White Plains CitizeNetReporter - Bank Street: Plenty Hotels to Go Around, Commons Has Got its Footings.

High Noon News, 1-28-02, 12:15 EST: LCOR, developer of Bank Street Commons, the twin residential skyrise apartments and hotel complex, now under way at the former site of the White Plains Railroad Station sees the Ritz-Carlton interest in the Cappelli project as a plus to their project in a statement to WPCNR by Peter Gilpatric Friday.

Gilpatric in an official statement said, “We are delighted that a hotel operator of the caliber of Ritz-Carlton shares our belief that White Plains is a wise investment. As Bank Street Commons, the new Ritz-Carlton hotel and other yet-to-be-announced developments move forward, they help enhance the city’s reputation, livability and viablility as a business location. Hotels ensure activity after other commercial uses have closed for the day and are an important amenity to any downtown.”

The Bank Street Commons complex is Underway.

BANK STREET COMMONS QUIETLY BEGINS: The view from Main Street into the Bank Street Commons construction theater. Massive footings for the North residential spire are being poured and can be seen in the right foreground with their wooden frames used to form the massive blocks to support the building.

Photo by WPCNR

Bank Street Commons is "In the Money."

Land acquisition and financing for a spectacular addition to downtown White Plains has been completed, paving the way for the development of two new residential towers. The $137 million residential complex, to be known as Bank Street Commons, is being developed by LCOR Inc. on a 2.6-acre site adjacent to the Metro-North Railroad Station.

VIEW OF THE BANK STREET COMMONS STAGING AREA FROM THE SOUTH: The south view from Bank Street into the Bank Street Commons construction sit. Massive footings for the North residential spire are being poured and can be seen distance on the Main Street wall of the pit.

Photo by WPCNR

The White Plains Urban Renewal Agency has completed the sale of the property to the designated redeveloper RMAP, a partnership between Robert Martin and Jack Parker, which in turn transferred its interests to the LCOR development entity. The property was once the site of the White Plains train station.

Mayor Joseph Delfino

Photo by WPCNR

In a statement on the recent finalization of the financing, Mayor Joseph Delfino characterized the announcement of the signing: “This is a great hour for White Plains as we transform the so-called 'Hole-in-the-Ground' into a most valuable resource for this City. We're pleased to be able to work with LCOR to create this new center of activity and living."

:ARTIST’S RENDERING OF THE DUAL TOWER AND HOTEL COMPLEX: The view is from the East (Bank Street) towards Battle Hill.From the Marino Organization

The Commons’ two apartment buildings, already with a waiting list accumulating, will offer 500 rental apartments, 30 of which will be affordable housing units through an agreement with the City of White Plains. About half of the apartments will be one bedroom, and the other half will be two bedroom.

The one-bedroom apartments average 725 square feet and offer large kitchens and large walk-in closets. The two-bedroom apartments average between 1,000 and 1,150 square feet of space. The larger two-bedroom apartments will offer two bathrooms, as well as island kitchens and walk-in closets. All of the apartments will be fully wired and ready for Internet access, and will include washers and dryers.

One of the apartment buildings will be 21 stories with 2400 square feet of ground floor retail ideal for a specialty convenience store. The second apartment building will be 22 stories with 3,500-4,000 square feet of retail space on the ground floor, ideally suited for a restaurant. A 500-car parking facility will be located below a common plaza linking the two buildings. The project will feature 24-hour lobby and concierge services.

A Step up, steps from the Train

The project will feature amenities for apartment residents including a swimming pool, health club, conference/events room, business center and private storage spaces.

“Bank Street Commons will be an impressive addition to downtown White Plains, providing first-class residential living opportunities,” reported Peter Gilpatric, LCOR Senior Vice President.

Hotel on Horizon

In addition to the residential towers, the project includes a site plan approved development pad for a 100,000-square-foot hotel with up to 200 rooms. LCOR and RMAP are partners in developing the hotel site and are actively seeking a hotel owner/operator interested in the site.

The hotel will feature above ground parking for up to 250 cars, and has the capacity to accommodate as much as 10,000 square feet of ground floor retail. Additionally, the hotel will provide self-contained amenities including a pool and health club. LCOR and RMAP have had preliminary discussions with several hotel owner-operators and hope to reach an agreement in the first or second quarter of 2002.

Bank Street Commons is situated adjacent to Metro-North’s White Plains Station, providing easy access for commuters. The Westchester Financial Center is within easy walking distance. The downtown White Plains shopping district, as well as Westchester’s well-known shopping malls, also are within walking distance.

“Bank Street Commons’ easy access to the nearby Metro-North station will create a truly transit-oriented development that will bring new residents and visitors to White Plains in a manner that enhances and utilizes the existing transportation infrastructure,” Gilpatric said.

BANK STREET COMMONS RISING FROM THE PIT

MASSIVE CONCRETE FOOTINGS ON VIEW FOR THE NORTH TOWER: The view from Main Street at some of the partially poured massive footings which will support the Bank Street spires. The wooden frames are the molds that will form the concrete foundation

Photo by WPCNR

Construction activity already has begun and foundations are being prepared. LCOR has engaged HRIT construction as the project construction manager. Additionally, over $2 million in off-site work is being undertaken to facilitate construction access to the site, and add extra lanes on Main Street and Bank Street. The project is expected to be completed and available for occupancy in the spring of 2003.

FINISHED FOOTINGS FORM NORTHEAST CORNER FOUNDATION FOR NORTH TOWER: The view into the Hole in the Ground of the completion of the first of the monumental footings for the Commons towers.

Photo by WPCNR

The Players and The Stakes

The $137 million residential project has been financed with a contribution of equity and debt. LCOR has entered into a joint venture agreement with JPMorgan Fleming Asset Management, on behalf of its institutional clients, to fund the equity for the project.

Key Bank, through its Westchester office, is funding the project construction debt. Additionally, Westchester County Industrial Development Agency is providing benefits through its straight lease structure.

The hotel development has not been financed and will be when the owner/operator has been identified.

LCOR profile

LCOR is a national development, asset management and operations management company specializing in large real estate projects and in public/private partnerships. LCOR’s New York office has recently completed the development of Terminal 4 at JFK International Airport, and has been designated to develop two other significant projects in the region, Queens Port at Queens West and JFK Corporate Square in Jamaica, Queens. In Westchester, LCOR is an owner of the 750,000 square foot Science and Technology Park, The Landmark at Eastview.

As a part of J. P. Morgan Chase & Co., JPMorgan Fleming Asset Management is a global asset management leader providing world-class investment solutions to corporations, governments, institutions, endowments, foundations and individuals.

With over $600 billion in global assets under management, JPMorgan Fleming offers global reach, local presence, and product leadership in every asset class for defined benefit and defined contribution pension plans, segregated accounts, proprietary and third party mutual funds, and high net worth individuals.

Its 30-year history of successful investing and more than 100 real estate professionals who manage both private and public real estate portfolios evidence JPMorgan Fleming’s commitment to real estate. JPMorgan Fleming’s broad investment capabilities and framework for analyzing opportunities in today’s complex real estate markets provides critical insights for its institutional clients. Real estate research at JPMorgan Fleming draws on the work of economists, capital markets researchers, equity analysts, and fixed income specialists with strategic investment decisions being derived from all inputs.

Note: Written in part By WPCNR with material provided by Russell Freeman of The Marino Organization, Inc.


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