On Wednesday, New Rochelle officials were joined by developers from RXR Realty at the 587 Main St. site, where they broke ground on a massive, mixed-use building that “will stand as a focal point int he city’s newly revitalized downtown district.”
The former location of a Loew’s Theater that closed in the 1970s, developers are envisioning a reimagined building that includes nearly 300 apartment units, 17,000-square-feet for commercial purposes and 10,000-square-feet of foot performance space. The plan also calls for an additional 234 on-site parking spaces.
“This project is about more than just bricks and mortar for us. It’s a sign of RXR’s commitment to New Rochelle and our belief in the transformative impact of the city’s Downtown Revitalization Plan,” RXR CEO Scott Rechler said.
“With this plan, New Rochelle is well-positioned to be one of Westchester’s premier economic engines, serving as a center for job generation, unique retail and dining establishments and affordable housing options for young professionals.”
According to New Rochelle officials, within the next 10 years, their overall redevelopment plan is expected to attract more than $4 billion in new investments.
“This new building distinguishes our downtown’s western gateway and demonstrates the caliber of things to come,” New Rochelle City Manager Charles Strome III noted. “The combination of historic elements and modern amenities, public and private benefits, and creative partnerships showcase our development objectives.”
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 in the city’s historic downtown.”
“When we say New Rochelle is open for business, we mean New Rochelle is open for business,” New Rochelle Mayor Noam Bramson said at the groundbreaking. “This project, along with many others, is powerful evidence that the new opportunities and potential here in New Rochelle are now seen clearly by the development and investment community, far and wide.
“This project represents something bigger than all of us. It’s not just about bricks and mortar or dollars and cents. It’s about taking hold of our future.”
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