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The original item was published from 10/28/2022 11:58:11 AM to 10/29/2023 12:00:02 AM.

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Development

Posted on: October 28, 2022

[ARCHIVED] 500 Main Street Project Breaks Ground

Located in the heart of the City’s downtown corridor at 500 Main Street, the 26-story apartment building will deliver hundreds of residential units for mixed-income residents and approximately 24,000 square feet of amenity spaces upon projected completion in late 2024

On Thursday, October 27, BRP Companies, the City of New Rochelle,  Westchester County officials and project partners broke ground on 500 Main Street, a 26-story, 477-unit, mixed-income residential complex situated in Downtown New Rochelle.  

 Slated for completion by the end of 2024, 500 Main Street will deliver additional residential units to the Downtown New Rochelle community, ranging in size from studios to two-bedroom homes. The project will also include approximately 24,000 square feet of amenity spaces, inclusive of a resident fitness center, lounge, pool, roof deck and on-site parking. In addition, 119 of the 477 homes will be affordable, with 20 units available to residents earning up to 50% of the area median income (AMI) and an additional 99 units available to residents earning up to 60% of AMI. The new home of the New York Covenant (NYCC) church will occupy the first two floors of the property including sanctuary, totaling over 22,000 square feet.

 “It is always an exciting day when we break ground on new housing in our community, especially when it includes much-needed affordable units,” said New York State Senator Shelley B. Mayer. “Congratulations to the City of New Rochelle, Governor Kathy Hochul, the New York State Department of Homes and Community Renewal, and BRP Companies. 500 Main Street will contribute to the vibrancy of Downtown New Rochelle and provide many families safe, affordable places to call home for many years to come!”

 "With the highest quality housing at multiple price points, attractive state-of-the-art amenities, and vibrant ground floor energy, 500 Main exemplifies the values at the heart of New Rochelle's plans for sustainable, equitable downtown growth.  I congratulate the development team on this exciting ground-breaking, and look forward to 500 Main contributing significantly to the economic and cultural vitality of our city," said New Rochelle Mayor, Noam Bramson.

 “BRP Companies is thrilled to be celebrating this groundbreaking milestone alongside all project partners involved as we bring the vision for 500 Main Street one step closer to fruition,” said Meredith Marshall, Co-Founder and Managing Partner of BRP Companies. “An area currently experiencing a significant rebirth, we’re proud to be playing a role in Downtown New Rochelle’s ongoing revitalization efforts as well as deliver another avenue of both market rate and affordable housing to the community.” 

 “Thanks to a dynamic, public-private partnership, this new development will soon reanimate a historic corner of Downtown New Rochelle,” said Adam Salgado, Commissioner of Development and Executive Director of the City of New Rochelle IDA. “We appreciate the outstanding cooperation of BRP Companies in advancing a landmark project that will benefit the greater New Rochelle community for decades to come.”

 “500 Main Street will create nearly 500 new homes and retail space in the heart of downtown New Rochelle, with excellent access to public transit,” said New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas. “Developments like this one will ensure that New Rochelle’s growth and revitalization is equitable and benefits everyone who lives here, regardless of income. The inclusion of a new home for the New York Covenant Church will be a welcome addition for their congregation. Thank you to our partners at BRP Companies for their work to reach this milestone.”

 “Mixed income housing is the bedrock of stable and thriving communities,” said Westchester County Legislator Damon Maher. “We welcome this project that will allow our working families, our young adults and our seniors to benefit from the amazing growth in our downtown.”

 “500 Main St. will expand housing opportunities in a time when we need it most. I commend all involved parties for investing in our city’s revitalization,” said Westchester County Legislator Terry Clements.

 The overall goal of the City of New Rochelle’s Master Development initiative is to create a vibrant, ethnically and culturally diverse community in the downtown area that draws people from across New Rochelle and throughout Westchester and the wider region. The successful redevelopment plan has already helped attract $2.2 billion in private investment, through the approvals of 32 development projects which have brought 9.2 million square feet of space downtown and the creation of nearly 4,000 new housing units. 

 BRP is undertaking the project in conjunction with Skycore Builders, a New York-based construction company that has overseen construction of more than 18 million square feet of residential buildings.

About BRP Companies:

 BRP Companies is a New York-based real estate firm that is at the forefront of mixed-use development and acquisition of urban, multi-family properties. The firm offers a full complement of development, acquisition, construction, property, and investment management. With an experienced staff of 70, a $4.7 billion portfolio and 10.5 million square feet of current and completed development, BRP is uniquely positioned to meet the demands of urban housing consumers. The firm is an innovator in developing mixed-use, mixed-income, “walkable” urban housing with high-quality, and energy-efficient properties throughout the city of New York and beyond. Please visit: www.brpcompanies.com

About the City of New Rochelle: 

With its unparalleled location, superb quality of life, diverse and talented residents and a focused business climate, New Rochelle is experiencing the transformation of a generation. The City’s current economic development plan will provide a spark for the entire Hudson Valley region, positioning the city as “open for business” and embracing smart, transit-oriented development growth patterns that promotes open space, its close proximity to New York City and opportunities for businesses to rebound, recover and succeed in the current economic climate.  Accelerated by a new, fast-track zoning process along with resources for small businesses and micro-enterprises, the ongoing Master Development initiative will continue to enhance the downtown area by supporting job creation, property values and private investment – while enhancing sustainability and livability through green and energy-efficient design. For more information on why New Rochelle is ideally yours, please visit https://www.ideallynewrochelle.com.

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