New York State Homes and Community Renewal, BRP Companies and the city of New Rochelle today announced that construction has begun on a new $297 million mixed-use housing development in downtown New Rochelle. The development, 500 Main Street, will include 477 apartments, including 119 homes that will be affordable to low- and moderate-income households, ground floor retail space, and a community area that will be occupied by the New York Covenant Church.
HCR Commissioner RuthAnne Visnauskas said, “500 Main Street will create nearly 500 new homes and retail space in the heart of downtown New Rochelle, with excellent access to public transit. Developments like this one will ensure that New Rochelle’s growth and revitalization is equitable and benefits everyone who lives here, regardless of income. The inclusion of a new home for the New York Covenant Church will be a welcome addition for their congregation. Thank you to our partners at BRP Companies for their work to reach this milestone.
500 Main Street is part of Governor Hochul's sweeping plans to make housing more affordable, equitable, and stable. In the FY 2023 State Budget, the Governor introduced and successfully secured a new $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes across New York including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
500 Main Street will consist of 26-story tower with 110 studios, 218 one-bedroom apartments, and 149 two-bedroom apartments. The 119 affordable apartments will be evenly distributed throughout the residential tower.
The development of 500 Main Street will complement the State’s Downtown Revitalization Initiative investments in New Rochelle and assist in the goal of preserving socio-economic diversity through mixed-income residential growth.
500 Main Street is designed to be highly energy-efficient and will meet the criteria for Enterprise Green Communities certifications. Energy efficiency measures will include a high-performance building envelope, low-flow plumbing fixtures, energy-efficient lighting, and the use of ENERGY STAR appliances.
The development will be within walking distance of the New Rochelle Transportation Center for Metro-North Railroad and Amtrak service through the wider region, as well as several bus lines that serve locations throughout New Rochelle and Westchester County.
500 Main Street’s extensive amenities, which include a swimming pool, landscaped terrace, dog run, and fitness center, will be available to all residents.
The developer is the BRP Companies.
State financing for 500 Main Street includes $200 million in taxable and tax-exempt bonds and Federal Low-Income Housing Tax Credits that will generate $20 million in equity from New York State Homes and Community Renewal. Westchester County is providing $3.8 million through the New Homes Land Acquisition Funds and the
Interfaith Dwelling Corporation is providing $2.5 million.
Meredith Marshall, Co-Founder and Managing Partner of BRP Companies said, “BRP Companies is thrilled to be celebrating this groundbreaking milestone alongside all project partners involved as we bring the vision for 500 Main Street one step closer to fruition. An area currently experiencing a significant rebirth, we’re proud to be playing a role in Downtown New Rochelle’s ongoing revitalization efforts as well as deliver another avenue of both market rate and affordable housing to the community.”
New Rochelle Mayor Noam Bramson said, "With the highest quality housing at multiple price points, attractive state-of-the-art amenities, and vibrant ground floor energy, 500 Main exemplifies the values at the heart of New Rochelle's plans for sustainable, equitable downtown growth and will contribute significantly to the economic, cultural, and social vitality of our community. I am grateful for Governor Hochul's effective leadership on housing priorities and for New York State's strong commitment to this project."
Senator Shelley B. Mayer said, “It is always an exciting day when we break ground on new housing in our community, especially when it includes much needed affordable units. Congratulations to the City of New Rochelle, Governor Kathy Hochul, the New York State Department of Homes and Community Renewal, and BRP Companies. 500 Main Street will contribute to the vibrancy of Downtown New Rochelle and provide many families safe, affordable places to call home for many years to come!”
Assemblymember Steve Otis said, "This project is part of New York State's expanded support for affordable housing projects, a priority of Governor Hochul and her team. The building incorporates several energy and water consumption efficiencies in line with the state's climate action and environmental goals. This development comes at a time of considerable growth, interest and investment in New Rochelle's downtown.