Page 38 - Westchester Economic Development Guide - 2017 PDF

WESTCHESTER WORKS REAL ESTATE
A STRONG AND CONFIDENT MARKET
Westchester’s strong value is drawing national develop- ers to the area, while lead- ing local developers are reinvigorating historic buildings across the county.
The long-abandoned Boyce Thomp- son Institute, a former horticultural re- search hub in northwest Yonkers, is being redeveloped into an 85,000 square-foot mixed-use complex with office and medi- cal space. The redevelopment of the site – which will include restaurants, banking and retail stores – will be conducted by Simone Development Companies.
The historic 690,000 square-foot Reader’s Digest complex in Chappaqua will also be breathing new life into the area, as Elmsford’s Wilder Balter Part- ners converts the 1939 site into a new residential complex known as The Apart- ments at Chappaqua Crossing.
NEW DEVELOPMENTS
Lennar Development, one of the largest homebuilders in the country, is creating an ambitious 800,000 square-foot, multi- use development in downtown White Plains. The $275 million project, which will add 700 new housing units geared towards young professionals and empty- nesters, was recently approved by the city.
LCOR, a nationally recognized invest- ment, management and development company, is overseeing a multi-use de- velopment near the White Plains train station. The 760,000-square-foot com- plex will include 449 market rental apartments, 112 affordable rental units and 6,300 square-feet of retail space.
RXR Realty developed Larkin Plaza, which offers luxury living in the heart of Yonkers, one block from the train sta- tion, In conjunction with Renaissance Downtowns, RXR was officially named “Master Developer” of Downtown New Rochelle, tasked the largest and most
significant economic development initia- tive in the city’s history.
STRONG, LOCAL
PARTNERSHIPS
Throughout the county, there are mul- tiple examples of fast-moving housing development supported by local govern- ment, such as the Hudson Harbor com- munity in Tarrytown and Transit-Orient- ed Development (TOD) sites in Ossining, Yonkers, New Rochelle, Mount Vernon and in Harrison (learn more about TOD in our Accessibility section on page 14).
RELLA FOGLIANO
Founder and CEO
THE MACQUESTEN COMPANIES
A leader in develop- ing environmental- ly sound, affordable housing through- out Westchester, the MacQuesten Companies have made their impact on three projects in
the county. The developers finished work on Heritage Homes in New Rochelle and have two projects underway in Mount Vernon: the Modern, an 81-unit afford- able apartment building currently under construction; and a planned 20-story, 205-unit mixed-income property adjacent to the Mount Vernon West train station.
The Modern will offer affordable apartment living in Mount Vernon.
What’s your development philosophy?
To be forward-thinking, with a modern vibe. To offer a good view. Westchester offers high AMI (Area Median Income) from a rent perspective: teachers, fire- men, policemen. We offer larger apart- ments. I like space and good storage. It’s a little costlier to add a second bathroom, but much more convenient. Sustainabil- ity is important to me, and energy con- servation is foremost on our minds. Our constructions are built to last. You do it once and you do it well.
What has made you so successful?
I don’t follow the herd. People used to go up-county when it was more afford- able – now it isn’t. We didn’t look in our own backyard. I focus on the places that time forgot: Mount Vernon is the sweet spot, a Westchester location, but only 18 minutes by train to Manhattan. My phi- losophy is to look at who your neighbors are and develop for them. I develop up- scale luxury buildings, which are mixed use and for mixed incomes, near transit so they’re accessible.
What inspires you about your work?
The work is tangible - you can go by and look at it. It’s very exacting. There’s no cutting corners. Every façade has to be consistent. I enjoy helping to contribute to a higher quality of life for people.
36 WESTCHESTER COUNTY ECONOMIC DEVELOPMENT GUIDE
“Major national developers are investing hundreds of millions of dollars into our community. They aren’t doing this on a whim - they’ve done the research, they know this market is strong. This inspires confidence in the Westchester market and we are told commercial landowners and brokers consider these investments in the multi-use downtown developments an extremely positive sign for them as well.”
—William M. Mooney, III,
Director of the Westchester County Office of Economic Development