247 North Avenue Update 08/25/23

Developer Lands $94M Loan for New Rochelle Mixed-Use Tower

Developer, , has just obtained a $94 million loan for a 28-story, mixed-use tower project, set to rise at 247 North Avenue in New Rochelle, NY. Issued by Pacific Life, this influx of capital will be used to fund most of the construction costs for the new development.

 The building will contain rental apartments (including 31 affordable units), with square feet of retail space, located on the ground floor. Tenant amenities are to include resident lounges, a fitness center, a swimming pool, a yoga studio, and coworking spaces. The structure will also feature an enclosed parking garage, with enough room for vehicles.

The tower will be sustainably engineered to employ a cutting-edge, geothermal system. This will provide heating and cooling throughout the structure, using a closed-loop system made up of deep, underground pipes. It should also be noted that the building's design was recently changed from what is depicted in the previous rendering, shown below. It's not immediately clear at this time who the new architect is, but we do know that The Cappelli Organization and LRC Construction are the general contractors for the project. Work is ultimately expected to complete by mid-2025.

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