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New Rochelle IDA approves $14M tax help for $90.5M apartment complex project

The New Rochelle Industrial Development Agency (IDA) has endorsed $14 million in proposed tax relief for a $90.5 million apartment complex at Huguenot Street and Centre Avenue.

[...]

Huguenot Partners has budgeted $11.4 million for land. That includes more than $6.7 million for city parcels at 327 and 339 Huguenot St., $1.75 million for 33 Centre Street, and $1 million to clean up the Centre property. It will pay $851,340 to the Community Benefit Fund, for the right to build 14-story buildings instead of 12-stories.

[...]

The firm is asking for a $600,000 mortgage tax exemption and more than $2 million sales tax exemption during construction. A proposed 20-year property tax abatement would save the developer nearly $11.5 million.
 
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