NEW ROCHELLE-A $22-million luxury rental apartment project, that was originally built as a 110,000-sf office building, staged a grand opening on Thursday evening that featured a host of local dignitaries, including New Rochelle Mayor Timothy Idoni.

Summit at New Roc features 100 luxury rental apartments. The building was constructed on top of the parking garage for Cappelli Enterprises’ New Roc City family entertainment complex with its Regal 18-screen megaplex and IMAX movie theater, Super Stop & Shop, Bally Total Fitness, New Roc Bowl, Sports Plus Family Entertainment Center and a 120-room Marriott Residence Inn.

The property was originally developed as an office building, but Cappelli Enterprises later petitioned the city to allow the firm to convert the facility into a rental apartment property due to insufficient interest from the region’s business community in the office space. Cappelli officials note that it took approximately six months to convert the building from office to luxury rental apartment use.

Sharon Hart, executive vice president of Summit Property Management, Inc., an affiliate of Cappelli Enterprises, says one-third of the available units have already been rented. She also says that the property has definitely sparked the interest of New York City residents. Thus far, 70% of the tenants moving to the Summit at New Roc are relocating from New York City.

The project is another major development recently completed in New Rochelle. In addition to the 600,000 sf New Roc City entertainment complex, AvalonBay Communities just put the finishing touches on its $92 million, 25-story, 412 unit apartment tower in the downtown district. Earlier this year, Avalon proposed building a 39-story, 588-unit luxury apartment tower nearby. The cost of that project has been estimated at $155 million.

The four-story Summit at New Roc features loft-style units with 11-foot ceilings, nine-foot tinted windows, tiled baths, washer/dryers and fully equipped kitchens in most units. The apartments range in size from studios (402 sf to 636 sf) that run between $1,219-$1,650 a month to a two-bedroom, two-bath penthouse unit of 1,166 sf that has a monthly rent of $5,000. An 1,835-sf two-bedroom, two-and-a-half bath with den at the Summit runs $4,500.

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