Toot, Toot! Transit-Oriented Development Takes Off in White Plains
FEBRUARY 02, 2015
New Projects Will Attract Young Professionals to Work.Live.Play! in Westchester
The Millennials like to walk. They also like to be close to the action. So, a new mixed-use complex in White Plains, offering market rate rental apartments, shopping, and parking—all within walking distance of the White Plains train station—may be just what Millennials are looking for. Construction on the project will begin in March 2015, heralding the revitalization of the city’s downtown district.
“This project redevelops the transit hub in White Plains, bringing affordable housing for young professionals, new retail options, and access to one of the best public transportation networks in the world,” said Marissa Brett, president, Westchester County Association (WCA). “White Plains is transforming itself into an urban center. Like other such projects under consideration in Westchester, Transit Oriented Development (TOD) will rejuvenate urban centers, bring jobs and new businesses, and attract young professionals in search of walkable neighborhoods, close to work and the transportation to get them there.”
The project will be built on a former commuter parking lot at 55 Bank Street and includes two 16-story apartment buildings, according to county officials. The 760,000-square-foot complex will include 449 market rental apartments, 112 affordable rental units, 6,300 square-feet of retail space and a 570-space parking garage. LCOR, a Pennsylvania-based real estate development company, purchased the site from the White Plains Urban Renewal Agency. Westchester County’s Industrial Development Agency (IDA) approved amendments earlier this month, paving the way for the $250 million transit-oriented development project, which is estimated to create up to 533 new construction and permanent jobs.
Another mixed-used complex is planned for the train station parking lot in the town of Harrison, situated in the I-287 corridor. Developer AvalonBay Communities acquired the 3.28 acre parcel from the Metropolitan Transportation Authority to build 143 residential units and 27,000 square feet of retail space. Verco Properties LLC has also proposed converting an old theatre in downtown Harrison into 42 luxury housing units combined with retail space. In New Rochelle, city officials recently approved an agreement with RXR Realty and Renaissance Downtowns LLC to design a master plan for revitalizing 11 acres of city-owned land around the city’s train station.
“We are encouraged by the number of projects in the works in Westchester,” notes Brett. “It all adds up to a holistic approach to economic development, one we have long advocated through our BLUEPRINT for Westchester campaign to drive economic vitality in Westchester. This is just the beginning.”