The development should have a ripple effect on the local realestate market. While small retailers in the city's CBD haveexperienced hard times in recent years, White Plains' officeavailability rates have dropped considerably in the past 12 months.Thanks to an influx of new high-tech companies, as well as internalcorporate expansions, the city's office availability rate nowstands at a little more than 16 %, almost half of the 30% postedjust 18 months ago. Most observers believe the Town Centredevelopment, combined with robust office leasing activity, willplace upward pressure on office rental rates in downtown WhitePlains, which now stand in the mid to high $20 per sf.

At that July 10 meeting, the White Plains Common Council alsogranted final approval for a project near the White Plains railroadstation that will see the development of 500 market-rate rentalhousing units in two high-rise buildings, a 160-room hotel andretail space. That project is being developed by a partnership thatincludes LCOR, the Jack Parker Corp. and RMC Development ofElmsford. In addition, the council also approved a proposal tobuild a Stop & Shop supermarket on the outskirts of theDowntown district.