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September 16, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Construction starts on 114 apartments on New Rochelle’s North Avenue

Rendering of The Rockwell. Provided by YoungCraft.

A New Rochelle development company started construction this week on The Rockwell, an estimated $60 million, 114-unit apartment building that the developer described as part of its vision to reimagine North Avenue in the city.

YoungCraft, a real estate development company led by Robert Young and Phil Craft, celebrated the groundbreaking for the 160,000-square-foot apartment building on Oct. 3. The property is at 583 North Ave., near 5th Avenue.

Related: Apartments planned on North Avenue near Iona College

“Today the YoungCraft team embarks on our 12-year mission to rebuild and reimagine this stretch of North Avenue by breaking ground on this impressive development in the geographical center of New Rochelle,” said Young.

Plans from The Sullivan Architectural Group of Milford call for 114 apartments, a mix of 20 studios, 59 one-bedroom, 28 two-bedroom and seven three-bedroom units. Eleven of those apartments will be designated for affordable housing. Amenities include a rooftop terrace, community lounge, and fitness center.

The building will be anchored by 22,000-square-feet of ground floor retail space, the developer said; 13,000 square feet of that space is pre-leased. The site also will include 207 parking spaces for residents and retail customers.

Last year, the New Rochelle Industrial Development Agency approved estimated benefits of $4.7 million in savings from payments in lieu of taxes over 20 years, $1.2 million in sales tax exemptions and $395,000 on the mortgage recording tax.

Mayor Noam Bramson joined the developers for the ceremony, calling The Rockwell “the most significant new project on the North Avenue corridor in generations.”

The Rockwell is named for New Rochelle’s own Norman Rockwell. Developers expect to finish construction in summer 2020.

YoungCraft, which operates from offices in New Rochelle, has holdings in properties in New York, Connecticut, Massachusetts and Florida.