Westchester County IDA Looks to Grant Incentives for $95M Multifamily Project
The development plan calls for a total of 303 units that will consist of a mix of one- two- and three-bedroom apartments. A total of 19 units would be affordable to those making 60% of average median income.
WHITE PLAINS—A long anticipated project to be built next to the 1133 Westchester office building here has received preliminary inducement from the Westchester County Industrial Development Agency for incentives.
Rye-based developer RPW Group has been studying a host of potential projects next to its 1133 Westchester office building for some time, which formerly housed IBM, but was repurposed as a multi-tenant office building. RPW Group is the owner of the 1133 Westchester Ave. office building whose tenants now include: ITT Corp., Wilson Elser law firm, the Hospital for Special Surgery, the Jackson Lewis law firm, Chubb Insurance and The Journal News.
Robert Weisz’s RPW Group is partnering with Cleveland-based NRP Group on a $95-million multifamily project on a 20-acre parcel next to the office building that is expected to break ground in February 2020 and be completed in February 2022.
The development plan calls for a total of 303 units that will consist of a mix of one- two- and three-bedroom apartments. A total of 19 units would be affordable to those making 60% of average median income. The apartments will be housed in three separate five-story buildings.
Planned amenities at the property include a fitness center, pool and business lounge. The complex will also feature a 12,000-square-foot public outdoor recreation space. The project would be built to LEED certifiable standards and include rooftop solar panels on all three buildings and on-site electric vehicle charging stations. There will be shuttle service provided to tenants to Downtown White Plains and the White Plains Metro-North train station.
“We are pleased to provide preliminary approval for this innovative residential development that will bring rental housing to the I-287 office corridor. This project is part of an emerging trend which has seen the transformation of vacant office parks into new uses such as Wegmans supermarket, Life Time Athletic fitness center and a pediatric care ambulatory facility for Montefiore Medical Center,” says Bridget Gibbons, director of the Westchester County Office of Economic Development.
The IDA Board at its April 18th session granted the project preliminary approval of $1.82 million in sales tax exemptions. The development partnership is also seeking a PILOT agreement from the City of White Plains valued at $10.5 million in tax abatements over a 15-year term. The project is expected to create 120 construction jobs and eight full-time jobs.