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IDA approves pilot reset for Rockwell at 585 North Ave., adds two workforce units and social-equity fee
Summary
The New Rochelle IDA voted 4–1 on Nov. 19 to reset the residential tax-exemption pilot for the 585 North Avenue development to a new 20-year schedule, in exchange for two additional workforce units and payment of a social equity fee the board estimated at about $212,000.
The New Rochelle Industrial Development Agency on Nov. 19 approved a request from the developer of 585 North Avenue to reset the development’s residential tax-exemption pilot to a new year‑1 start and a fresh 20‑year schedule.
IDA staff and consultant Kevin Grama of Grow America told the board the reset is necessary for the developer to refinance construction and bridge loans after COVID-era cost overruns and higher-than-expected vacancies. The original 2017 approval covered 114 residential units, including 11 units designated affordable at 80% of area median income, and about 20,000 square feet of retail space.
The developer agreed to add two workforce units priced at 80% of…
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