"A 23-story mixed-use building is slated for 277 North Ave. When complete, it will neighbor the Metro North train station, the Kaufman Building and Trump Plaza. A Bank of America branch currently on the site will be demolished ... Documents with the city's IDA show the building to cost between $170 and $200 million. The building would house 442 housing units and a garage or lot for 411 parking spaces. Also planned are about 13,000-square-feet of ground-floor retail space. Demolition of the site will begin in early 2019. The building is expected to be completed 24 months after construction begins." lohud.com
- New Rochelle: Planning Board green lights 277 North, 500 Main developments (7/26/2018)
- Three New High-Rise Projects on Tap in New Rochelle (3/5/2018)
Retail Space: 13068 sqft
Permanent FT: 25
Permanent PT: 3
Planning Board Approval: 7/24/2018
IDA Approval: 7/25/2018
Constr. Start: 2/1/2019
Length: 29 months
Full Property Tax: $42,235,076
Owner Savings: $22,676,969
PILOT (yrs): 20
Mortgage Tax Exemption: $1303339
Fair Share Mitigation: $696,000
Data Last Updated: 9/24/2018
*Data listed here is subject to change. FOIL/FOIA requests are pending to obtain any missing data. Some of these numbers are estimated. Data comes from city documents.
** GLOSSARY TERMS: "As Is" taxes are the taxes of the property before development. Full Property Taxes are the taxes of the property after development. PILOT means Payment in Lieu of Taxes, which is less than full property taxes. Owner savings is the property tax abatement in dollars and as a percent of Full Property Taxes. PILOT length is the number of years that the PILOT is in effect. Fair Share Mitigation (FSM) fees are monies collected by the City from the developer to cover future infrastructure needs. The school system gets approximately 2/3 of the FSM fees.
*** Residents are calculated as follows: Studios = 1, 1BR = 1.5, 2BR = 3, 3BR = 4.5 (NDC formula) Students are calculated as follows: Studios (*0), 1BR (*0.014), 2BR (*0.141), 3BR (*0.213) (NDC formula)
*Data updating and collection is done by volunteers and may contain the occasional error or miscalculation.