GlobeSt.com EXCLUSIVE: Simone Signs $175M Mixed-Use Agreement

Joseph Simone, president of Simone Development appearing at a meeting of the Westchester County Board of Realtors Commercial Investment Division, outlined preliminary plans for the second phase of the Hutchinson Metro Center project in the Bronx. Simone explained that the project would be built on spec. At present, the 460,000-sf Hutchinson Metro Center is approximately 88% leased. Simone said that he expects the former psychiatric facility complex will be 100% leased by year's end, thus the need for further development at the property.

Earlier this year, Simone acquired 24 acres at the site that affords the company the right to build another 640,000 sf of office space. No cost estimates on the second phase of the center were released. "We intend at some point to have 1.8 million sf at the site, that is the goal," he said.

Simone also noted that his firm finalized a Memorandum of Understanding with the City of New Rochelle on the $175-million redevelopment of the Church/Division parking garage site. The plan calls for the construction of a new 859-space municipal parking garage at the site of the present Prospect Street parking lot. After completion of that structure, Simone will demolish the old Church/Division parking garage and build a new 34-story residential luxury condominium building, a loft building and some townhome units. In total the project will involve 425 condominium units. In addition, the plan calls for 44,000 sf of retail and 2,500 sf of office space. Some affordable units will be included in the development as well as underground parking for the residents.

Simone hopes his firm can obtain the necessary municipal approvals by June 2006 with construction to start shortly thereafter. The entire project should be completed by the spring of 2009. He said that his project, along with other residential and mixed-use developments expected to be built in the near future in Downtown New Rochelle, will help create "a new New Rochelle."