WHITE PLAINS, NY—LCOR, a property development, investment and management firm, has closed on an $80 million construction loan from Wells Fargo for the mixed-use development site located at 55 Bank St. in this Westchester community.
Slated for completion in two phases, phase 1 of the project—expected to deliver in 2017, will have a 16-story, 288-unit rental building with 3,000 square-feet of ground floor retail space and 381 underground parking spaces. Phase II will include a 16-story, 273 unit full-service, rental building with 3,350 square feet of ground floor retail space and the balance of the underground and above grade parking, for a total of 570 parking spaces. Of the 561 units, 20% have been designated as workforce housing.
“Located in the center of White Plains, 55 Bank St. provides LCOR with an extraordinary opportunity to redevelop an area that was underutilized but will now provide the city with substantial residential and retail offerings,” says James Driscoll, SVP of LCOR. “The site location is ideal for creating a successful transit oriented development that will further advance the Westside of White Plains into an invigorating walkable community.”
Both the city of White Plains and the Westchester County IDA took important roles in helping 55 Bank Street to come to fruition. The creation of the Bank Street Redevelopment Area, by the city of White Plains, allowed LCOR to develop the northern portion of the redevelopment area into the adjacent 502-unit Bank Street Commons residential and retail complex in 2004.
In 2010, LCOR purchased the former municipal parking lot, now home to 55 Bank Street, from the City with the goal of redeveloping the land into a mixed-use community on the southern portion of the redevelopment area. The Westchester County IDA created numerous incentive programs to allow large TOD projects to be developed in these areas, including a PILOT program, a sales tax exemption, and Relief from the Mortgage Recording Tax.
As part of LCOR's mission to revitalize the area around 55 Bank Street, the project site is part of the NYS Brownfield Cleanup Program.
The development sits in the center of Westchester County, home to Fortune 500 companies such as IBM, PepsiCo, MasterCard and more. The area also serves as the epicenter for administrative activity for federal, state and county courts in Westchester County.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
