New Rochelle IDA grants preliminary OK for $23M to 2 apartment projects

The developers of a pair of proposed apartment projects in New Rochelle are on their way to securing at least $23 million in tax subsidies, the Daily Voice Plus reported. The New Rochelle Industrial Development Agency gave preliminary approval to Huguenot Partners’ proposed 28-story building at Huguenot Street and Centre Avenue, as well as Mill Creek Residential Trust’s proposed 8-story building on Maple Avenue, according to the outlet. The two projects are collectively slated to cost around $241 million and will bring 619 apartments to New Rochelle, the DVP reported. Construction on the project pitched by Huguenot Partners, a unit of Manhattan-based developer DHA Capital, is expected to wrap up in 2021. Construction on the Mill Creek project should finish by 2022, pending certain approvals. [DVP]