“Quintessential Land Development - six-story, 75-unit mixed-use building consisting of 55 one-bedroom apartments, 10 two-bedroom units and 10 studios, plus ground-floor retail space at the corner of Union and Webster avenues.” Journal News
- New Rochelle approves tax break for affordable housing developer (10/12/2017)
- New Rochelle approves $149M in development (7/8/2016)
- Proposed new zone could pave way for workforce housing (2/22/2016)
Retail Space: 1805 sqft
Permanent FT: 5
Permanent PT: 3
Planning Board Approval: 3/17/2016
IDA Approval: 6/16/2016
Constr. Start: 7/1/2018
Full Property Tax: $10,897,872
Owner Savings: $6,736,811
PILOT (yrs): 30
Mortgage Tax Exemption: $136500
Fair Share Mitigation: $0
Data Last Updated: 11/27/2018
*Data listed here is subject to change. FOIL/FOIA requests are pending to obtain any missing data. Some of these numbers are estimated. Data comes from city documents.
** GLOSSARY TERMS: "As Is" taxes are the taxes of the property before development. Full Property Taxes are the taxes of the property after development. PILOT means Payment in Lieu of Taxes, which is less than full property taxes. Owner savings is the property tax abatement in dollars and as a percent of Full Property Taxes. PILOT length is the number of years that the PILOT is in effect. Fair Share Mitigation (FSM) fees are monies collected by the City from the developer to cover future infrastructure needs. The school system gets approximately 2/3 of the FSM fees.
*** Residents are calculated as follows: Studios = 1, 1BR = 1.5, 2BR = 3, 3BR = 4.5 (NDC formula) Students are calculated as follows: Studios (*0), 1BR (*0.014), 2BR (*0.141), 3BR (*0.213) (NDC formula)
*Data updating and collection is done by volunteers and may contain the occasional error or miscalculation.