In total, the project will entail four mixed-income, multifamily buildings totaling 860 rental units, including 78 on-site affordable units, along with accessible open space.
When looking at transaction volumes, closed sales for single-family homes and condominiums were both up compared to last year, while co-op sales saw a decline.
In total, the project will entail four mixed-income, multifamily buildings totaling 860 rental units, including 78 on-site affordable units, along with accessible open space.
WHITE PLAINS—The vision of developers to convert the former site of the White Plains Mall that in the 1970s and 1980s was a thriving property that housed retailers and restaurants such as Scotch n’ Sirloin, Dag’s Tavern, Wallauer Paint and Hardware, McDonald’s, the Department of Motor Vehicles and Bob Hyland’s Sports Page, into a multi tower mixed-use property with nearly 900 apartments is becoming reality.
On Monday, Aug. 26, executives with the Cappelli Organization, RXR and Korman Communities held a “topping out” ceremony at its 5 Cottage Street tower building, which when completed will stand 26 stories tall and contain 307 units, part of the first phase of the planned $650-million AVE Hamilton Green development. Phase one also includes the 12-story, 170-unit 25 Cottage Street building that is scheduled for completion in 2025, as well as a 559-space underground parking garage, 55,000 square feet of open space and 39,000 square feet of commercial space. Phase two of the project will bring another 390 residential units, 405 self-park parking spaces and 45,000 square feet of commercial space.
In total, the project will entail four mixed-income, multifamily buildings totaling more than 860 rental units, including 78 on-site affordable units, along with accessible open space. The planned commercial space will feature a variety of dining, retail and other uses.
RXR closed on the land for the proposed phase one development and The Cappelli Organization closed on the land for the proposed phase two development on Nov. 30, 2022. The White Plains Mall originally opened its doors in 1972 at 200 Hamilton Avenue and was demolished in August 2022. Construction on the AVE Hamilton Green project officially commenced in December 2022 with a ceremonial tearing down of the White Plains Mall sign on Hamilton Avenue.
Louis R. Cappelli, president of the Cappelli Organization, said the project is on budget and about two months ahead of schedule. He said the initial marketing of the rental apartments should begin in early December. He said the 25 Cottage building will be open for leasing in May or June 2025 with the entire plaza completed in the fall of 2025. The development cost for the first phase of the project is approximately $400 million, Cappelli told Real Estate In-Depth.
When asked if he feels there is sufficient demand for more than 860 units of rental housing in White Plains, Cappelli, whose firm and its LRC Construction division is also working on the 500-unit 25 Lexington Ave. luxury rental apartment project with partner Greystone Real Estate Partners, responded, “White Plains is definitely in a position to handle all of this—100%.” Cappelli and LMC recently completed The Mitchell, a mixed use, multi-building project at 133 Mamaroneck Ave. that features 434 rental apartment units.
“As the image of the former White Plains Mall quickly fades, our entire team takes great pride in building the new residential towers and with them bringing the promise of new opportunities for hundreds of residents and a new vitality to the downtown,” Cappelli stated.
The Cappelli Organization is also in the approval process with partners Pacific Retail Capital Partners and Aareal Bank on the $2.5-billion redevelopment of the former Galleria Mall in Downtown White Plains. Initial plans call for housing, retail open space and public amenities.
Joseph Graziose, executive vice president of development services at RXR, said, “The (AVE Hamilton Green) project is phenomenal. I can’t believe that it has only been less than two years since we were out here celebrating the groundbreaking. It is really a transformational project when you look at what could be of an old obsolete mall… To create that connectivity from downtown Mamaroneck Avenue to the transit hub, this project is so well-positioned to provide quality housing and also entertainment retail, which we are really excited about.”
Community amenities at AVE Hamilton Green will include co-working spaces equipped with high-speed Wi-Fi; 24/7 fitness centers with dedicated studio space; a spa offering private massage and infrared sauna rooms; a golf simulator; TV and gaming lounges; an indoor pool; a speakeasy; courtyard space with grilling stations; a pet spa and indoor run and a lush landscaped more than one-acre plaza.
AVE Hamilton Green will offer a variety of floor plans ranging from studio, one-, two- and three-bedroom units to bi-level loft and penthouse layouts, including fully furnished apartments with flexible lease options for stays of 30 days or longer. Rental costs were not disclosed at the event. Among the apartment features include floor-to-ceiling windows; stainless steel appliances; soft-close, wood cabinetry; quartz countertops and backsplashes; stainless steel appliances; walk-in closets; and wood-inspired vinyl plank flooring.
“AVE Hamilton Green marks a momentous occasion for Korman Communities as the organization returns to Westchester County for the first time in over a decade,” said Bradley Korman, co-CEO, Korman Communities. “Working closely with RXR and the Cappelli Organization, Korman is committed to bringing the finest living experience alongside world-class amenities for our residents. We are incredibly excited to be celebrating this milestone in the project and are looking forward to welcoming new residents within our community.”
Among the other dignitaries at the event included: White Plains Mayor Tom Roach, Westchester County Executive George Latimer and Director of Operations for Westchester County Joan McDonald, New York State Senator Pete Harckham and Todd Rechler, Chief Construction & Development Officer, RXR.
Mayor Roach said, “Hamilton Green will move forward our goal of bringing more energy to the transit district, providing housing, retail and dining opportunities to residents and visitors alike. We are pleased to celebrate this milestone.”
The AVE Hamilton Green development team praised the cooperation it has received from city and county government during the approval and construction phases. McDonald noted that the project had secured approximately $13 million in sales tax abatements and another $3.5 million in mortgage recording tax abatements from the Westchester County Industrial Development Agency. The project also secured assistance from New York State via the state’s Brownfield Cleanup Program.
The program concluded with the topping out” ceremony signifying the completion of the final floor of the 5 Cottage building with a 30-foot by 60-foot American flag unfurled from the two-tower development.
When looking at transaction volumes, closed sales for single-family homes and condominiums were both up compared to last year, while co-op sales saw a decline.
“Home sales are increasing throughout our region as a result of more properties being listed for sale, reflecting the strong demand that currently exists in the Hudson Valley,” said HGAR CEO Lynda Fernandez.
Existing-home sales in the Northeast in July climbed 4.3% from June to an annual rate of 490,000, an increase of 2.1% from July 2023.
“We should have more inventory. There absolutely should be more inventory than there is right now.”
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