$250 Million in Incentives Announced for White Plains TOD Project

Jan. 16, 2015
Project to create more than 500 construction and permanent jobs.

County Executive Robert P. Astorino on Jan. 15 announced that Westchester's Industrial Development Agency (IDA) has approved amendments allowing a $250 million transit-oriented development of housing, retail and parking planned for a site just south of the Metro-North train station in downtown White Plains to proceed. The complex to be built at 55 Bank Street will create up to 533 new construction and permanent jobs.

“This project offers convenient, affordable housing for the county’s workforce near a transit hub that will get them to their place of work or wherever they want to go,” said Astorino. “This kind of private investment is moving Westchester forward, and was made possible by the Westchester IDA and the leaders at LCOR who realize the value of Westchester.”

The project at 55 Bank Street will be comprised of two 16-story apartment buildings to be constructed on a site currently occupied by a commuter parking lot. LCOR acquired the site from the White Plains Urban Renewal Agency. The 760,000-square-foot complex will include 449 market rental apartments, 112 affordable rental units, 6,300 square-feet of retail space and a 570-space parking garage. Construction is expected to begin in March.

“You don’t get a 561-unit apartment complex built without the collaboration of the Westchester County IDA,” said James Driscoll, senior vice president of LCOR Inc. “Thanks to County Executive Astorino’s economic development team, we look forward to supporting the continued revitalization of downtown White Plains, delivering housing along with parking and retail in a highly desirable transit location.”