$137 million residential project underway in White Plains.

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.

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.

"This is a great hour for White Plains, as we transform the so-called 'hole in the ground' into an invaluable resource for this city," said White Plains Mayor Joseph Delfino. "We're pleased to be able to work with LCOR to create this new center for activity and living."

The Commons' two apartment buildings 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 will average 725 SF and offer large kitchens and large walk-in closets. The two-bedroom apartments will average between 1,000 and 1,150 SF 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 2,400 SF of ground floor retail ideal for a specialty convenience store. The second apartment building will be 22 stories, with 3,500-4,000 SF 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.

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

"Bank Street Commons will be an impressive addition to downtown White Plains, providing first-class residential living opportunities," said Peter Gilpatric, LCOR senior vice president.

In addition to the residential towers, the project includes a site plan approved development pad for a 100,000 SF 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 the capacity to accommodate as much as 10,000 SF of ground floor retail. In addition, the hotel will provide self-contained amenities, including a pool and a 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.

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