$12 Million Mixed-Use Development Supports Transit-Oriented and Economic Development in Downtown New Rochelle
New Rochelle, NY, October 26, 2016 – New Rochelle Mayor Noam Bramson, Developer Ralph Rossi of RMA Development, LLC, the City of New Rochelle, the New Rochelle IDA, and The Community Preservation Corporation (CPC), a leading nonprofit affordable housing and community revitalization finance company, celebrated the grand opening of The Lombardi, a new $12 million, 48-unit, mixed-use development in downtown New Rochelle. Located at 11 Park Place—a five minute walk to the New Rochelle Transit Center, The Lombardi helps further the City’s new transit-oriented and economic development initiatives for downtown New Rochelle.
In attendance at the grand opening were NYS Assemblyman Steve Otis; New Rochelle Mayor Bramson; City Manager Charles B. Strome, III; Corp. Counsel/Chief of Staff Kathleen Gill; Councilmember Fertel; Fire Chief Lou DiMeglio; City Clerk Bennie Giles; Development Commissioner Luiz Aragon; Ralph Rossi, Managing Member of RMA Development, LLC; and Doug Olcott, Senior Vice President/Regional Director of CPC, among others. The speaking program was followed by a formal ribbon cutting ceremony, tours of the development, and a reception in the building’s retail space with refreshments generously donated by several popular locally-owned restaurants, including Posto 22, Wooden Spoon, Roc-N-Ramen, Sweet Potatoes, and Pop’s Espresso Bar.
“The Lombardi is not just an outstanding addition to New Rochelle’s menu of housing options; it also represents the future of the North Avenue corridor and of our transit area as a whole. I congratulate the development team on this great accomplishment and look forward to celebrating the further positive transformation of this key portion of our city,” said Mayor Noam Bramson.
“The Lombardi project is the quintessential model of what can happen when the right location is paired with the proper zoning ordinance. The City has clearly been working with developers over the years on zoning that has made good development economically feasible,” said Ralph Rossi.
The Lombardi contains 2,550-square-feet of ground floor retail space, eight one-bedroom residential units, and 40 two-bedroom residential units. Ten percent of the property’s residential units are income-restricted and affordable to tenants earning 80 percent of the area median income (AMI). The Lombardi was conceived, designed, and built to provide its residents with an “Old World” experience. Paying homage to the town where the developer’s grandfather, father, and uncle emigrated from, The Lombardi is a fusion of European craftsmanship with today’s modern comforts and conveniences.
“The Lombardi is the North Avenue change agent our city needed,” said Luiz Aragon, Commissioner of Development at the City of New Rochelle. “A new North Avenue is about to blossom in New Rochelle.”
“At CPC we believe that investing in high-quality, stable housing can help revitalize communities and act as a catalyst that attracts additional private and public investment,” said Doug Olcott, Senior Vice President and Hudson Valley Regional Director, CPC. “With the Lombardi, we’re creating new housing and commercial opportunity, and it’s being integrated into the City’s goals of building a more transit-oriented and livable downtown area. This is what the best of community development can look like when the private, nonprofit, and government sectors all come together with a common mission and a shared goal. My thanks to Ralph Rossi, Mayor Bramson, the New Rochelle IDA, and members of the community who have all supported this fantastic project.”
Bob Marrone, Executive Director of the New Rochelle Chamber of Commerce, added, “Once again, New Rochelle is the beneficiary of a property that combines the utility and comforts of the present day with the elegance and charm of the city’s rich history.”
The Lombardi emphasizes state-of-the-art technology and energy-efficiency with the inclusion of a cogeneration plant and high efficiency and variable refrigerant flow (VRF) heating and cooling systems, among other features. The cogeneration plant uses natural gas to produce onsite electricity while utilizing its waste heat to generate free hot water for its residents. The VRF heating and cooling systems from LG are located in every apartment and allow tenants to control the temperature and programming for each room. In a recent study conducted by LG, VRF systems have been shown to save 66 percent in energy costs over packaged terminal air conditioner (PTAC) and packaged terminal heat pump (PTHP) systems.
Each apartment features large modern kitchens with granite countertops, hardwood floors, stainless steel appliances, front-loading washer and dryers, large senior-friendly bathrooms, modern fixtures, nine-foot ceilings, large thermal windows, and thermal and sound insulation. On-site amenities available to all residents include a fully-equipped fitness center, a dog park for small dogs, secure on-site parking, a community room, and climate-controlled storage bins available to the residents for rent.
The development was financed by CPC, which provided a $10.5 million construction loan and a SONYMA-insured permanent loan through the New York State Common Retirement Fund (CRF). CPC has a long-standing history of investing in revitalization projects in Downtown New Rochelle, most notably Davenport-Lofts on Main, a 72-unit condo project on the site of the former Bloomingdales. Since 1994, CPC has helped finance 51 multifamily housing projects with more than 1,100 units in New Rochelle.
The Lombardi is a key project in the City’s efforts to promote transit-oriented development within the downtown New Rochelle area. The project development site is part of an area that was recently re-zoned to allow greater density to facilitate multi-family residential and retail development in the community. To create a neighborhood that is livable, economically diverse, and affordable to a wide range of incomes, the City’s inclusionary zoning ordinance requires 10 percent of the units in a new construction project with 10 or more units being affordable to families earning 80 percent of AMI. Additionally, the New Rochelle Industrial Development Agency (IDA) provided an exemption from sales tax on construction materials and state mortgage recording tax, helping to reduce the overall cost of the project and allowing it to be more affordable.
“As a long time New Rochelle resident, firefighter, and business owner, I’m very happy with the direction our city is going. I’m glad to see people trust in New Rochelle and are willing be part of our future,” said Nicholas Triscari, owner of The Wooden Spoon.
The Lombardi is currently accepting applications for rent. For more information, please visit www.the-lombardi.com.
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.