On Wednesday, elected New Rochelle officials will be joined by developers from RXR Realty - the master developers tasked with reimagining the downtown business district - at 587 Main St., where they will break ground on the massive, mixed-use building.
According to RXR, “as a sign of its commitment to downtown New Rochelle and its belief in the transformative impact of the Revitalization Plan,” they entered into an agreement to joint venture with the existing owners of the site.
When complete, the project is expected to include more than 200 residential units, 10,000-square-feet dedicated to arts and culture, 8,000-square-feet of retail space and a parking garage with nearly 250 spaces.
Late last year, city officials declared New Rochelle “open for business,” approving a new zoning plan that “paved the way for the most significant economic rebirth int he city’s historic downtown.”
According to city officials, “the zoning provides a clear and transparent roadmap for investment to developers and property owners, while also setting design standards and community benefit requirements intended to create a thriving, attractive and sustainable city center.”
The redevelopment plan calls for nearly 1 million-square-feet in new retail space, 1.8-million-square-feet of commercial office locations, medical office space and more than 5,000 apartments, hundreds of which will be deemed affordable. The redevelopment is expected to create up to 12,000 construction jobs and 5,000 permanent full-time jobs in the community.
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