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IDA approves reset of Illustrator at 600 North Ave.; adds one workforce unit and applies social-equity fee
Summary
The IDA approved resetting the residential pilot for 600 North Avenue (the Illustrator), adding one workforce unit and imposing a social equity fee of roughly $137,000; staff said the 20‑year reset yields estimated developer savings of about $679,000 and a net public benefit of roughly $1.1 million.
The New Rochelle Industrial Development Agency on Nov. 19 approved a request to reset the residential pilot for the 600 North Avenue development, known as the Illustrator, to allow the developer to restructure debt after earlier construction and operating challenges.
Staff and consultant Kevin Grama said the project — approved in 2017 with 75 residential units, eight designated affordable at 80% of area median income —…
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