The development should have a ripple effect on the local real estate market. While small retailers in the city's CBD have experienced hard times in recent years, White Plains' office availability rates have dropped considerably in the past 12 months. Thanks to an influx of new high-tech companies, as well as internal corporate expansions, the city's office availability rate now stands at a little more than 16 %, almost half of the 30% posted just 18 months ago. Most observers believe the Town Centre development, combined with robust office leasing activity, will place upward pressure on office rental rates in downtown White Plains, which now stand in the mid to high $20 per sf.

At that July 10 meeting, the White Plains Common Council also granted final approval for a project near the White Plains railroad station that will see the development of 500 market-rate rental housing units in two high-rise buildings, a 160-room hotel and retail space. That project is being developed by a partnership that includes LCOR, the Jack Parker Corp. and RMC Development of Elmsford. In addition, the council also approved a proposal to build a Stop & Shop supermarket on the outskirts of the Downtown district.