Yonkers Joins RXR Realty and Rising Development in Goundbreaking for Larkin Plaza Redevelopment
YONKERS, NY – December 14, 2016 – Marking a major step in the redevelopment of Yonkers’ scenic and historic downtown, RXR Realty and Rising Development joined Yonkers Mayor Mike Spano and city officials in a groundbreaking ceremony for the $190 million Larkin Plaza mixed-use development project.
The project, among the largest private developments in downtown Yonkers in decades, will complement the substantial public and private investment that has occurred in the city’s downtown in recent years. These have included commercial and residential development projects, a new downtown public library, a renovated train station, a landscaped esplanade along the Hudson River, and the “daylighting” of the Saw Mill River, in which that decked-over body of water was re-exposed, with walkways and parks along its banks.
The Larkin Plaza development will consist of 439 apartments, together with 35,000 square feet of on-site space for shops, restaurants and other retailers. The residential units will be in two towers – one 25 stories and the other 17 stories – both offering unmatched views of Van Der Donck Park, the exposed Saw Mill River, the Hudson River, the Palisades Cliffs and the Manhattan Skyline. The project is located steps from Yonkers’ train station, offering service to Penn Station via Amtrak and Grand Central via Metro-North. It also has easy access to Routes 9/9A, Saw Mill Parkway, Cross County Parkway, and I-87.
The two towers will share a landscaped roof terrace with outdoor amenities, including a terrace amphitheater and movie screen. Each feature additional first-class amenities indoors, such as attended lobby and concierge services; state-of-the-art resident lounges with media centers, dining rooms and kitchens; and resident business centers with Wi-Fi. As part of the project, the landscaped roof terrace will be named in memory of Nick Sprayregen, founder of Rising Development and a visionary advocate for Yonkers.
An additional two-story building along Van Der Donck Park, which is also part of the project, will house much of the project’s retail space, activating the long dormant frontage along the park. A separate, three-story structure will house parking for 539 vehicles in an attended parking facility. Partners RXR Realty and Rising Development began demolition and site work several months ago, with vertical construction now set to begin immediately. Completion is expected in the fourth quarter of 2018. The project is being financed in part through a loan from Capital One Bank and Santander Bank.
“We are so proud to be breaking ground on the Larkin Plaza development,” said Scott Rechler, Chairman and CEO of RXR. “Building on the work of so many, Yonkers is well-positioned, once again, to be one of Westchester’s great economic and social hubs. We are thrilled that our project will play an important role in the rebirth of this great city, providing a top-quality alternative to the high-priced housing in New York City, while creating new jobs, services and tax revenue for the people of Yonkers. In addition to the many other thanks that are due, we especially want to thank Mayor Spano and the entire city team for all of their hard work and assistance in making this project a reality.”
“Nick would be proud to see his vision for Yonkers materializing here today,” said Tim Rutledge, CFO of Rising Development, said of the company’s late founder, Sprayregen. “He loved this city and believed that with some creativity and hard work, we could create a true city-center in the downtown. We all look forward to completing his dream.”
“Today’s groundbreaking marks another monumental step in the revitalization efforts of our Yonkers waterfront,” said Yonkers Mayor Mike Spano. “This is the type of development we need in Yonkers to meet a growing demand for people who want to live, work and play in a diverse and urban environment. Thank you to RXR Realty, Rising Development and Empire State Development for investing in Yonkers so it remains a destination for years to come.”
The Mid-Hudson Regional Economic Development Council (REDC) awarded the Larkin Plaza project a $1 million grant in both 2014 and 2015, in Rounds IV and V of Governor Cuomo’s Regional Council Initiative.
“The Larkin Plaza mixed-use development will create hundreds of direct and indirect jobs in downtown Yonkers, a short walk from the Metro North train station,” said Mid-Hudson REDC Co-chairs Leonard S. Schleifer, MD, Ph.D., Founder, President and CEO of Regeneron Pharmaceuticals, and Dennis Murray, President Emeritus and Professor of Public Policy at Marist College. “Under Governor Cuomo’s leadership, downtowns and urban centers throughout the Mid-Hudson region are attracting investment and being revived as economic engines for their communities.”
The Larkin Plaza project is part of RXR’s Public/Private Partnership Strategy, which, with other transit-oriented projects the company is developing across the region. These projects will provide affordable, quality housing options to the region’s residents, including young professionals and empty nesters. RXR currently has approximately 3,000 units in its development pipeline, with projects in Yonkers, New Rochelle, Connecticut, on Long Island and in Brooklyn.
RXR Realty LLC (“RXR”) is a vertically integrated private real estate operating company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets. The Company is one of the largest owners, managers, and developers in the New York Tri-State area. RXR’s operating platform manages 90 commercial real estate properties and investments comprising approximately 25.1 million square feet with an aggregate gross asset value of approximately $15.0 billion as of September 30, 2016. In addition, RXR has a residential development pipeline of approximately 3,200 multi-family and for sale units in the New York metropolitan area.
About Rising Development
Rising Development has been committed to the redevelopment of downtown Yonkers and the birth of a true go-to city-center ever since its founder Nick Sprayregen first heard in 2006 about the promise of the daylighting of the Saw Mill River. Even at that time, Mr. Sprayregen was able to appreciate the important steps that had already been undertaken by both the private and public sectors in bringing about the beginning chapter of the turnaround of the downtown.
The eventual creation of Van Der Donck park on what had been for almost a century a municipal parking lot named Larkin Plaza, combined with the much-needed rezoning of the downtown then laid the groundwork for Mr. Sprayregen, along with other developers, to continue the revitalization efforts.
At this time, Rising Development is proud to be moving forward with its two major redevelopment projects – the rehabilitation of its Mill Street and Main Street properties as well as the new mixed-use Larkin Plaza development project with RXR Realty, on its main assemblage overlooking the Van Der Donck park. These combined efforts will help contribute to a vibrant, vital engaging 21st Century transit-oriented downtown – SOYO.