RXR Realty has topped out One Clinton Park, a 28-story, mixed-use tower in downtown New Rochelle, N.Y., that will have 352 apartments and more than 13,000 square feet of retail space when completed in early 2022.
The New York-based real estate operating and development company also plans to begin construction on a second tower at the site located at South Division and Church streets in early 2022. Two Clinton Park is expected to be 28 stories and have roughly the same number of units that its sister tower will have. RXR broke ground on One Clinton Park in November 2019. Last February, the developer received a $131.2 million construction loan from Capital One for the mixed-use project. The 42-month interest-only floating rate loan had two extension options.
The 433,000-square-foot One Clinton Park will have a mix of market-rate studios, one-, two- and three-bedroom apartments. The building will feature a valet parking garage, lounge, coworking space and speakeasy. The property is located within a short walk to the Metro-North Railroad station that provides direct access to Midtown Manhattan in less than 45 minutes. In addition to planning One Clinton Park and Two Clinton Park, RXR has already completed 360 Huguenot, a 28-story story luxury building with 280 units, 14,000 square feet of retail and 10,000 square feet of arts and cultural space.
The three properties are part of RXR’s redevelopment plan that began in the city in 2015 when the firm was designated the master developer for downtown New Rochelle. RXR has development rights on more than 2 million square feet on sites it controls in the city. The overall plan for the downtown includes 5,500 residential units, 1.1 million square feet of retail and restaurant use, 300,000 square feet of hospitality, more than 2.3 million square feet of student housing, adult care and institutional space and 2.2 million square feet of medical and non-medical office space.
WORKING THROUGH THE PANDEMIC
Scott Rechler, chairman & CEO of RXR Realty, and Joanne Minieri, SEVP & chief operating officer of RCS & RDS RXR Realty, said more than 250 tradespeople worked through the pandemic on One Clinton Park after RXR and the construction management team from LRC Construction developed appropriate safety protocols for the workers. Among the protocols were installing social distancing markers and signage, enhancing cleaning processes and ensuring there was enough space for the crew to work collaboratively and effectively.
RXR has also made community investments during the past five years and more recently during the pandemic to support the downtown community, encourage new retail and small businesses and attract renters to rebuild the tax base. The firm started a $1 million COVID Relief Fund and has issued numerous grants including $50,000 to the Child Care Council of Westchester, $50,000 to the New Rochelle Municipal Housing Authority and $30,000 to the Boys & Girls Club of New Rochelle. The fund also awarded $486,000 to Rebound New Rochelle, a small business relief program that provides $5,000 to $10,000 grants to women/minority business owners, bilingual business liaison support and strategic consulting services.
