The Related Companies has secured a $32.3 million package of financial incentives to facilitate the completion of a renovation project at Armory Plaza, an apartment complex for low-income seniors at 35 South Broadway in White Plains. Located in the city’s downtown area, the four-story building resembles a stone castle and was constructed in 1909.
Today, the property contains 52 affordable housing units for independent seniors and those living with disabilities.
The Related Companies acquired the property in 1983 from the City of White Plains and financed a renovation with a similar incentives package in 2007. Now, the developer intends to upgrade existing residential units. This will include new flooring, cabinets, counters, fixtures, appliances, lighting, tubs, toilets, and doors in every unit. The renovation work will cost approximately $150,000 per apartment.
Additional upgrades include improved security cameras and free Wi-Fi throughout the building.
The front steps and entryway at Armory Plaza – The Related Companies
It is estimated that the project will create 18 construction jobs with work slated to begin in June and completion within 12 to 18 months.
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Looks new
So they are renovating the apartments again, just 16 years later for $150k each? Those are some hard living seniors…