The City of New Rochelle announced on October 8, 2014 the selection of RDRXR, a partnership of Renaissance Downtowns and RXR Realty, as master developer for the largest and most significant economic development initiative in the city’s history. In its new capacity, RDRXR will work with the city and its residents to finalize the creation of a consensus-driven, mixed-use, transit-oriented proposal based on a preliminary blueprint outlined by RDRXR that spans multiple sites and would dramatically re-shape New Rochelle’s downtown, while also spurring economic growth and job creation for the entire region
"This sweeping and visionary proposal exemplifies the principles of smart, transit-oriented growth, addresses community goals that have been pursued for a generation, and would deliver huge benefits to our economy and quality of life,” said New Rochelle Mayor Noam Bramson. “While there are many steps ahead, including difficult challenges and questions, I have never been more excited or optimistic about our prospects, and I am looking forward to the inclusive public input that will shape every aspect of the project."
The selection of a master developer caps a detailed and thoughtful process that began with various studies and planning exercises over the past year, leading to the subsequent creation of real estate development goals and objectives for the downtown and the issuance of a Request for Qualifications (RFQ) to developers earlier this spring. The choice of a single development team will ensure an integrated, efficient, and holistic approach for the entire downtown, maximizing the value of all sites.
Development Commissioner Luiz Aragon noted, “This proposal is an amalgam of transformational ideas, structures, and actions embodying the very foundation of the soul and socio-economic mosaic of our City. New Rochelle’s time is here, our future is now.”
Renaissance Downtowns is a leader in the comprehensive and holistic redevelopment of transit-oriented downtowns, with over 35 years of development experience and over 80 complete projects. Renaissance’s Unified Development Approach™ to implement large-scale downtown redevelopment, utilizing CSPM Group's crowdsourced placemaking community engagement program, are both nationally recognized as industry best practices. Renaissance has a development pipeline in excess of $10 billion with master developer projects spread throughout the Northeast, with a focus on the New York Tri-State area.
RXR is a vertically integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets. RXR is one of the largest owners, managers, and developers in the New York Tri-State area with interests in approximately $9.0 billion of assets, comprised of 89 operating properties containing approximately 19.5 million square feet.
“We are thrilled to have been selected as master developer by New Rochelle,” said Scott Rechler, CEO of RXR Realty. “We believe that New Rochelle has incredible assets, including its diverse population and excellent transit infrastructure, with the potential to become one of the region’s leading ‘urban-suburban communities’ – the type of community that we are looking to help create throughout the region through our Emerging Sub-Market investment strategy. We look forward to working with our partners at RDRXR and the entire New Rochelle community to develop a blueprint for development that has widespread buy-in and can be implemented in a timely fashion.”
According to Donald Monti, CEO of Renaissance Downtowns, “Using the Unified Development Approach and crowdsourced placemaking, we look to provide a framework that engages all community stakeholders through a proactive and inclusive public outreach and engagement process employing our triple-bottom-line philosophy of social, economic, and environmental responsibility. The implementation strategy will enable the City to achieve its long term goals and objectives for its downtown.”
New Rochelle City Councilmembers expressed their support of the project.
Councilmember Ivar Hyden, downtown business owner and artist:
“Downtown New Rochelle is poised to grow and experience the urban renaissance it deserves economically and artistically”
Councilmember Albert Tarantino, downtown business owner:
“This proposal reflects the needs of our downtown business community by expanding our business base and bringing vibrancy to our core.”
Councilmember Jared Rice:
“RDRXR’s proposal will be a catalyst for local job creation and economic growth.”
Councilmember Louis Trangucci
“This proposal will help generate the much needed increase in our tax base so that adequate services can be funded and provided citywide.”
Councilmember Barry Fertel
"This exciting proposal offers the most dramatic transformation of New Rochelle's downtown in its history. In partnership with RDRXR, this new approach will allow for a transparent process resulting in a final product reflecting the needs and aspirations of our community."
Councilmember Shari Rackman
Haina Just-Michael, Chair, Library Board
“The New Rochelle Public Library appreciates being part of the development process towards the future of the city of New Rochelle. The Library is not only located in an integral part of New Rochelle but services the community and will continue to do so in the future and is happy and proud to be involved with the development of the New New Rochelle.”
Lianne A. Merchant, President, Board of Education
“This is an exciting time to live in New Rochelle and to be educated here. It is great to be part of the growth and evolution of our city. This new urban and transit oriented development landscape will dramatically change the look and feel of New Rochelle, and make it a more enjoyable place for our children to learn, grow and thrive."
Ralph DiBart, President, BID
“I am thrilled that the City’s TOD development initiative, so important to the success of our downtown, which was stalled by the Great Recession, will not only now proceed, but will do so with a greatly improved mixed use program.”
Lia Dallaris, Director of Investor Relations
(516) 433-9000 ext. 1523 firstname.lastname@example.org
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