LCOR has successfully secured $94 million in construction financing for the development of an innovative all-electric residential tower in downtown New Rochelle, New York. The loan for this ambitious 28-story project, located at 247 North Avenue, has been provided by Pacific Life. The project aims to become a remarkable showcase of residential geothermal innovation and is considered one of the most significant projects of its kind in New York State.

The design of the all-electric residential tower revolves around its inventive geothermal system, which utilizes a network of geothermal wells beneath the structure to handle both heating and cooling. Apart from its environmental benefits in reducing carbon emissions, this system is also expected to result in lower utility costs for residents. The project is scheduled for completion in the second quarter of 2025.

Total Unit Count in the Upcoming All-Electric Residential Tower in New Rochelle

The upcoming all-electric tower in New Rochelle will offer 307 residential units. Additionally, there are plans for 1,800 square feet of ground-floor retail space and a parking facility with room for 257 vehicles. LCOR’s Senior Vice President and Principal, Anthony Tortora, emphasizes the company’s commitment to sustainable initiatives. He highlights that the 247 North Avenue project will demonstrate its energy efficiency and set itself apart from traditional buildings equipped with HVAC systems in terms of energy conservation and carbon reduction.

LCOR’s project in New Rochelle represents its second venture into geothermal technology within multifamily housing. Their previous development, 1515 Surf Avenue in Brooklyn, is expected to feature 463 units, with 30% of them designated as affordable housing upon completion in early 2024. Similarly, 31 units at the 247 North Avenue project will be reserved as affordable housing for residents earning 80% of the local median income.

Tonnessen, a spokesperson for LCOR, expressed gratitude towards Pacific Life for their collaboration on the New All-Electric Residential Tower in New Rochelle project. This endeavor comes at a time of sustained demand for development in the city, which is located in Westchester County on the border of New York City.

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Closing Statements

What is the purpose of the all-electric residential tower being developed in New Rochelle?

The purpose of the all-electric residential tower is to showcase residential geothermal innovation and offer a sustainable living option in downtown New Rochelle.

What financing has LCOR secured for the project?

LCOR has secured $94 million in construction financing for the development of the all-electric residential tower.

What is the innovative feature of the tower’s design?

The tower’s design incorporates an inventive geothermal system that utilizes a network of geothermal wells for heating and cooling.

How many residential units will the tower have?

The tower will provide a total of 307 residential units.

Are there plans for retail space and parking facilities?

Yes, there are plans for 1,800 square feet of ground-floor retail space and a parking facility with space for 257 vehicles.

Will there be affordable housing units in the project?

Yes, 31 units in the project will be reserved as affordable housing for residents earning 80% of the local median income.