Avalon Presses Forward on $247-Mil Apartment Projects

NEW ROCHELLE, NY-Based on the leasing success thus far at its $92-million Avalon on the Sound luxury rental apartment project here, AvalonBay Communities is seeking city approval on a $155-million, 588-unit development nearby.

Bob Paley, senior development director for Avalon, notes that the firm has submitted a plan with the city to build a 39-story rental apartment building down the street on a 73,000-sf parcel that is now used as a Kinney parking lot.

The company also proposes to build a 400-car, free-standing parking garage nearby. Paley explains that Avalon is requesting a zoning modification that would allow the firm to increase the maximum building height limit to 390 feet.

The firm has already received approvals from the city to build 1,000 rental apartment units in three phases. Paley says Avalon’s proposal would combine phases two and three.

The proposed development would require site-plan approval, he adds. “If everything goes just right with the approval process, we would love to break ground by mid-2002,” Paley says.

Avalon officials report that to date 60% of the 412 available units at its Avalon on the Sound development have been leased less than six months after the firm opened its leasing office.

“We’re definitely on target,” says Avalon president Fred Harris. “While we are accepting applications for apartment homes on all 25-floors, construction is still underway on some of the highest level floors, the penthouse units, and on the ground-level living lofts. So we are especially pleased with the response that we have had to date.”

He continues that some of the penthouses have been rented and their occupants are scheduled to move in late August or early September. Construction is also under way on the 5,000 sf of retail/commercial space fronting Huguenot St. and Memorial Highway. Harris notes that most of the lower-floor apartment homes have been leased and that more than 200 of the 412 available units are occupied.

Paley says that the firm believes the Avalon on the Sound building will be fully leased by year’s end.