Another New Tower Will Soon Grow In Downtown New Rochelle

NEW ROCHELLE, NY — Hold off buying that New Rochelle skyline poster for a little while longer — the city's skyline is still growing up.

NYS Homes and Community Renewal (HCR), BRP Companies and the City of New Rochelle announced last week that construction has now started on a new $297 million mixed-use housing development in downtown New Rochelle.

On Thursday, representatives from BRP and officials from New Rochelle and Westchester County broke ground on 500 Main Street, a 26-story, 477-unit, mixed-income residential complex.

There will be 110 studios, 218 one-bedrooms and 149 two-bedrooms at the property.

Scheduled to be completed by the end of 2024, the development will also include around 24,000 square feet of community spaces, including a resident fitness center, a lounge, a pool, a roof deck, a landscaped terrace, a dog run and on-site parking.

119 of the 477 homes are reserved as affordable housing, with 20 units available to residents earning up to 50 percent of the area median income (AMI) and an additional 99 units available to residents earning up to 60 percent of AMI.

"With the highest quality housing at multiple price points, attractive state-of-the-art amenities, and vibrant ground floor energy, 500 Main exemplifies the values at the heart of New Rochelle's plans for sustainable, equitable downtown growth and will contribute significantly to the economic, cultural, and social vitality of our community," New Rochelle Mayor Noam Bramson told those gathered. "I am grateful for Governor Hochul's effective leadership on housing priorities and for New York State's strong commitment to this project."

500 Main Street is designed to be energy-efficient and will meet the criteria for Enterprise Green Communities certifications. Energy efficiency measures will include a high-performance building envelope, low-flow plumbing fixtures, energy-efficient lighting and the use of ENERGY STAR appliances.

"500 Main Street will create nearly 500 new homes and retail space in the heart of downtown New Rochelle, with excellent access to public transit," HCR Commissioner RuthAnne Visnauskas said. "Developments like this one will ensure that New Rochelle’s growth and revitalization is equitable and benefits everyone who lives here, regardless of income. The inclusion of a new home for the New York Covenant Church will be a welcome addition for their congregation. Thank you to our partners at BRP Companies for their work to reach this milestone."

The new home of the New York Covenant Church (NYCC) will occupy the first two floors of the property, including sanctuary, totaling over 22,000 square feet.

500 Main Street is part of the Hochul administration's plans intended to make housing more affordable, equitable and stable. In the FY 2023 State Budget, the governor introduced and secured a new $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.

State financing for 500 Main Street includes $200 million in taxable and tax-exempt bonds and Federal Low-Income Housing Tax Credits that will generate $20 million in equity from New York State Homes and Community Renewal. Westchester County is providing $3.8 million through the New Homes Land Acquisition Funds and the Interfaith Dwelling Corporation is providing $2.5 million.

The overall goal of the City of New Rochelle’s Master Development initiative is to create a vibrant, ethnically and culturally diverse community downtown that draws people from across New Rochelle and throughout the wider region, according to the city. The redevelopment plan has already helped attract $2.2 billion in private investment, through the approvals of 32 development projects which have brought 9.2 million square feet of space downtown and the creation of nearly 4,000 new housing units, officials said.

BRP is collaborating with Skycore Builders, a New York-based construction company that has overseen construction of more than 18 million square feet of residential buildings.

"BRP Companies is thrilled to be celebrating this groundbreaking milestone alongside all project partners involved as we bring the vision for 500 Main Street one step closer to fruition," Meredith Marshall, Co-Founder and Managing Partner of BRP Companies told VIPs on hand. "An area currently experiencing a significant rebirth, we’re proud to be playing a role in Downtown New Rochelle’s ongoing revitalization efforts as well as deliver another avenue of both market rate and affordable housing to the community."