05/25/2023 | Press release | Distributed by Public on 05/25/2023 12:15
Allstate Ventures, joined by New Rochelle City Manager Kathleen Gill, Mayor Noam Bramson, Development Commissioner Adam Salgado, City Council Member Ivar Hyden, building architect Fogarty Finger's Chris Fogarty and John Zimmer, and representatives from project lender Enhanced Capital and Crossroads Impact Corp, broke ground Tuesday on 33 Westchester Place, a 27-story luxury rental tower and the final housing piece to the three-building, arts centric, new development Westchester Place.
"New Rochelle continues to make enormous strides in implementing our visionary plan for downtown development. The high-quality design of 33 Westchester Place will raise the bar once again for our city, and, in conjunction with Allstate Ventures' two adjoining projects, will have a dramatic positive impact on the street-level energy and appeal of our arts and cultural district," said Noam Bramson, Mayor of New Rochelle.
Residents of the 315 apartments will enjoy one of the most aesthetically striking of new construction buildings in Westchester County, designed by New York City architect Fogarty Finger, and also one with superior modern amenities addressing life areas of wellness, career and relaxation on the top floors. Amenities will include fitness rooms dedicated to yoga, cardio and strength training, designated areas for co-working, movie/television screenings, barbecuing, and social gatherings, some to be held in the Sky Lounge located atop the roof, adjoining the pool area and its terrace, soon to be the highest rooftop terrace in the area. All of the resident amenities share sweeping views to the Long Island Sound and across Westchester.
Unlike many residential towers that house their cooling towers on the roof, taking away from rooftop space that can be enjoyed by residents, 33 Westchester Place has a highly efficient, heat recovery HVAC system with no need for a cooling tower, so the building is able to use the majority of its roof surface for the resident pool, terrace and Sky Lounge. The architecture and design team opted for a solid wall design with a beautiful white terra cotta façade with bronze features for the exterior, saving energy over a glass façade, and bestowing it with an appealing elegance.
"Fogarty Finger is thrilled to begin construction on 33 Westchester Place. We have worked closely with the community and Allstate to bring its vision for a new arts and cultural district to life. At the base of the building, glazed storefronts and a perforated bronze screen enliven pedestrian activities and serve as a focal point for the neighborhood. For residents of the building, we created a variety of amenity spaces that afford wellness and socializing opportunities, both indoors and out. The restrained elegance of the building is pleasing at the level of the street as well as the skyline," says Chris Fogarty, co-founding principal of Fogarty Finger.
The residences are spread between the fourth and 26th floors, with a mix of 110 studios, some of them having separate alcoves giving them the feel of a one-bedroom, 161 one-bedrooms and 44 two-bedrooms, all designed with elevated, upscale details.
"As we designed this building after the full impact of the pandemic was felt, with offices closing and employees making their homes into work spaces, some of whom continue to work fully or partially remotely, the work from home or hybrid lifestyle was very much taken into consideration. The team designed a 2,000-square-foot co-working area, including six private work booths and a conference room for meetings, and made sure to incorporate flexible space in many of the residences that can be used for home offices," said Rachel Spater, Project Manager, Allstate Ventures.
Valet parking will be available to residents. Construction is expected to be completed at the end of 2024, with leasing to commence at that time.
Enhanced Capital's Impact Real Estate Group and Crossroads Impact Corp financed the environmental remediation of the brownfield site and construction of 33 Westchester Place. A total finance package of approximately $150 million was provided and includes a senior construction loan, a brownfield tax credit bridge loan and $31 million in C-PACE financing facilitated by Energy Improvement Corp, a NY C-PACE program administrator.
"Enhanced Capital is proud to provide financing for phases one and three of the Westchester Place project to support job creation and the demand for quality housing, while positively impacting the community by transforming a contaminated area into a vibrant residential development," said Ian McCulley, Director at Enhanced Capital.
Enhanced Capital and Crossroads Impact Corp partner to deliver measurable impact through investments that support small businesses and projects in underserved and underfunded communities on a national basis. Crossroads Impact Corp leverages Enhanced Capital's investing experience to originate, underwrite, and execute loans, enabling Crossroads to expand on its mission of environmental and social impact.
"With the continued investment into New Rochelle's downtown commercial area, 33 Westchester Place together with The Atelier and The Arc offer collaborative business and residential opportunities for all members of our community," said Ivar Hyden, New Rochelle City Council Member. "These properties will welcome new neighbors and businesses, and support active engagement in the arts that will benefit our entire City."
Arts, affordability, design, luxury, community, dining, shopping and wellness, existing side by side: this is the vision of Allstate Ventures' Westchester Place. In partnership with New Rochelle civic and community arts leaders, the New York residential developer is striving to answer the need for high-quality rental homes ranging from affordable units dedicated to artists, to market rate luxury homes, and the desire for personal daily connection to the arts, and to build a community with both new neighbors and longtime area residents.
Allstate Ventures, and its Westchester Place, was the first large-scale development to partner with New Rochelle as part of the city's creation of an arts and cultural district, and fits within the overall master plan to build a pipeline of more than 7,000 new residential units, including 1,500 affordable units, while adding requirements for ground-floor retail in new residential buildings to help engage residents and create a bustling life day and night in downtown New Rochelle. Westchester's Place's second building, The Atelier, will provide 65 affordable apartments for artists, and the development will showcase a rotating art program within all its three buildings.
"New Rochelle's progress in downtown development is tremendous. The exceptional design of 33 Westchester Place adds greatness to our skyline. Collaborating with Allstate Ventures' adjacent projects brings a remarkable transformation, injecting vibrant energy into downtown, engaging residents at street level. This collective endeavor reflects our shift in focus from buildings to community, fostering a vibrant and captivating atmosphere." - Adam Salgado, Deputy City Manager/New Rochelle Development Commissioner.
The luxury rental, 16-story building The Arc, the seven-story affordable artists' residence The Atelier, and 33 Westchester Place, will all feature ground floor commercial establishments, which are expected to offer a range of casual to fine dining, and other retail deemed most indispensable to the daily lives of today's city residents.
Westchester Place's mission to provide an immersive arts community, in a downtown development that also serves to provide nourishment for residents' wellness, career, family and social aspects, was inspired by New Rochelle's historic artist colony that was settled in the early twentieth century.
EXR opened leasing this month for The Arc, https://www.arcwestchester.com/, with an expected occupancy for July. Potential residents have been drawn to the idea of a smaller building, with a large array of useful amenities, such as in the indoor and outdoor dog parks, fitness facilities, golf simulator, basketball court and spectacular roof terrace, combined with the feeling of being part of an artistic community, while conveniently only a few blocks from the Metro-North/Amtrak train hub. Live tours of model units begin in February.
"Prospective renters meeting with our leasing team at The Arc are enthusiastic about the range of co-working areas we planned - from individual spots to set up your laptop and work solo, to the areas for breaking out as a small team and the larger conference rooms. Some of them are solo entrepreneurs who used to rent co-working space where they had to commute before the pandemic, while others now have a hybrid model where they go to the office a couple of days a week, but would like some options on their WFH days outside of their apartment," said Archibald Rowan, Director of New Development, EXR. "We have found that it provides a ton of value to renters, and really enhances their experience in the building, especially since workspace wasn't an afterthought here, but a focus when planning the amenity package."
The lottery for the 65 units at artist residence The Atelier will open to certified artists in June, with construction wrapping up around August. The building will have a gym, a public art studio open to all residents, and a roof terrace. Murals will adorn building walls inside and out. Private studio space also will be available on a limited basis to certified artists.
Westchester Place will feature permanent art installations and murals throughout, rotating art displays by resident artists, and ongoing arts programming open to residents and the community in indoor gallery spaces, the walkways and outdoor plaza courtyard, which will have permanent sculptures.
"We want the residents to feel like they live in a community here, not three separate buildings, and we aim to help foster that through extensive arts programming and events that will tie the buildings together," said Olivia Bayona, Property Manager at Westchester Place.