The year is winding down but it’s certainly been an exciting couple of weeks for Renaissance as we broke ground on 4 projects: The City of Nashua, NH, Glen Cove, NY, New Rochelle, NY & the Village of Hempstead, NY. Years of hard work have been leading up to all of these ceremonious occasions where groundbreakings have finally commenced.
Our first groundbreaking was in Nashua, New Hampshire, on what we are calling The Residences at Riverfront Landing. Building on the Bridge Street property near where the Merrimack and Nashua rivers meet is to begin by the years end. Once complete, it will offer 152 units as part of a multi-family housing complex. "This project has been in the making for 10-plus years, and I am pleased to see it come to fruition," Nashua Mayor Jim Donchess said.
We went on to crack the dirt on the Garvies Point project in Glen Cove, NY. This project will include 1,100 apartments and condominiums along with parkland and waterfront access.
Mayor Reginald Spinello said the economic benefits for Glen Cove outweigh concerns about increased traffic or changing the area’s character. He said the $1 billion project will bring in more than $800 million in new tax revenue over the next 40 years and add up to 1,800 residents to the city, which has a population of about 27,000.
Our CEO, Donald Monti, stood alongside our partners from RXR Realty, community members and Glen Cove City Officials to kick off the 5-7 year construction process and to celebrate this momentous occurrence.
In the City of New Rochelle, our partners, RXR, got underway on a $120 million apartment building in downtown that will include 12 million square feet for new apartments, commercial-office space and arts and cultural institutions. We were happy to be there together with our Partners who were able to achieve entitlements for this project based upon our combined efforts in rezoning downtown New Rochelle together as a team.
Lastly our team along with Hempstead Village and Nassau County officials broke ground on the first phase of a $2.5 billion downtown redevelopment — demolition of a former car dealership on Main Street.
“This day is finally here, I can’t ask for anything better than this,” Hempstead Mayor Wayne Hall said during the ceremony Tuesday. “This is the hope of Hempstead. It’s going to bring jobs here in an area that’s hard-pressed and change the complexion of the downtown area. This is still the hub of Long Island.”
Monti said developers have committed 25 percent of 12,000 construction job years and 6,000 permanent jobs to Hempstead Village residents.
The four development plans for the revitalization were approved by the Hempstead Village Board and the Nassau County Planning Board. Developers and village officials have been planning the 32-acre downtown redevelopment for nearly 10 years and the groundbreaking was certainly a joyous occasion for all involved.
It’s been a productive and challenging but very rewarding year at Renaissance. Our team wishes to thank everyone in each of the communities we are working in for all their support and hard work this year. As 2016 closes and business slows till the New Year, Renaissance wants to wish everyone a happy, & healthy holiday and prosperous 2017. Here’s to more good news in 2017!