Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Construction Continues on Luxury Senior Independent Living Project
WHITE PLAINS—Construction continues on the premier independent living community project Waterstone of Westchester in Downtown White Plains. The development for those 62 and older will feature first-class amenities, 132 residences and supportive services on a parcel on Bloomingdale Road. Waterstone of Westchester is scheduled to open in the first quarter of next year.
Waterstone Executive Director Margaret Minichini recently met with Westchester County Executive George Latimer, Director of Operations Joan McDonald and Director of Economic Development Bridget Gibbons to explain the benefits the project would bring to White Plains and Westchester County.
Scheduled to open in the first quarter of 2022, Waterstone of Westchester is expected to generate $500,000 a year in taxes and create 180 construction jobs and 40 full-time equivalents. Those jobs are anticipated to result in projected annual salary and benefits of $2.6 million once the project is up and running, Waterstone officials stated.
In 2019, the Westchester County Industrial Development Agency granted the $120-million development more than $2.4 million in sales tax exemptions and $780,481.78 in mortgage tax exemptions by the IDA.
Waterstone of Westchester is also projected to boost economic development in the area as improvements to the property will benefit the city’s downtown. It will also provide needed housing for older adults. A survey of senior housing by developer National Development and operator Epoch Senior Living, shows that there is an unmet need for such housing within a 20 minute-drive of the project.
“We are thrilled to welcome Waterstone of Westchester to its premiere location in Downtown White Plains,” said Westchester County Executive Latimer. “This independent living community will serve a great need for our seniors, providing them with a beautiful facility filled with dozens of amenities, and the added benefit of home care services through VNS Westchester. The development will also bring a boost to the local economy, with the addition of $500,000 in taxes annually and nearly 200 construction jobs.”
Waterstone of Westchester will offer its residents a full array of exceptional amenities including a movie theater, fitness center, indoor pool, lobby bar, art studio and salon. Services include chauffeured car service, parking and on-site concierge. Gourmet cuisine, which is served in a variety of on-site dining venues, will be prepared by professional chefs who use locally sourced and seasonal ingredients.
Residents will also benefit from access to home care services through an on-site partnership with VNS Westchester.
Waterstone of Westchester features a choice of spacious one-bedroom, two-bedroom and two-bedroom plus den apartments, complete with elegant high-end finishes and upgrades. Unlike other senior living communities, Waterstone of Westchester is a rental property so there is less upfront financial commitment.
“With the growth of the senior population and so many Westchester residents looking to remain in their home communities, we are pleased to be opening one of the premier independent living facilities in Westchester County, Waterstone of Westchester,” said Joanna Cormac Burt, COO of Epoch Senior Living. “This extraordinary community goes way beyond expectations by offering a luxurious setting with supportive services and a multitude of social opportunities. We are particularly excited about our location in Downtown White Plains, a vibrant city with restaurants, shops and cultural activities all within walking distance, perfect for our new community.”
Waterstone of Westchester is the latest best-in-class independent senior living community created by leaders in the field EPOCH Senior Living and National Development. EPOCH Senior Living operates 12 senior living communities with four currently under construction. Waterstone of Westchester is the company’s first independent senior living community in New York State.