The locally based Simone bested a number of bidders for the project they estimate will cost approximately $175 million to complete. Simone will construct a new 388-space municipal parking garage on the site of the present Prospect Street parking lot. The firm will also demolish the existing Church/Division parking structure. In addition, and at the city's option, company officials say Simone will enlarge the capacity of the new garage by 140 additional spaces or make a $3 million contribution to the city.
On the site of the demolished Church/Division parking structure, the developer will build its condominium tower with approximately 385 residences. A total of 25 units will be townhouses at the plaza level. The building will also include approximately 44,000 sf of retail space and there are projected to be approximately 700 parking spaces beneath the building for the condominium owners with some of the parking available for the retailers, company officials add.
In addition, Simone plans to build on the site a "mid-rise" building with 30 to 50 condominium units and about 2,500 sf of professional office space. Joseph Simone, president of Simone Development, says New Rochelle is enjoying "a renaissance" and he expects this project will "aid in turning around the Main Street corridor."
The city and the developer will begin contract negotiations and then must receive various municipal and environmental approvals. Company officials hope that construction can begin within the next 18 months. Simone will work with city officials to set aside a percentage of the residential units as affordable housing. Another option may be for the developer to make an as-yet unspecified financial contribution to a yet-to-be established affordable housing down payment fund.
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