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Debt & Equity

Westchester IDA okays incentives for $200M Rose development

The Westchester County Industrial Development Agency (IDA) has approved a plan to provide financial incentives for a $203 million mixed-use residential development at 440 Hamilton Avenue in downtown White Plains.

The development involves the adaptive reuse of a 12-story office building formerly occupied by AT&T at 440 Hamilton Avenue to allow for construction of 255 apartment units and 2,420 s/f of commercial retail space for a green grocer.

The plan also calls for developing an adjacent surface parking lot on Barker Avenue with a tiered 6- and 7-story apartment building with 213 units together with parking for the project’s residents and associated retail space.

Six percent of the units will be affordable at 60 percent of Westchester County Area Median Income (AMI).
Market rate monthly rents are projected to be $2,000-$2,300 for a studio, $2,400-$2,600 for a 1-bedroom unit and $2,600-$3,000 for a 2-bedroom unit. The project is located a short walk to the White Plains Metro-North train station.

Estimated IDA benefits include $3,335,400 in sales tax exemption and $1,685,630 in mortgage recording tax exemption for a total tax abatement of $5,021,030. The development is expected to create 659 construction jobs and 31 permanent jobs over a period of 24-28 months. The developer is Rose Associates of New York City.

440 Hamilton Avenue will incorporate green building technologies including LED lighting throughout, electric car charging stations, bicycle storage room, green cleaning practices, low-flow kitchen and bathroom features, Energy Star rated appliances and a building envelope that exceeds NYS Energy Code.

“This project is an excellent example of the type of innovative adaptive reuse development that the IDA is interested in providing financial incentives. The IDA is focused on making the county more appealing to new young talent. Updating commercial properties such as 440 Hamilton Avenue with new housing that is easily accessible to Metro-North train service is an important part of that focus,” said Bridget Gibbons, Deputy Director of the Westchester County Office of Economic Development.

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