2 New Developments Break Ground in New Rochelle and Rye
RXR Realty and Paul Varsames Development each get to work on new projects.
RXR Realty broke ground on a 28-story development at 26 South Division Street, New Rochelle in October. Once completed in late 2021, the ground-up construction project will include 12,000 square feet of retail in addition to 352 apartment complexes.
The rental apartments will be offered in studio, one-bedroom, two-bedroom, and three-bedroom layouts. The complex is set to include a garage, speakeasy, lounge, valet parking, and a coworking space. RXR is also including municipal parking on site to help address the needs of Downtown New Rochelle residents.
Besides the development, RXR committed to a new initiative known as RXR Building Community Fund with the Westchester Community Foundation. With a seed donation of $225,000 from RXR, grants will be awarded to programs working to improve youth enrichment, workforce development, economic development, parks, recreation and wellness, environment and sustainability, and public safety. “RXR is giving back to the City of New Rochelle in a significant way through this fund,” says Laura Rossi, Executive Director of the Westchester Community Foundation. “For a developer like RXR and for New Rochelle this is a game-changer.”
A rendering of 46 Locust Avenue condos in Rye
Additionally, in early November Paul Varsames Development broke ground at 46 Locust Avenue in the heart of Downtown Rye. After forty-five years of assembling and planning, the property is being developed in conjunction with MOKA Design and Tecton Architects.
The first units are expected to be completed by early Spring 2021 with the project wrapping up in Fall 2021. In total, the development will consist of four unique buildings each housing two units. Each unit features at least three bedrooms, three and a half baths, and two balconies beginning at $2,483,300. “Rye might not see a project like this again for a very long time,” says the developer. “We are excited to bring it to market.”