New Mixed-Income 203-Unit Building Will Rise In Downtown Port Chester

PORT CHESTER, NY — As the Sound Shore continues to build up, the village of Port Chester will see another massive new downtown development.

The Hudson Companies (Hudson) announced this week that it has closed on the acquisition of a development parcel at 27-45 N. Main Street and 28 Adee Street in the village of Port Chester. Plans for the site indicate a mix of rental housing, retail space and community facilities.

The projected total capitalization for the development is $89.2 million and financing of $11.4 million for the acquisition was provided by Provident Bank.

Most of the project’s equity is being invested from Hudson’s partnership with the NYC Employees' Retirement System and the Teachers' Retirement System of the City of New York. In 2021, Hudson announced its joint venture with the pension systems, which would invest up to $250 million in development projects, with a focus on mixed-income, environmentally sustainable buildings throughout the greater NYC area.

"As we continue to face a housing crisis across the state, now more than ever, we’re focused on expanding our reach in undersupplied markets to deliver quality housing in desirable locations," Joe Riggs, Principal of the Hudson Companies, said. "Through our innovative partnership with two of New York City’s largest pension systems, we’re thrilled to deliver 203 quality homes, retail, and community space to the residents in Port Chester."

The development, which has not yet been named, will offer studios, one- and two-bedroom homes, along with EV charging-enabled parking, a fitness center, outdoor courtyards, nearly 10,000 square feet of ground-floor retail space, and a brand-new facility for Human Development Service of Westchester, a non-profit social services organization.

A portion of the homes will be made affordable to families earning 60 percent of the Area Median Income (AMI).

The project is being designed by Fogarty Finger and will be built by Hudson-affiliated general contracting company, Broadway Builders.

"Hudson is a great partner to see Ivy's vision through to completion," said David Archibald, Chief Investment Officer of Ivy Realty. "They have a proven track record of building first class communities throughout the NY Metro area. Ivy is excited to continue as a minority partner with them and continues to believe in Port Chester's renaissance."

In addition to targeting LEED Gold certification and conducting feasibility studies for rooftop solar energy generation, Hudson is planning to make the building fully electric.

Company officials point out that the site is located one block away from the Port Chester Metro North station, providing direct access to Grand Central Terminal and further reducing future residents’ dependence on cars. As Hudson has expanded its reach outside of of NYC, it says it has focused on delivering housing along transit-rich corridors in the region. The company recently broke ground on another multifamily project in the village of Pelham.

"We were attracted to Port Chester not just by its transit linkages with New York City, White Plains, and Greenwich, but by its vibrancy," said Laszlo Syrop, Director of Acquisitions at Hudson. "Port Chester is home to a diverse community and a wonderful, walkable downtown with numerous food and nightlife options. We see that even outside of the big cities, people are increasingly looking for opportunities to make their homes in places like this."