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LCOR secures $94M for all-electric residential tower in New Rochelle, NY

LCOR has successfully secured $94 million in construction financing aimed at the construction of an innovative all-electric residential tower located in downtown New Rochelle, New York. The loan for LCOR’s ambitious 28-story project, positioned at 247 North Avenue, has been provided by Pacific Life. The project itself is set to become a remarkable showcase of residential geothermal innovation and stands out as one of New York State’s most significant projects of this nature.

At the heart of the all-electric residential tower’s design is its inventive geothermal system, utilizing a network of geothermal wells beneath the structure to manage both heating and cooling. Beyond its environmental benefits in reducing carbon emissions, this system is also expected to lead to reduced utility expenses. The project is scheduled for completion in the second quarter of 2025.

Total units count in the upcoming all-electric residential tower in New Rochelle

The upcoming all-electric tower in New Rochelle will provide 307 residential units. Additionally, there are plans for 1,800 square feet of ground-floor retail space and a parking facility with space for 257 vehicles. Anthony Tortora, LCOR’s Senior Vice President and Principal, emphasized the company’s dedication to sustainable initiatives. He noted that the 247 North Avenue project, upon completion, will showcase its energy efficiency, distinguishing itself from traditional HVAC-equipped buildings in terms of energy conservation and carbon reduction.

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It’s noteworthy that the All-electric residential tower in New Rochelle project signifies LCOR’s second project into geothermal technology within multifamily housing. Their previous venture, the development of 1515 Surf Avenue in Brooklyn, is on track to feature 463 units, with an impressive 30 percent earmarked for affordable housing upon its expected completion in early 2024. Similarly, 31 units at the 247 North Avenue project will be reserved as affordable housing for residents earning 80 percent of the local median income.

LCOR spokesperson Tonnessen expressed gratitude towards Pacific Life for their collaboration on the New All-electric residential tower in New Rochelle project. This endeavor comes at a time of sustained demand for development in the city, which is located in Westchester County on the border of New York City.

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