LCOR Revives $250M Multifamily Project in White Plains

WHITE PLAINS, NY—A $250-million mixed-use project mothballed since 2007 could break ground here by March.

LCOR, which had proposed the twin-tower 55 Bank St. mixed-use project and secured approvals for the venture near the White Plains Metro North railroad station back in 2007, appeared before the Westchester County Industrial Development Agency on Thursday seeking amendment changes to its prior approvals, including permission to develop the project in phases.

The 55 Bank St. project a full-build out will be comprised of two 16-story apartment buildings to be constructed on a site currently occupied by a commuter parking lot. LCOR has acquired the site from the White Plains Urban Renewal Agency. The 760,000-square-foot complex will include 449 market rental apartments, 112 affordable rental units, 6,300 square-feet of retail space and a 570-space parking garage. The overall project is expected to create 533 new construction and permanent jobs.

The IDA inducement from 2007 of $3.3 million in sales tax and $3.2 million in mortgage tax exemptions in connection with the project remains in place.

James Driscoll, senior vice president of LCOR Inc., said the first phase of the project would include 288 apartments (57 affordable units), 3,000 square feet of retail space and 381 parking spaces. The second phase, which will be started when the first tower building is rented, would involve 273 apartment units (55 affordable units), 3,000 square feet of retail space and 188 parking spaces.

Driscoll said that the recession, which began in earnest in 2008, caused the company to delay the project, although Lehman Brothers was an equity partner in the project. Lehman Brothers filed for bankruptcy in 2008. In 2012, LCOR restructured and at that time Lehman Brothers exited and CalSTRS is now a joint venture partner. Driscoll said that financing for the first phase of 55 Bank St. is being finalized.

LCOR previously developed Bank Street Commons, a mixed-use 500-unit apartment building adjacent to the White Plains train station that was completed in 2009. LCOR has since sold its interest in that property.

Westchester County Executive Robert Astorino in a statement in connection with the amendment approvals on the venture, said, ““This project offers convenient, affordable housing for the county's workforce near a transit hub that will get them to their place of work or wherever they want to go. This kind of private investment is moving Westchester forward, and was made possible by the Westchester IDA and the leaders at LCOR who realize the value of Westchester.”