Construction is now underway at 500 Main Street, the site of a 26-story mixed-use tower in New Rochelle. Designed by Niles Bolton Associates and developed by BRP Companies and the Urban Investment Group of Goldman Sachs Asset Management, the downtown project will yield 620,000 square feet with 477 rental apartments, a church, retail space, and a parking garage with electric vehicle charging stations.
The rental component will include a mix of studios and one- and two-bedroom apartments. A total of 119 units will be income-restricted units for residents and households with annual incomes between 50 and 60 percent area median income (AMI).
“It is always an exciting day when we break ground on new housing in our community, especially when it includes much-needed affordable units,” said New York state senator Shelley B. Mayer. “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.”
Occupants will have access to roughly 24,000 square feet of amenity space including a fitness center, communal lounges, a courtyard, a pool, coworking space, and a dog park.
“Breaking ground at 500 Main Street represents another crucial step toward increasing access to affordable housing for the residents of New Rochelle,” said Yarojin Robinson, managing director, Goldman Sachs Asset Management Urban Investment Group. “This project reflects the impact that public-private partnerships can have, and we are proud to celebrate this milestone alongside BRP and the many officials from the state of New York, city of New Rochelle, and Westchester County.”
Financing for the project was provided by Goldman Sachs and Merchants Bank.