’s residents with the creation of the RXR Building Community Fund at the Westchester Community Foundation. Capitalized with a seed contribution of $225,000 from RXR, the new fund will provide grants to innovative and meaningful programs and facilities that address issues including:
Administration of the RXR Building Community Fund will be provided by the Westchester Community Foundation. For 45 years, the foundation, a division of The New York Community Trust, has worked to improve the quality of life in Westchester by addressing community issues, promoting responsible philanthropy, and connecting donors to critical, local needs.
Held in unison with New Rochelle City Officials including Mayor Noam Bramson, the ceremony included remarks by the Mayor and RXR Realty’s Executive Vice President, Seth Pinsky.
“When completed, 26 South Division will be a major boost for New Rochelle’s economy and an important contributor to the vibrancy and success of our entire downtown. In addition, I applaud RXR for its commitment to community benefits, as evidenced by the launch of the Building Community Fund and by physical features of this project, including a new public plaza and additional public parking,” said New Rochelle Mayor Noam Bramson.
“We are excited to announce not only that work has begun at 26 South Division Street, but also that RXR will be establishing a new fund at the Westchester Community Foundation, representing another investment that RXR is making in the City of New Rochelle, with a particular focus on the most vulnerable residents and the most acute needs of this great city,” said Seth Pinsky, Executive Vice President at RXR. “We have always said that we believe in the incredible potential of New Rochelle. Today’s announcements represent yet more steps towards realizing this potential.”
“RXR is giving back to the City of New Rochelle in a significant way through this fund,” said Laura Rossi, Executive Director of the Westchester Community Foundation. “For a developer like RXR and for New Rochelle this is a game-changer.”
The property at 26 South Division is expected to open in late 2021.
In addition to the new initiative, RXR also announced that it has been pursuing an updated design of a parallel project at 28 South Division Street. The currently approved plan includes a $1.6 million payment in lieu of building 80 municipal parking spaces, conforming with the Downtown Overlay Zone and the previously approved Parking Management Plan. However, the City of New Rochelle has asked RXR to help address the parking needs of the downtown by incorporating municipal parking on site instead of making its payment. Given its role as master developer and its long-term commitment to New Rochelle, RXR has agreed to study a new design for the second phase and to analyze related cost estimates to determine if such an on-site option is feasible for the project. The project is expected to break ground in the summer of 2020.
The Building Community Fund will be guided and advised by an Advisory Council comprised of different stakeholders in the New Rochelle community. The members of the Council include:
The New Rochelle Master Development Plan is part of RXR’s Public/Private Partnership strategy to develop quality and affordable housing in transit-oriented developments within close proximity to Manhattan.
About RXR Realty
RXR Realty LLC (“RXR”), is a New York-based, vertically integrated real estate operating and development company with expertise in a wide array of value creation activities, including distressed investments, uncovering value in complex transactions, structured finance investments and real estate development. RXR’s core growth strategy is focused on New York City and the surrounding region. The RXR platform manages 71 commercial real estate properties and investments with an aggregate gross asset value of approximately $20.5 billion, comprising approximately 31.4 million square feet of commercial operating properties and approximately 6,200 multi-family and for sale units in various stages of development in the New York Metropolitan area.
About the City of New Rochelle
With an unparalleled location, superb quality of life, diverse and talented residents and a focused business climate, New Rochelle is experiencing the transformation of a lifetime. The City’s economic development plan will provide a spark for the entire Hudson Valley region, positioning it as “open for business” and embracing smart, transit-oriented development growth patterns. Accelerated by a new, fast-track zoning process, the new Master Development initiative will enhance the downtown area by boosting job creation, property values and private investment – while enhancing sustainability through green and energy-efficient design. Learn more at https://www.ideallynewrochelle.com/.
About Westchester Community Foundation
The Foundation is a division of The New York Community Trust, which has earned a reputation as the home of charitable New Yorkers who share a passion for the city, Westchester, and Long Island. For more information, visit www.wcf-ny.org.