NEW ROCHELLE CITY COUNCIL January 10, 2012 ALBANESE ORGANIZATION ¡ ¡ ¡ ¡ Russell C. Albanese George P. Aridas Chairman Executive Vice President
� Over Sixty Years of Development Experience o Long Term Owners o Developers of Communities not just buildings o Perspective Focused on a Longer Horizon � Demonstrated Financial Capacity o Superior Reputation with Financial Community o Recognized Design Character ¡ ¡
� Experienced Leadership in Sustainable Development o ��������������������������������������������������� Residential Towers o ���������������������������������������������� Commercial Building � Successful Participant in Public-Private Partnerships o Led initial Green Building Efforts with Battery Park City Authority o Early Partner with Village of Garden City to Fashion ¡ Commercial Revitalization Efforts
� ¡ Deep Commitment to Sustainability ¡ � ¡ Successful Public Private Partnerships
REVITALIZATION GOALS for the MAIN STREET CORE � Extend revitalization south of Main Street o Raise the overall building quality through improved design aesthetic and sustainable character � Create a Vibrant Mixed-Use Community o Replace Division Street Parking Structure o Develop neighborhood oriented retail o Improve Streetscape ¡
REVITALIZATION GOALS for the MAIN STREET CORE � Increase Tax Base over time � Address Parking Demand and Related Issues in a Holistic Manner
REVITALIZATION DESIGN PRIORITIES � Design for Density in Context o Create a transition zone by reducing density as development moves south from Main Street � Enliven the streetscape and pedestrian experience o Develop active uses on both sides of Division Street o Encourage pedestrian activity which provides economic and safety benefits o Enhance street aesthetic by surrounding new parking structures with residential development ¡
REVITALIZATION DESIGN PRIORITIES � Ensure all buildings are developed and operated in an environmentally responsible fashion � Throughout the process maintain a level of parking to meet existing and new demand ¡ ¡
EVOLUTION of the REVITALIZATION PLAN CONCEPTS � Designation as Preferred Developer � Due Diligence Activities Engaged Third Party Marketing Study o From Study, evaluated several options o Reviewed potential options with NYS HCR o Discussed site with Lenders and Institutional Investors o Maintained continuous communication with City Staff o � Presentation of Phasing Options Convened meetings with Stakeholders o ¡
Option B from New Rochelle RFP
REVITALIZATION TIMING and PHASING � Important to Start the Process Now Begin the design and review processes to anticipate o the next economic cycle Enables the creation of a market - - staying ahead of o the demand curve Coordinate with planning goals, but remain flexible o and agile in plans ¡ ¡
� Phase Development to Build Momentum Remain responsive to financial markets o Control risk to both public and private partners o Stay flexible in component sequencing while o remaining true to goals and design priorities � Maintain Broad View of Main Street Core Integrate both sides of Division Street o Phase development in context of surrounding uses o Address Parking Issues Holistically o ¡ ¡
¡ � Begin with structured parking on North-South axis while maintaining surface parking as well
¡ � Concurrently develop mixed-use rental building along Division Street to begin to create the market
¡ � Potential to add to parking structure as new demand arises. Sequence will be guided by market and City
� To begin integrating the balance of the core, replace ¡ existing Division Street parking structure with a modern, larger facility set back from Division and Church Streets
� When construction on replacement parking structure is ¡ underway, begin development of residential building along Division Street with Church Street access
¡ � To improve pedestrian experience and enliven the streetscape, develop low-rise residential buildings to less visible impact of parking structure
� Completion of addition to Prospect Parking ¡ structure will support development of mixed use building with retail uses along Centre Avenue
¡ � Development of Townhomes along Prospect Street complete the Main Street Core revitalization on the Division and Prospect lots
Next Steps
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