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Westchester County Executive Robert Astorino, second from left,  flanked by Jim Driscoll, Senior VP, LCOR, Mayor Tom Roach of White Plains, Louis Cappelli, Cappelli Enterprises, whose company will build the 55 Bank Street retail and residential apartments (pictured below) WP Council President John Martin, and Councilpersons Milagros Lecuona and John Kirkpatrick officially breaking ground on the project to be built on the grounds being prepared below. The project was approved in 2006, and was delayed almost 9 years by economic conditions. Photos by WPCNR

Remediation under way on the site today, (foreground).. The contaminants are expected to be removed by the end of this winter and construction expected to begin in the spring, Mr. Driscoll told WPCNR. As of now the total cost of removing the contaminants is not known and the amount of reimbursement from New York State is not known at this time. 

Special to WPCNR from LCOR:

LCOR, a fully integrated real estate company specializing in property development, investment and management, has broken ground on their latest mixed-use project, 55 Bank Street in White Plains, New York. The transit-oriented development will provide the thriving community with an impressive mix of residential and retail space.

LCOR has started construction on the highly anticipated, $250 million project. Upon completion, the 55 Bank Street development will offer a total of 760,000 square feet to the White Plains community.

“The groundbreaking at 55 Bank Street serves as a pivotal moment in White Plains, as the first large-scale residential development since 2009,” said James Driscoll, Senior Vice President of LCOR. “LCOR is dedicated to creating a dynamic mixed-use development that will invigorate the neighborhood and complement the existing structures in the area.”

55 Bank Street will be developed in two phases. Phase 1 will include a 16-story, 288-unit residential building with 3,000 square feet of ground floor retail space and 381 parking spaces. Phase II will consist of a 16-story building, complete with 273 homes, 3,350 square feet of retail space and a mix of above and below ground parking, consisting of 189 parking spaces. The total 561 units will have 20 percent workforce designated housing.

The City of White Plains and the Westchester County IDA were crucial in bringing 55 Bank Street to fruition.  Created by the City of White Plains, The Bank Street Redevelopment Area allowed LCOR to revitalize the northern portion of the designated area. Previously a municipal parking lot, LCOR purchased the land from the City, with the goal of repurposing the land into a flourishing development.