New Rochelle IDA Meeting - March 11, 2026: Approval of 277 North Avenue Project Assignment
New Rochelle IDA Meeting - March 11, 2026
On March 11, 2026, at 7:34 PM, the New Rochelle Industrial Development Agency (IDA) held a meeting at City Hall to consider the assignment of the IDA project at 277 North Avenue from the original sponsor (Fisher) to 277 North Avenue GP LLC, an affiliate of Lincoln Property Company. The meeting included a public hearing, presentations from the applicant and financial advisor, and a board vote resulting in approval with one abstention.
Consent Calendar
- Approval of Minutes: The board unanimously approved the minutes from the November 19, 2025 committee meeting.
Public Comments & Testimony
- Serge Vetcher (25 Lira Place): Expressed support for the project, noting the developer's reputation and the need to activate a dormant site. However, he questioned whether the city's finances and the original assumptions still hold, given that the project offers only the minimum 10% affordable housing at 80% AMI.
- Sean Wayowatsky (25 Leroy): Opposed the tax incentives, arguing that the project does not provide tangible benefits to the community. He noted that 10% of units at 80% AMI is not affordable for the average New Rochelle resident (who earns 50% AMI) and criticized the lack of enforceable local hiring requirements.
- Jim Kelleher (unstated address): Called for a PILOT for homeowners to reduce their taxes, emphasized the need for local job mandates (20% or more), and urged the IDA to require signed retail tenants before approving projects. He also suggested using affordable housing funds to build tiny homes for residents.
- Michael Yellen (New Rochelle Alliance for Justice): Argued that the city's development policies have put developers first. He stated that 80% AMI units do not meet the needs of most renters, citing a Hudson Valley Patterns for Progress report, and that 44% of New Rochelle households live below the poverty line or are working poor. He called for project labor agreements and stronger apprenticeship requirements for local residents.
- Maxine Gouls (unstated address): Raised concerns about inadequate parking (433 spaces for 442 units, assuming no family has more than one car) and no dedicated parking for retail. She also urged the IDA to plan for traffic mitigation during the 30-month construction period.
Discussion Items
- Project Presentation: Brian Cinsiba (attorney for the applicant) presented the project history, noting that the original approval was in 2018, but the Fisher group lost financing due to COVID and cost increases. The project cost has risen from $170 million to $250 million. The developer, Lincoln Property Company, is a large national firm with experience in similar mixed-use developments. Jared Toothman (Lincoln) emphasized the need for a PILOT to make the project financially feasible, given high construction costs in Westchester compared to Hudson County. He also discussed the brownfield cleanup program and the importance of transit-oriented development.
- Financial Analysis: Kevin Grams (Grow America) presented the cost-benefit analysis. The same 20-year PILOT as approved in 2018 (75% abatement in years 1-2, then phased, overall 46% tax savings) is proposed. Total incentives are $29 million (12% of project budget), with a net public benefit of $14 million over 20 years. The project is expected to generate 300 construction jobs and 27 operational jobs. The student impact analysis estimated 18 new students, with PILOT payments in year 3 ($737,000) exceeding the cost of those students ($220,000+).
- Board Discussion:
- Board member Miguel O'Malley (who recused himself from voting due to a conflict of interest) asked about local hiring and union participation. Jared Toothman responded that the contractor (Swinterton) is aware of requirements and that Lincoln is open to union labor where economically feasible.
- Vice Chair Ianusy questioned the per-student cost used in the analysis ($19,492), noting that actual costs may be higher (mid-$30,000s). Executive Director Adam Salgado replied that the cost is based on a 2015 study and that the city is working with the school district to update the calculation. He also noted the five-year lookback provision for reconciliation.
- Chair Rob praised the project and emphasized partnership. He noted that the social equity fund (about $157,000) is a new benefit not available in 2018.
Key Outcomes
- Vote on Motion: The board voted on a motion to approve the assignment and transfer of the project to 277 North Avenue GP LLC, including the PILOT and all related documents as set forth in the resolution. The motion passed with 5 in favor and 1 abstention (O'Malley). The vote was: aye from Chair Rob, Vice Chair Ianusy, and three other members; abstention from O'Malley.
- Next Meeting: The next IDA meeting is scheduled for March 25, 2026, at 7:30 PM.
Meeting Transcript
Good evening, everyone. And uh welcome to the March eleventh, twenty twenty-six meeting of the Nearest Shell Industrial Development Agency at roughly seven thirty four PM in the city uh council chambers in City Hall, Near Shell, New York. Uh, the meeting of the Neuroshell Industrial Development Agency is now called to order. Um, can staff please call the role? Here. Ocean Loya. Greenberg is absent, O'Malley. I knew here. We are also joined by our executive director and commissioner of development, Adam Salgado, Katrina Shivers, the IDA manager, and Darius Shafizada for our transaction council from Harris Beach. Thanks, Katrina. Uh, any announcements? No. No? Okay, great. Um, then let's move to the first uh item um for this evening, which is just the approval of the uh the minutes uh for man, November. Wow, that's been a while, huh? Um, the minutes from our November nineteenth uh twenty twenty-five uh uh committee meeting. Uh can I have a motion to approve those minutes? Um seconded. Okay, good. I've been instructed to try to direct who raises it's difficult up here with the lights and stuff. So um those in favor? Aye. All right. Any opposed, any abstentions of the minutes uh pass, so thank you for that. Okay, the uh the main reason we're here tonight is to uh kick off the uh the public hearing on 277 North Avenue GPLC. Um something that uh I think uh we've been waiting for for a long time uh to see uh some action down there, and I'm happy to see that uh we're at that next step here to try to hopefully make progress with that. But uh most important thing is we have the the public hearing uh as part of our process, so we'll do that uh this evening. Um if the executive director, Mr. Adam, if you wouldn't mind uh giving us a description of the action for the thank you, Rob, sure. I'd be happy to. The IDA received an application from 277 North Avenue GPLC requesting the approval of the assignment of the existing IDA project located at the same address, 277 North Avenue. The project was originally approved by the IDA in 2018. Following that approval, the existing building on the site was demolished by the current owner at the direction of the city. Uh the proposed development is consistent with the existing approvals granted for the project and includes the construction of approximate 488,000 foot 23 story mixed use residential building. The project consists of 442 residential rental units with 10% of those uh reserved as affordable housing at 80% of AMI. The project will also include approximately 13,000 square feet of ground floor retail space, residential amenities, and a parking garage with 433 spaces. The resolution before the board this evening is to approve the assignment of the project and related IDA documents to the new project sponsor and to modify the existing pilot to reflect a 2026 construction start. The proposed modification includes the same deviation from the IDA's UTEP that was originally granted and has been determined to be necessary to support the financial feasibility of the project. Brian Cinsiba from Darren and Seinmets along with Jared Toothman and Adam Klupe from Lincoln Property Company are here to present the details on behalf of the project. Kevin Grams from Grow America will then present the financial details of the project and the cost benefit analysis to the board um prior to the holding of the public hearing, which will be scheduled uh most likely next month. Oh, it's today. I'm sorry. Oh I'm sorry. So they're both gonna present today. Oh, I'm sorry, that's a little out of cadence, so I apologize. I He didn't read the script. I did I did read the script, but then I thought I had to correct this script in real time. So I apologize. Uh so yeah, so I guess the developer team come up and present the project.
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