Posted Jun 9, 2023, 1:00 PM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,840
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Construction Breaks Ground At 33 Westchester Place In New Rochelle
Quote:
Construction has broken ground at 33 Westchester Place, a 27-story rental tower in downtown New Rochelle. When complete, the building will add another 315 apartments to Westchester Place, a three-tower complex developed by Allstate Ventures.
This third and final tower is designed by Fogarty Finger, and will feature a white terra cotta facade with bronze ornamental fins and recessed glass windows. Within the property, the apartments will occupy the fourth through 26th floors, and range from studios up to two-bedroom floor plans.
Amenities will include a fitness center with separate studio spaces, a 2,000-square-foot co-working suite with private meeting rooms, a screening room, barbecue grills, indoor lounges, and on-site valet parking. Tenants will also have access to a rooftop ‘Sky Lounge’ with a pool and a connected outdoor terrace.
Prior to construction, Allstate Ventures was required to complete an environmental remediation of the brownfield site now known as Westchester Place. To bankroll the remediation and construction, the developer secured roughly $150 million in financing, including support from private lender Enhanced Capital, a brownfield tax credit bridge loan, and $31 million in C-PACE financing facilitated by Energy Improvement Corp.
Construction at 33 Westchester Place is on schedule to be completed by the end of next year. Additional buildings at Westchester Place include The Arc, a 16-story residential building and The Atelier, a seven-story affordable artists’ residential building.
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