Simone wins $175m tower contract.

Simone Development Companies has been selected by the City of New Rochelle for a major redevelopment project that will transform a rundown parking structure into 34-story residential condominium tower as well as provide the city with a new municipal parking garage.

The $175 million project calls for Simone Development to construct a new 388-space municipal parking garage on the site of the present Prospect Street parking lot and demolition of the old and antiquated Church/Division parking structure.

In addition, and at the City's option, Simone Development will enlarge the capacity of the new garage by 140 additional spaces or make a $3 million contribution to the City.

On the site of the demolished Church/Division parking structure, Simone Development will build a 34-story condominium tower with approximately 385 residences, of which 25 will be townhouses at the plaza level.

The building will also feature some 44,000 s/f of retail space in a destination-style plaza with both a visual connect and a natural pedestrian traffic flow to and from Main Street. There will be approximately 700 parking spaces beneath the building for the condominium owners with some of the parking available for the retailers.

In addition, Simone Development plans to build on the site a mid-rise building with 30 to 50 condominium units and some 2,500 s/f of professional office space.

In its agreement with the City of New Rochelle, Simone Development will work with the City to set aside a percentage of the units on the site as affordable housing or will make a monetary contribution to the City or its designee for an affordable housing down payment fund. The fund would be made available to qualified New Rochelle residents purchasing housing anywhere in the City.

"We are very pleased and honored to have been selected by the City for this vitally important and exciting new development. We are looking forward to working with the City to create a world-class residential condominium tower," said Joseph Simone, President of Simone Development Companies. "The City of New Rochelle is enjoying a renaissance and we're delighted to be playing a major role in revitalizing the downtown area. The magnitude of this upscale project will certainly aid in turning around the Main Street corridor," he added.

Headquartered in New Rochelle, Simone Development is a full service real estate investment company specializing in the acquisition and development of office, retail, industrial and residential properties in the tri-state area. The family owned and privately held company owns and manages an extensive range of commercial projects from multi-building office parks to retail and industrial space in Westchester County, Queens, the Bronx, Long Island and Connecticut. The company's portfolio of more than 90 real estate properties totals approximately million s/f of development space. Simone Development has also developed a number of significant residential projects.