Westchester Commercial Real Estate Development Roundup
What new Westchester development projects are making a stir this week? Here are two that caught our eyes.
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New Rochelle: Echo Bay
After several years of failed planning, the New Rochelle City Council has decided once again to take a stab at the Echo Bay waterfront project. They’ve selected Twining Properties, a development firm based in New York City, to head the project that will cost $146 million in its first phase alone. They plan to develop a total of 130,000 square feet of retail and 938,000 square feet of housing with the addition of a town center for shops, restaurants, a park, and possibly a hotel. New Rochelle city officials hope that the project will turn the waterfront area into a hub for shopping, dining, and living.
Yonkers: Longfellow School
The Longfellow School on Mulberry Street in Yonkers has been vacant since 1976, but the Yonkers Industrial Development Agency (YIDA) has new plans to change that. According to a resolution passed by the agency, the building will be demolished and replaced with 59 units of affordable housing. The plan is for the Yonkers-based Greyston Foundation, combined with developers from the Bluestone Organization and the Hudson Companies, to develop and manage the project through a joint entity, HB Longfellow Realty, LLC. The project is aimed at serving a wide variety of affordable housing needs, including people with developmental disabilities and veterans with disabilities. It’s estimated to cost $22 million and will take approximately 24 months to complete.