Comstock Residential Contracting to develop 21-unit rental for $6.53 million; WPHA to convert public housing - $23.5 million project

Mamaroneck, NY According to County executive Robert Astorino, Westchester’s Industrial Development Agency (IDA) has approved support for a new 21-unit rental apartment building in Mamaroneck’s Transit Oriented  Development (TOD) Zone. The $6.53 million project will create 40 construction jobs and 6 permanent jobs. The project, which is being developed by Comstock Residential Contracting, LLC, is designed to attract millennials from New York City to live and work in Westchester County. The building includes 2,500 s/f of commercial space as well as two affordable residential units. In other business, the IDA approved a bond issuance that will allow the White Plains Housing Authority (WPHA) to convert a 95-unit public housing development to a Section 8 affordable housing community. The $23.5 million project will create 35 construction and permanent jobs. Located at 120 Lake St., the Lakeview Apartment Community is nearly fully occupied and has a substantial waiting list. The WPHA, which owns the 85,150 s/f building, has received approval from the HUD to convert the building to Section 8 housing. A new tax credit entity – Lakeview Apartments LLC will acquire the property from WPHA. Repairs and renovations to the 95 units will take about 12 months to complete. “The support approved by the Westchester IDA will help move forward $30 million in private investment in rental housing while creating more than 80 construction and permanent jobs,” said Astorino.  “We are particularly pleased to see transit oriented development projects, such as the one in Mamaroneck that are targeted to young professionals.”