The red-hot luxury rental market continues at a rapid pace in Westchester County with two major projects taking center stage in downtown White Plains and Harrison.
This week Saber Real Estate Advisors of Armonk broke ground for construction of two luxury towers on Hale Avenue in downtown White Plains. Located at 97-114 Hale Avenue, the $48 million project, which is called The Duet, will feature a total of 127 residential units including 13 designated as affordable. Rentals will vary from studio, one- and two-bedroom units ranging from 800 to 1,200 square feet. The units are priced at $3,200 to $4,800 per month.
The project is expected to be completed in about 20 months. Last year the project received $1.2 million in financial incentives from the Westchester County Industrial Development Agency (IDA).
In another major rental development, 3 WPD Apartments LLC, an affiliate of Marcus Partners Inc. and Trammel Crow Residential, is planning to demolish a vacant office building at 3 Westchester Park Drive and replace it with a five-story, two-building complex featuring 450 rental apartments. Five percent of the apartments would be affordable to those making 80% of AMI.
The project would include 6,000 square feet of retail/local service space and fully enclosed parking with electric charging stations. The project is expected to break ground next summer with occupancy in the first quarter of 2022. The $195 million project recently received preliminary approval of $6.57 million in financial incentives from the Westchester IDA.
The Harrison project continues the trend of repurposing vacant corporate office buildings into new uses. The property is in the same office park as the Life Time Athletic facility and is near the new Wegman’s Food Markets and Montefiore’s new pediatric specialty care center under construction on Corporate Park Drive.
“The rebirth of the I287 corridor continues to be a promising sign for Westchester County, and a catalyst for continued growth,’’ said Marsha Gordon, President and CEO of the Business Council of Westchester. “This is a key ingredient in the blueprint for long-range economic development success.’’