LCOR GETS ITS FINANCING FROM WELLS FARGO–PREPARES TO GET PROJECT ON THE WAY. 710 UNITS PLANNED ON COMMUTER LOT ON BANK STREET

WPCNR QUILL AND EYESHADE. Special to WPCNR  from LCOR JULY 30, 2015:

LCOR, a fully-integrated real estate company specializing in property development, investment and management, has closed on an $80 million construction loan from Wells Fargo for the mixed-use development site located at 55 Bank Street,

. Upon anticipated completion of Phase I in 2017, the property will provide White Plains with a dynamic mix of premier residential and retail space that further evolves and extends this walkable community.

LCOR plans to develop the land at 55 Bank Street into an impressive mixed-use property in two phases.

Phase I will consist of a 16-story, 288-unit leading rental building with 3,000 square-feet of ground floor retail space and 381 underground parking spaces.

Phase II will include a 16-story, 273-unit full-service, rental building with 3,350 square-feet of ground floor retail space and the balance of the underground and above grade parking, for a  total of 570 parking spaces. Of the 561-units, 20 percent have been designated as workforce housing.

“Located in the center of White Plains, 55 Bank Street provides LCOR with an extraordinary opportunity to redevelop an area that was underutilized but will now provide the city with substantial residential and retail offerings,” said James Driscoll, Senior Vice President of LCOR. “The site location is ideal for creating a successful transit oriented development that will further advance the Westside of White Plains into an invigorating walkable community.”

Upon completion, 55 Bank Street will feature a mix of luxury studio, one- and two-bedroom apartment homes. Residents will have exclusive access to a host of first-class amenities that will serve as an extension of their home.

Amenities will include a stunning sky lounge complete with a clubroom, private dining room and outdoor deck featuring barbeque grills and additional seating. A landscaped area for outdoor recreation can be enjoyed on the mezzanine level, along with the swimming pool and fire pit.

Additional amenities include a distinguished resident’s lounge, cyber café and business center, billiards lounge, children’s playroom and state-of-the-art fitness center.

(Editor’s Note: The project is getting on the way 8 years after its approval in 2007, in the Delfino administration in White Plains. The nature and amount of the brownfield clean up program involving the Bank Street commuter lot where the project will be built reimbusements has been asked about by WPCNR, and I await the answer.

Kyle Walker speaking for LCOR, said the exact time frame for the start of construction has not been determined yet by the team, but he is checking on it. He also was checking on when the commuter parking lot will officially close.)

55 Bank Street will also feature a full-service lobby with concierge service and shared parking garage that extends 200 parking spaces to White Plains commuters. The building is slated for LEED Silver certification.

Both the City of White Plains and the Westchester County IDA took important roles in helping 55 Bank Street to come to fruition. The creation of the Bank Street Redevelopment Area, by the City of White Plains, allowed LCOR to develop the northern portion of the redevelopment area into the adjacent 502-unit Bank Street Commons residential and retail complex in 2004.

In 2010, LCOR purchased the former municipal parking lot, now home to 55 Bank Street, from the City with the goal of redeveloping the land into a mixed-use community on the southern portion of the redevelopment area. The Westchester County IDA created numerous incentive programs to allow large TOD projects to be developed in these areas, including a PILOT program, a Sales Tax Exemption, and Relief from the Mortgage Recording Tax.

As part of LCOR’s mission to revitalize the area around 55 Bank Street, the project site is part of the NYS Brownfield Cleanup Program.
(Editor’s Note: The project is getting on the way 8 years after its approval in 2007, in the Delfino administration in White Plains. The nature and amount of the brownfield clean up program involving the Bank Street commuter lot where the project will be built reimbusements has been asked about by WPCNR, and I await the answer.

Kyle Walker speaking for LCOR, said the exact time frame for the start of construction has not been determined yet by the team, but he is checking on it. He also was checking on when the commuter parking lot will officially close.)

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