Astorino Announces Incentives for $250 Million Transit-Oriented Development in White Plains

Photo: Rendering of LCOR Inc.’s 55 Bank Street project, looking north.County Executive Robert P. Astorino today announced that Westchester’s Industrial Development Agency (IDA) has approved amendments allowing a $250 million transit-oriented development of housing, retail and parking planned for a site just south of the Metro-North train station in downtown White Plains to proceed. The complex to be built at 55 Bank Street will create up to 533 new construction and permanent jobs.

At right, Rendering of LCOR Inc.’s 55 Bank Street project, looking north.

“This project offers convenient, affordable housing for the county’s workforce near a transit hub that will get them to their place of work or wherever they want to go,” said Astorino. “This kind of private investment is moving Westchester forward, and was made possible by the Westchester IDA and the leaders at LCOR who realize the value of Westchester.”

The project at 55 Bank Street will be comprised of two 16-story apartment buildings to be constructed on a site currently occupied by a commuter parking lot. LCOR acquired the site from the White Plains Urban Renewal Agency. The 760,000-square-foot complex will include 449 market rental apartments, 112 affordable rental units, 6,300 square-feet of retail space and a 570-space parking garage. Construction is expected to begin in March.

“You don’t get a 561-unit apartment complex built without the collaboration of the Westchester County IDA,” said James Driscoll, senior vice president of LCOR Inc. “Thanks to County Executive Astorino’s economic development team, we look forward to supporting the continued revitalization of downtown White Plains, delivering housing along with parking and retail in a highly desirable transit location.”

About LCOR
LCOR is a fully integrated investment, management and development company with a 30-plus year track-record of creating unique opportunities and successful execution of large-scale profitable projects. The company’s specialty is developing core urban mid- and high-rise properties, including large-scale multifamily, commercial, and mixed-use properties. Its real estate operating and development business manages more than 7,400 multifamily units, 7.5 million square feet of commercial space and a substantial development pipeline of mixed use real estate in core markets. Nationally, LCOR has developed more than 21,000 residential units and more than 18 million square-feet of commercial space.

About the IDA
The IDA is a public benefit corporation created in 1976 for promoting and encouraging economic development in the county primarily through assisting in the creation or retention of jobs. The IDA is also empowered to issue taxable and tax-exempt bonds for organizations meeting federal and state guidelines. There is no financial risk to the county or to county taxpayers. The obligation for repaying the debt rests solely with the organizations.

2014 was a banner year for the IDA, providing support for $435 million in private investment for 16 residential, retail and commercial developments which created or retained 3,826 construction and permanent jobs.

Any corporation or small company looking to access the low-cost and tax-exempt project financing made available through the IDA should contact Jim Coleman, executive director of the IDA, at (914) 995-2963 or jcoleman@westchestergov.com.

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