Craft Building Rises in New Rochelle, NY: 75 New Rentals

The Craft Building, New Rochelle, New York’s newest middle income and affordable senior rental building is under construction, with a projected opening in Spring 2020.  The development is a joint venture between Regan Development and Quintessential Land Development, with each partner bringing important experience and skills to create successful, dynamic living spaces for people in New Rochelle.  The Craft Building will be a six-story, mixed-use building consisting of 75 residential rental apartments for senior citizens and people living with special needs, plus two street level retail spaces.  In addition to 62 apartments for seniors, 12 apartments will be designated for residents with Intellectual or Developmental Disabilities (IDD), supported by Westchester Jewish Community Services, a premier service agency in the County.  An on-site superintendent’s apartment will allow hands on service to the residents.

The development benefits from strong support by several New York State agencies, each providing important support and funding to enable the long-term success of the Craft Building.  New York State Homes and Community Renewal is providing tax exempt bond financing, affordable housing tax credits and a substantial low interest loan which will help bring a mix of affordability for several income ranges.  Additionally, New York State’s Office for People with Developmental Disabilities (OPWDD) will provide both capital and long term service funding to allow those with IDD to live in independent, supported apartments in the community.  The City of New Rochelle and its IDA have also provided financial support to make the development possible.  Additionally, Regions Affordable Housing is investing in the development, helping to write down development costs to allow affordable rents for the residents. 

As the Craft Building rises on Union Avenue in New Rochelle, Regan Development is proud to work with all of these partners to create high quality rental housing for seniors in this neighborhood.

January 30th, 2020

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