WPNCR THE PLANNING NEWS. By John F. Bailey. December 19, 2007: In a marathon five hour and 15 minute session, recalling The Mary Cavallero Era on the Planning Board, the Board and the White Plains Housing Authority  in simultaneous hearings, gave approval to the $8 Million leaseback bond arrangement, paving the way for Common Council approval of the renovation and preservation of senior low income housing at the Armory Plaza for the next 30 years. The deal, pending Council approval Thursday evening is scheduled to close Friday.

Enter The Venue. The view South along Bloomingdale Road of the proposed Venue retail complex for the 120 Bloomingdale Road property (below Hale Avenue.)

The Board also was introduced to the first public look at The Venue, a new retail high fashion & restaurant complex proposed for the parking lot adjacent 120 Bloomingdale Road opposite Bloomingdale’s. The project, described by the attorney for the owners of 120 Bloomingdale Road, hopes to present a pedestrian friendly retail complex with outdoor dining, landscaping with parking on two levels behind the complex shown above.  The Board Concerns about shared parking surfaced as retail parkers and parkers for the 120 office building would split the parking.

When a citizen suggested they buy the property to preserve it, John Garment,  Chair of the Planning Board, apparently wearying of Seidel’s questions and suggestions, suggested Seidel buy the property. Seidel again pressed his suggestion for an independent hydrology report, suggesting that the Planning Board by not commissioning one was “incompetent.” Garment, the Chairman bristled at this, noting the Planning Board served without pay and volunteered their time. Another member of the Planning Board acidly said to Seidel “to question our ability to evaluate this is inappropriate.” The Commissioner of Planning, Susan Habel, recommended a Draft Environmental Impact Statement be prepared on the project.

In the matter of 55 Bank Street, enhanced designs for the 536-residential, retail and office complex which will also supply 107 units of “affordable housing,” the Planning Board expressed concerns about the design not being creative enough as an effective visual introduction to the city; the Environmental Officer criticized the Bank Street garbage collection area for being outside in the back of the building, and several members of the Planning Board expressed concerns about the shared parking concept working, where “commuters” would use space vacated by residents of the buildings during the daylight hours.  They also did not want Bank Street closed down to a single lane to provide a lane of parking in front of 55 Bank Street. In the final moments, the Planning Board agreed to approve the project with the understanding that Bank Street would tweak the project design to allay their concerns. The approval was provided by the Planning Board,  in order that the 55 Bank proposal site plan could be placed on the Common Council agenda for February 4.

Peter Gilpatrick said he planned to go out for his financing the second quarter of 2008. The Commissioner of Planning, Susan Habel, also head of the Urban Renewal Agency when asked if the Urban Renewal Agency would be providing the bond financing for the project as was requested by LCOR, the developer – aid “We have not discussed it yet.”  WPCNR estimates the 55 Bank Street project would be about $250 to $300 Million.

In a related matter, Gilpatrick said LCOR was in negotiations with a hotel to go next door to the 55 Bank Street project, but declined to name the hotel at this time.

The Venue reverse angle looking North to the 120 Bloomingdale Road Office Building.

At 11:30 PM the owners of 120 Bloomingdale Road, last on the 10-item agenda, presented the first public views of The Venue, what they described as a complex of high fashion retail stores anchored by a 6 to 7,000 square foot restaurant, for which they were seeking a Special Permit. Their attorney an architect and engineering consultant explained how parking would be shared between the retail facility and the 120 Bloomingdale Road Office building. The complex was described as being pedestrian accessible with street ambience and outdoor café seating which they hoped would attract shoppers from the Fortunoff, The Westchester and Bloomingdale’s, and of course New York Presbyterian Hospital  which anchor the Bloomingdale Road strip.

The Overhead: Bloomingdale Road is at base of picture. 120 Bloomingdale Road is the tan building indicated by pointer. Venue would have two levels of parking in back of the complex. Hale Avenue is the street shown at top right of the picture.

Housing Authority Set to Buy Armory Property.

The White Plains Housing Authority- Related Preservation Management agreement whereby the Housing Authority is to issue $8 Million in closely-held bonds to finance both renovations to the Armory Plaza senior center and the 52 senior apartments within the Armory was approved by the Planning Board. The Common Council is expected to add its blessing to  this project Thursday evening and the two organizations, The Housing Authority and Related Preservation Management  will close on the project Friday. 

Joanna Rose of Related Preservation Management in New York had explained earlier this week to WPCNR that no residents would be displaced during the renovation, that the renovations will begin in January after the closing.  She said the major improvements will be to the lobby, main hall, dining area, recreation room, library, lounge, and hallways, and “critical improvements to the apartments include upgrading the bathrooms, and other interior spaces.”

The Commissioner of Planning, Ms. Habel, thanked the Housing Authority for moving to preserve the senior housing at the Armory for the next 30 years.  Matt Finkel, representing Related Preservation Management, said renovations would take nine months. Finkel explained that the Department of Housing and Urban Development had not renewed their contract with Related Preservation to continue the senior housing at the armory. Finkel reported that the Related, without the Housing Authority deal would have had the option of converting the senior low income housing to “market rate” housing. The Housing Authority bond leaseback arrangement preserves the property as senior housing.

Mack Carter, the Executive Director of the Housing Authority told WPCNR after the approval that the bonds to finance the project total $8 Million, and a portion of them, enable the Authority to purchase the Armory, then lease it back to Related Preservation Management who will continue to run the building and collect rent from the city.

Randy Mayer, the city’s bond consultant said he did not have a feel for what interest rate the tax-exempt bonds would command. He defined them as “closely held bonds” backed by the Authority, which would be issued to Related Preservation Management. Related would pay back the bonds to the housing authority from the resale of the closely held bonds with their tax exempt status  to other organizations or individuals.

Mayer said 15% of the bond proceeds, or $1.4 Million would, according to law, be used for the renovations and the balance for the purchase of the Armory from Related.