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New Rochelle IDA approves assignment and modified PILOT for 277 North Avenue
Summary
The New Rochelle Industrial Development Agency voted to authorize assignment of the 2018-approved 277 North Avenue project to Lincoln Property Company and approved a modified 20-year PILOT reflecting a 2026 construction start; the project includes 442 units (10% at 80% AMI), ~13,000 sq ft retail and an estimated $250 million development cost.
The New Rochelle Industrial Development Agency on March 11 authorized the assignment of the 277 North Avenue project to Lincoln Property Company and approved a modified pilot tax-abatement schedule to reflect a construction start in 2026. The resolution authorizes transfer and assignment of the project sponsor, approval of the previously authorized pilot (with a slight deviation from the standard unified tax-exemption schedule), and related conveyance documents.
The project, originally approved by the IDA in 2018, is proposed as a 23-story mixed-use building totaling about 488,000 square feet with 442 residential rental units (10% reserved at 80% of area median income), roughly 13,000 square feet of ground-floor retail and a parking garage with about 433 spaces. Grow America’s financial analysis presented to the board estimated private investment of approximately $250 million and reiterated that the approved pilot provides a front-loaded abatement (75% in years 1–2) that phases in thereafter.
Board members held a public hearing before the vote, heard comments both supporting and criticizing the project’s affordability levels and community benefits, and asked staff and the developer for further follow-up on local hiring and school impact calculations. Chair Rob announced the motion passed following a roll-call–style vote with one abstention and one absence and congratulated Lincoln Property Company on choosing New Rochelle. “So, congratulations, to Lincoln Properties…you chose New Rochelle,” the chair said after the vote.
Counsel clarified the motion as authorizing the pledge, transfer and assignment of the project and approving the pilot and all related instruments as set forth in the resolution. The board set a follow-up calendar item and noted continued coordination between staff, the school district and project consultants on student-generation and revenue reconciliation issues.
