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September 16, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Lennar Multifamily closes on $25M purchase of Mamaroneck Avenue site

Rendering of the proposal at Mamaroneck Avenue and East Post Road in White Plains.

An affiliated company of Lennar Multifamily Communities has closed on a $25 million purchase of properties along Mamaroneck Avenue and Mitchell Place in downtown White Plains. The purchase marks the latest step in a plan from the company to build 434 apartments and a small retail space along a stretch known as the city’s “restaurant row.”

Lennar bought the properties at 9 Mitchell Place and 131 Mamaroneck Ave. through a single deed recorded Oct. 3 from Devon Plaza Realty, which lists an address in Manhattan in care of JAH Realties LP.

Greg Belew, Lennar Multifamily Communities’ city president for the New York tristate region, confirmed to the Business Journal this morning that the properties are part of its plan to build the 16-story, 440,000-square-foot apartment tower complex the city approved for the site in 2017.

The 131 Mamaroneck Ave. lot includes a stretch of storefronts from the corner of Mamaroneck and East Post Road to a dollar store on Mamaroneck Avenue. The 9 Mitchell address is an automotive lot near the corner of Mamaroneck and Mitchell Place.

Here’s a look at how the development fits on the block between the two lots:

A section of the plans outlining the project site.

The approved plans call for a mix of studios and apartment units ranging from one to three bedrooms. Those apartments would be spread across three building segments on the 2.1-acre site: two 15-story buildings and a 6-story building. Included in the project is 8,000 square feet of ground-level retail and restaurant space on Mamaroneck Avenue.

A 6-story parking structure would be built within the central building, not visible from street level. The plan also calls for a small park open to the public on the Mitchell Place side of the building.

The next step in the project, Belew said, is demolition of buildings on the site starting in November. The start of construction is planned for early next year.

Lennar Multifamily is an arm of the publicly traded Lennar Corp., which is headquarted in Miami and is the nation’s largest homebuilder.

Lennar Multifamily, which has a New York metro office in Stamford, is also the developer behind a plan for two apartment towers in downtown White Plains at the site of the former Westchester Pavilion. While the Pavilion has already been demolished, the developer presented revised plans for its residential redevelopment there that are still under review by the city.