A new zoning plan for the historic downtown of New Rochelle has recently been announced by the New Rochelle City Council.
The plan sets standards in design and benefits for the community so as to create an attractive, sustainable, and thriving city center, and provides a blueprint for property owners and developers looking to invest in the city.
So that public costs associated with growth are covered and taxpayers receive a net benefit, a new Fair Share Mitigation Fund has been established.
The plan also permits construction of 1,805,000 square feet of new non-medical office space; 5,500 apartments, approximately 10% of which will be affordable housing; 420,000 square feet of medical office space; and up to 990,000 square feet of new retail space.
According to the Mayor, Noah Bramson, this plan will contribute greatly to the success of the city, which he notes already has great schools, libraries, and neighborhoods, as well as an incomparable location and connections to public transportation.
Scott Rechler, CEO of RXR Realty, which took part in the planning process, added that this rezoning will bring new employment opportunities and services to the residents of the city, and generate extensive tax revenues as a result.
Extensive input from the public went into the plan, and included over 1,000 people, two public hearings, and multiple community meetings. Such a large response may have been generated from marketing services and other promotional announcements made on the part of the city.
