With the DRI award, New Rochelle will connect its evolving and prosperous city center with the mile-long Lincoln Avenue Corridor that contains mixed-income residential housing, a newly renovated hospital, green space, a Metro North Train Station and part of the city's Arts and Cultural District.

Landmark believes there's a healthy market for off-campus housing close to this growing university and says the site is a rare and large urban assemblage near a light rail station that's zoned for high-rise.

Located in the heart of Perimeter Center, the hotel is surrounded by more than six million square feet of shopping, dining and entertainment.

While public transit is a highly sought-after amenity for office investors, it might not translate into leasing activity.