New Rochelle Mayor: 'City has $500M in Development Pipeline'

New Rochelle Mayor Timothy Idoni, speaking before the Westchester County Board of Realtors' Commercial Investment Division in White Plains, NY, said the city in the last six years has seen approximately $600 million in new development projects, including the $190-million New Roc City family entertainment complex built by Cappelli Enterprises of Valhalla.

While construction activity fell off the last few years in the Downtown district, a host of projects are under way and several large developments are scheduled to break ground later this year. "I'd like to say we are entering the next stage of redevelopment," he said.

The mayor noted that AvalonBay Communities plans to begin construction sometime this year on the second phase of its Avalon on the Sound rental housing project. The firm completed the first phase of the venture totaling 488 units a number of years ago and by agreement with the city must break ground by year's end on the second phase that calls for another 588 rental units. Avalon officials have estimated the second phase of Avalon on the Sound project, which will entail the construction of a 39-story building, will cost approximately $150 million to complete.

Nearby, Cappelli is planning to build New Roc Tower, a 355,000-sf, 26-story retail/residential complex. The project is in the approval process, but could break ground later this year. The plan calls for approximately 150,000 sf of retail space on the lower levels of the complex and 154 condominium units. Cappelli officials have put the price tag on that project at approximately $74 million.

Idoni also noted that two former corporate buildings are now being converted to residential use. The former Bloomingdale's department store building, which had been vacant since 1978, has been transformed into a live/work loft property and the former Lillian Vernon building is being transformed into a residential condominium property.

Another major project that will take shape in coming months is the redevelopment of the city's waterfront. The mayor noted that the city plans to issue a Request for Proposal later this year or in early 2005 to develop three parcels, totaling approximately 17 acres, along the city's waterfront. The plan calls for the construction of 240 luxury townhomes, a boardwalk, along with some retail, restaurants and a marina for transient boaters. In addition, a former New York State Armory building on the waterfront will be converted into a "mini Westchester County Center," he noted. The mayor estimated the project could involve approximately $200 million to $250 million in new development.