Developers Get $294M For New Rochelle Apartment Building: Reports

NEW ROCHELLE, NY — Downtown New Rochelle is one step closer to welcoming a new 26-story apartment tower — a development company has secured $294 million to build the property, multiple news outlets reported.

BRP Companies is developing 500 Main, a 477-unit apartment complex that will be located at 500 Main St., New Rochelle.

The tower will consist of studio, one-bedroom and two-bedroom apartments, and will include amenities such as a gym, lounge, swimming pool and parking garage, the company said on its website, where a rendering of the building can be found.

Around 25 percent of the units will be listed at affordable housing rates, Talk of the Sound reported — 20 units will be set aside for people earning up to 50 percent of the area median income, while 99 units will be available to people earning up to 60 percent.

BRP Companies is aiming to start construction "immediately" and hopes to complete the project by the end of 2024, The Real Deal reported.

"Downtown New Rochelle is experiencing a major revitalization, and we're proud to play a part in one of the most significant economic development initiatives in the city's history," said Meredith Marshall, co-founder and managing partner of BRP Companies, as reported by The Real Deal.

Funding is coming from multiple sources, including the New York State Homes and Community Renewal's Housing Finance Agency, Goldman Sachs and Merchants Bank of Indiana, Multi-Housing News reported.