New Rochelle, NY— The City Manager of the City of New Rochelle has recommended Albanese Development as its preferred developer of the Main Street Core, a 4.5 acre site encompassing the Church-Division and Prospect Street parking areas, immediately south of US 1 and within walking distance of the New Rochelle Transit Center.
Albanese Development is a fully integrated real estate development and management firm based in Garden City, NY. In recommending Albanese to the City Council, New Rochelle Development Commissioner Michael Freimuth cited the firm’s “record of creating residential properties with distinction, quality, and architectural merit that optimize value and environmental responsibility, while enhancing the communities in which they are located.”
Albanese has built a total of 3 million square feet, including such notable buildings as the “Solaire” and the “Visionaire” at Battery Park City. A leader in sustainable design, Albanese developed the nation’s first LEED Gold and LEED Platinum residential towers.
In May 2009, the City completed a planning analysis for the Main Street Core redevelopment area. This analysis, which envisioned mid-scale residential and mixed-use construction, consistent with neighborhood context, served as the basis for the issuance of a Request for Qualification in April 2010. Albanese was selected from strong field of applicants.
“Especially in this challenging economic climate, it is vital that we pursue opportunities for thoughtful planning and balanced growth,” said Mayor Noam Bramson. “Albanese offers our community a fresh and creative outlook and a record of employing forward-looking planning and urban development strategies.”
Following the approval of the City Council, Albanese Development and the City of New Rochelle would commence a collaborative 90-day due diligence period. During this time, Albanese will explore planning models for the Main Street Core, conduct a physical conditions assessment, evaluate construction costs, and review financial constraints while outlining options for addressing the City’s Comprehensive Plan and meeting public objectives related to parking, revenue generation, and job creation. This due diligence process may lead to a more formal Memorandum of Understanding subject to Council review and approval.