New Rochelle: Highgarden Tower Ribbon Cutting
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Highgarden Tower Ribbon Cutting

GGV Celebrates the Highgarden Tower Ribbon Cutting

Governor Kathy Hochul today announced the completion of Highgarden Tower, a new 219-unit affordable apartment building in the city of New Rochelle. The $135 million development is conveniently located in a walkable downtown neighborhood and directly adjacent to the New Rochelle train station and Bee-Line bus.

"Highgarden Towers provides New Rochelle with another affordable, modern apartment building in a convenient location," Governor Hochul said. "This transit-oriented development builds upon our recent major investments in the city and ensures individuals and families have the housing, on-site support services, and quality of life features that allow them to thrive."

In the last five years, New York State Homes and Community Renewal (HCR) has created or preserved more than 4,700 affordable homes in Westchester County. Highgarden Tower Apartments continues this effort and complements Governor Hochul's $25 billion comprehensive Housing Plan that will build or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.

All the units at Highgarden Tower are available to households earning up to 80 percent of the Area Median Income. There are 77 apartments reserved for households with individuals who need on-site support services such as individual and family counseling, safety planning, health coaching and financial coaching.

The building is located steps away from the New Rochelle train station with access to Metro-North, Amtrak, and the Bee-Line bus system. In addition to its proximity to public transportation, the 19-story building is located in New Rochelle's downtown area and is walkable to healthcare facilities, a supermarket, library and park.

The development includes 8,000 square feet of community incubator space contributed by the City of New Rochelle whose mission is to expand and develop small businesses. The space will provide a platform for the community to explore opportunities for personal and professional development.

Highgarden Tower's energy efficiency features include water-conserving plumbing, Energy Star appliances, and high-efficiency lighting. The building features parking, two community lounges, laundry facilities, a gym and a storage room. Family-friendly amenities include a children's playroom and an adjacent greenspace.

The project is supported by HCR's Federal and State Low Income Housing Tax Credit program that generated approximately $45 million in equity, $26.5 million in permanent tax-exempt bonds, $34.7 million in subsidy and a $6 million loan from its Federal Housing Trust Fund program. Additionally, the site participated in the Department of Environmental Conservation's successful Brownfield Cleanup Program and became eligible for $7 million in tax credits to be issued by the New York State Department of Tax and Finance. Operating funding for the 77 supportive units is being provided by the Empire State Supportive Housing Initiative through the Office of Temporary and Disability Assistance.

Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Tackling our housing crisis and supporting our economy go hand-in-hand. Highgarden Tower is an affordable home for more than 200 families while also exemplifying Governor Hochul's vision of economic growth. Similar to our projects throughout New Rochelle and the state, it prioritizes features that improve quality-of-life for residents including sustainability upgrades and supportive services. This $135 million development will increase affordability, improve access to public transit, and support New Rochelle's downtown community. We thank our partners for bringing this project to fruition."

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Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, "The opening of Highgarden Tower Apartments in New Rochelle will provide Westchester County residents who have experienced homelessness with much-needed affordable housing along with supports necessary to help them stay safe and thrive. The location's access to public transportation and community resources will enrich the lives of residents. We are grateful for Governor Hochul's strong support of the Empire State Supportive Housing Initiative and for her commitment to expanding the supply of permanent supportive housing options across New York State."

Department of Environmental Conservation Interim Commissioner Sean Mahar said,"Transformation of former industrial sites into affordable housing in underserved communities is a hallmark of the Brownfield Cleanup Program, helping to support local revitalization efforts through the cleanup of environmental pollution across our state. The Highgarden Tower Apartments site in Westchester County is a great example of how this successful program continues to advance Governor Hochul's commitment to increasing the construction of affordable housing statewide while simultaneously supporting DEC's mission to protect public health and the environment."

State Senator Nathalia Fernandez said, "This development not only offers much-needed affordable housing but also prioritizes supportive social services. With 77 supportive units offering on-site services like counseling and job training, Highgarden Tower demonstrates our commitment to helping vulnerable populations. Its prime location near the New Rochelle train station ensures easy access to transportation, healthcare, and community spaces. Highgarden Tower exemplifies what we can achieve through thoughtful planning and community investment. Congratulations to Governor Hochul and everyone involved in this significant milestone."

Assemblymember Amy Paulin said, "Highgarden Tower is a fantastic example of how we can address our critical housing needs while creating vibrant, sustainable communities. By providing affordable housing coupled with supportive services and easy access to public transportation, this project is a testament to New Rochelle's and New York State's commitment to creating inclusive, transit-oriented neighborhoods that enhance the quality of life for residents. I'm so happy to see this project come to fruition and thank HCR and the City of New Rochelle for their hard work and leadership to make this project a reality."

Westchester County Executive George Latimer said, "I would like to thank Governor Kathy Hochul for her leadership and vision for the Highgarden Tower in New Rochelle. Westchester County is pleased to have played an important part in the development of 219 units of affordable housing, using County-owned land originally conveyed to the City for municipal purposes, and ultimately acquiesced at the City's request for affordable housing development. This $135 million transit-oriented development provides affordable housing to households with an income at or below 80% of AMI, as well as provides housing to households with Housing Choice Vouchers, thanks to partnerships with New York State."

Mayor of New Rochelle Yadira Ramos-Herbert said, "In the midst of a statewide housing crisis, Highgarden Tower's 219 affordable apartments address a critical need. As the fastest growing city in Westchester County and a designated Pro-Housing Community by Governor Hochul, buildings like Highgarden Tower ensure that New Rochelle remains a livable and accessible city for all."

Highgarden Tower was developed by Georgica Green Ventures, LLC in collaboration with RXR, the master developer of Downtown New Rochelle. Housing non-profit New Destiny Housing will provide on-site support services.

Georgica Green Ventures LLC. President and CEO David J. Gallo said, "GGV is excited to celebrate the opening of Highgarden Tower, providing essential affordable and supportive housing to the City of New Rochelle. Highgarden Tower would not have been possible without the support of our partners at New Destiny, NYS HCR, City of New Rochelle, Westchester County, and OTDA - we are so proud to partner with them on this much-needed housing."

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New Destiny Executive Director Nicole Branca said,"We are thrilled to partner with RXR and Georgica Green Ventures on Highgarden Tower. This beautiful new building includes 77 affordable apartments for families that are in need of supportive services. Major thanks to the New York State Empire State Supportive Housing Initiative (ESSHI), through whom we will have onsite services to ensure that tenants have the resources they need to build secure futures for themselves and their children."

RXR Executive Vice President of Development Services Joseph Graziose, Jr. said "With its permanent affordability, location next to key transit and onsite social services, Highgarden Tower is a model for sustainable affordable housing development. Highgarden Tower not only substantially increases the number of quality affordable units in Westchester County, but also serves as an invaluable resource for the residents of New Rochelle."

RXR's work in New Rochelle stands as a model for urban redevelopment, combining luxury living with community-focused development. The first phase of development has focused on four key residential properties: 360 Huguenot, 11 Garden Street, One Clinton Park, and Two Clinton Park, bringing more than 1,000 new rental apartments to the area.

For more information about 11 Highgarden Tower please visit https://www.ggvllc.com/highgardentower

About RXR

RXR is an innovative real estate investment manager, operator, developer, and place-maker committed to applying a customer and community-centered approach to acquiring, operating, and building properties and to providing services and products that create enduring value for all stakeholders. Headquartered in New York with a nationally-scaled platform, RXR is a 450+ person, vertically integrated investment manager with expertise in a wide array of value creation activities, including acquisitions, asset and portfolio management, property operations, development, construction, leasing, and technological innovation. RXR is an active investor in real estate credit, rental housing, commercial property, and property technology through value-added and opportunistic investment strategies. The RXR platform manages 93 commercial real estate properties and investments with an aggregate gross asset value of approximately $18 billion, comprising approximately 30.5 million square feet of commercial properties, a multi-family residential portfolio of approximately 9,400 units under operation or development, and control of development rights for an additional approximately 3,000 multi-family and for sale units as of December 31, 2023. Gross asset value compiled by RXR in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.

About GGV

GGV is a pioneering organization committed to transforming communities through the development of affordable housing. Established on the core belief that inclusive housing is essential to vibrant, thriving neighborhoods, GGV strives to create living spaces that embrace diversity in all its forms—income, race, religion, ethnicity, age, and gender. By prioritizing affordability and inclusivity, GGV enhances the strength and intelligence of communities, fostering environments where everyone has the opportunity to flourish. Our dedication to these principles drives our mission to build homes that reflect and support the rich tapestry of the communities we serve. For more information, visit GGV's website.

About The City of New Rochelle

With its unparalleled location, superb quality of life, diverse and talented residents, a focused business climate, and a robust residential and commercial development pipeline, the City of New Rochelle is leading the transformation of a generation. Its close proximity to New York City and opportunities for businesses to grow and succeed in the current economic climate is defining the City of New Rochelle as "open for business" – ready to welcome new residents of all socioeconomic backgrounds and embrace smart, transit-oriented development growth patterns that promote open space. Accelerated by a fast-track zoning process along with resources for small businesses and micro-enterprises, the "New Rochelle Model" of development continues to enhance the City's downtown area and business district by supporting job creation, property values and private investment – while enhancing sustainability and livability through green and energy-efficient design. The City of New Rochelle has been recognized regionally by the state and federal government for its thoughtful city-wide infrastructure improvements and advancements including affordable housing development, the creation of more usable public space and recent ten-year flood mitigation program. For more information on why New Rochelle is ideally yours, please visit https://www.newrochelleny.com/.

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