Construction begins on third of seven planned residential properties by developer in downtown New Rochelle
New Rochelle, NY, June 12, 2017 – Today, New Rochelle Mayor Noam Bramson, developer Tony Hammel of ELD Properties, Inc., the New Rochelle Industrial Development Agency (IDA), the Community Preservation Corporation (CPC), and Tompkins Mahopac Bank, joined together to mark the groundbreaking of “The Millennia,” a new $30 million, 110-unit multifamily development in downtown New Rochelle.
The ceremony also marked the official opening of Burling Plaza, a new community greenspace at the corner of Burling Lane and North Avenue. The Millennia is the third of seven planned residential properties in the City by ELD, and ten percent of the units in the building will be affordable to low-income families. The new property furthers the City’s ambitious downtown redevelopment initiative, which has sparked a wave of new development across the City.
“The Millennia represents the next, exciting step in the dramatic transformation of New Rochelle’s downtown and, especially with the inclusion of a new public plaza, will bring life and energy to one of the most visible locations in our city,” said Mayor Noam Bramson. “I congratulate ELD on their vision and look forward to additional positive steps in the years to come.”
“The contemporary design and smart technological features of the amenity-rich Millennia will attract young professionals,” said Tony Hammel, CEO of ELD Properties, noting that the six-story, 130,000 square-foot rental property will feature 110 highly-appointed apartments situated only one block away from the New Rochelle Transit Center. “A state-of-the-art fitness center will open into a center courtyard with glass ceiling, koi pond and putting green. A social room, rooftop patio and flex office space provide the perfect settings to support tenant’s leisure and work activities.”
Completion and tenancy planned for Q4 2018. More information is available at www.MillenniaNR.com.
“We’re proud to bring projects like The Millennia to downtown New Rochelle,” said Charles B. Strome III, New Rochelle City Manager and Chair of the Industrial Development Agency. “The Millennia’s combination of first-class amenities and affordable rental units speaks to the caliber of things to come in New Rochelle.”
“Today’s events mark a very exciting time for the City. The new residential development and plaza opening bring New Rochelle one significant step closer to attracting residential and commercial tenants from both near and far,” said Luiz Aragon, New Rochelle’s Development Commissioner. “The City’s overall redevelopment plan, which includes the rezoning of 279 acres of land, is one of the most ambitious programs in the region and is expected to attract over $4 billion in new investment to the downtown area.”
Situated one block away from The Millennia at the corner of North Avenue, Burling Plaza is the Downtown’s newest open space. The plaza includes one of three sculptures commissioned through Mahlstedt Gallery for the City’s central gateway, created by local artists Bob Perucci and Jake Genovesi. Also in the plaza is a solar-powered Soofa bench, inviting pedestrians to “relax and recharge.” The Millennia NR, LLC will oversee general maintenance of the plaza.
The Community Preservation Corporation, with participant lender Tompkins Mahopac Bank provided a $27 million construction and permanent loan for the Millennia. The Millennia continues CPC’s commitment to working with the City to invest in the resurgence of Downtown New Rochelle. Since 1994, CPC has helped finance more than 50 multifamily housing projects with more than 1,100 units in New Rochelle.
“CPC is proud to be part of a project that will bring new, high-quality housing opportunities to the people of New Rochelle while also playing a key role in the city’s revitalization plan,” said Mary Paden, Vice President and Mortgage Officer at the Community Preservation Corporation. “Investing in housing projects like the Millennia that connect people to transit, retail, parks and other neighborhood amenities is critical to creating vibrant and diverse communities. My thanks to Mayor Bramson and the New Rochelle IDA, ELD Properties, our financing partners at Tompkins Mahopac Bank, and members of the community who have all supported this fantastic project.”
“Tompkins Mahopac Bank is pleased and excited to participate in the financing of this fabulous project. The Millennia will be a wonderful addition to the City of New Rochelle, and we are honored to be involved with something that will benefit the community and contribute to local economic development, as we have done numerous times financing projects throughout Westchester County and the Hudson Valley. We appreciate the opportunity Community Preservation Corporation afforded us in partnering with them, and we look forward to working with Tony and William Hammel of ELD Properties,” said John Kraus, Senior Vice President/Senior Commercial Loan Officer, Tompkins Mahopac Bank.
The Millennia and Burling Plaza complement the City’s efforts to develop a downtown neighborhood in New Rochelle that is easily accessible to transit. The project development site is in an area recently re-zoned to facilitate multi-family residential and retail development. To create a neighborhood that is livable, economically diverse, and affordable to a wide range of incomes, the City’s inclusionary zoning ordinance requires that 10 percent of the units be affordable units to families earning 80 percent of AMI. Additionally, the project was supported by the New Rochelle Industrial Development Agency (IDA).
In attendance at the groundbreaking and plaza grand opening were: owner of ELD Properties, Tony Hammel; New Rochelle Mayor Bramson; City Manager Charles B. Strome, III; Development Commissioner Luiz Aragon; John Kraus of Thompkins Mahopac Bank; and Mary Paden of CPC, among others. The speaking program was followed by a formal ground breaking ceremony.
About The Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. We provide innovative capital solutions, fresh thinking and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face. To date, CPC has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of affordable housing. Our work with our partners has helped revitalize countless neighborhoods throughout New York, and provided quality housing for families, senior citizens, and individuals with disabilities. Follow us at communityp.com, and on Facebook, Twitter and LinkedIn.
About the City of New Rochelle
With an unparalleled location, superb quality of life, diverse and talented residents and a focused business climate, New Rochelle is experiencing the transformation of a lifetime. The City’s economic development plan will provide a spark for the entire Hudson Valley region, positioning it as “open for business” and embracing smart, transit-oriented development growth patterns. Accelerated by a new, fast-track zoning process, the new Master Development initiative will enhance the downtown area by boosting job creation, property values and private investment – while enhancing sustainability through green and energy-efficient design. Learn more at http://www.ideallynewrochelle.com/.