The New Rochelle Industrial Development Agency (IDA) is moving forward with a significant development project aimed at revitalizing a long-vacant site. During a recent meeting, the IDA reviewed an application from 438 Main Development for renovations to a mixed-use building that will include 588 residential units. A key highlight of the proposal is the construction of a deeply affordable senior housing development featuring 115 units, including one for a superintendent, at 438 Main Street.

This project is particularly noteworthy as it will serve households earning between 30% to 60% of the area median income, addressing a critical need for affordable housing in the community. Additionally, the development will incorporate commercial spaces and approximately 80 parking spots. The site previously housed the Union Baptist Church, which was destroyed by fire in 2011 and has remained empty since. As part of the redevelopment, a new church and event space will be built for the Union Baptist Church, although it will operate independently and will not receive any benefits from the IDA.

The IDA is considering a resolution to authorize a sales tax exemption, a mortgage recording tax exemption, and a 30-year payment in lieu of taxes (PILOT) agreement. This financial package, which deviates from the usual guidelines, has been deemed necessary to advance the project without causing undue enrichment. The IDA's finance subcommittee has reviewed and supports the application, indicating strong backing for the initiative.

Kevin Grama, the IDA's financial consultant, presented the project details, emphasizing the importance of reactivating the site and providing affordable housing options for seniors. The board's decision on the resolution will be crucial in determining the project's future and its potential impact on the New Rochelle community.