Cappelli Gets Preliminary Approval from New Rochelle IDA on North Avenue Apartments
The New Rochelle Industrial Development Agency granted preliminary approval Wednesday to The Cappelli Organization of White Plains for inducements on its proposed 28-story, 244 apartment-tower at 247 North Avenue.
The $120 million project is between North Avenue and LeCount Place, and Huguenot and Main streets. It is near several other Cappelli structures, such as Trump Tower, New Roc City entertainment complex, the Lofts at New Roc and The Standard, a recently completed apartment building.
A small commercial building on North Avenue, near the U.S. Post Office, would be demolished. The tower would include parking for 211 vehicles, 3,032-square-feet of ground floor retail space, a pool, fitness and yoga rooms, and a terrace. Cappelli is looking to attract empty nesters, single professionals and young professionals with no children.
The project would create about 300 construction jobs and 10 full-time equivalent jobs.
Cappelli is asking for a $750,000 mortgage tax exemption, $5 million in sales tax relief, and a 20-year property tax abatement plan. He hopes to start work in March 2021 and finish by March 2024.
The IDA scheduled public hearings on the project for Sept. 30.
“It is good to see that the revitalization of our urban centers is moving forward despite the economic blow the pandemic has dealt to our county and state,’’ said Marsha Gordon, President and CEO of the Business Council of Westchester. “Government and business must continue to work together to find creative solutions to overcome economic challenges that will slow progress.’’
Also approved by the IDA Wednesday was NRP’s $63 million Lincoln Renaissance Apartments at 116 Guion Place which would demolish the Remington Boys & Girls Club, replace it with a larger, modern 21,000-square-foot facility and build an 11-story apartment building and 5-story parking garage.
All 179 apartments would be offered as affordable housing to tenants whose incomes range from 30% to 80% of the area median income.
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