New Rochelle Mayor Timothy Idoni has announced the beginning of demolition of the former Macy's store, retail mall and. municipal parking garage in downtown New Rochelle. The buildings are being razed to make way for New Rochelle Center, a new 350,000 square-foot retail and entertainment center, as well as a new 1,700 car parking structure.
Demolition is expected to take approximately two months. Construction of the three-level retail building will begin in January 1998.
Eighty percent of the total space has been pre-leased to retail and entertainment-related tenants which include: Regal Cinemas, a 115,000 square-foot, 20-screen multiplex theater that will include an eight story. giant screen IMAX theater; Stop & Shop Supermarket, a 70,000 square-foot superstore that will operate 24 hours a day: Hockey New Rochelle, a 70,000 square-foot ice center that will include two National Hockey League regulation-size, a pro shop and a snack bar; Bally's Health & Fitness Club, a 24,000 square-foot health club; Applebee's Neighborhood Grill & Bar, a 6,500 square-foot casual dining restaurant; and Rio Bravo Cantina, a 9,000 square-foot Tex-Mex-themed restaurant.
An additional 80,000 square feet of retail space is still available. The owner/developer, NewRoc Associates of White Plains, NY, expects to have the new center 100 percent leased by the time it opens to the public in the Summer of 1999.
The project would not have been possible without support from the Mayor, the City Council and the New Rochelle Industrial Development Authority, which recently approved a $25 million bond offering. The proceeds will be used to fund construction of a new 1,700-car, five-level parking garage to replace the existing 30-year old obsolete structure.
The new garage will offer improved vehicular circulation, increased light levels and a 24-hour security staff. All five levels will be connected to the street-level store entrances via escalator and glass-enclosed elevators. Parking rates, which are set by the City, are expected to be $.50 per hour.
When complete, New Rochelle Center will provide approximately 700 jobs and generate income from parking fees, sales taxes and property taxes of more than $6 million annually.
'We have all worked hard to make this project work because it is needed to spark our downtown revitalization effort,' said Mayor Idoni. 'The retailers who have already signed on as tenants are well-known industry leaders that will attract over five million shopping visits to our city each year. The positive spillover impact on our local economy and on the downtown retail district will be tremendous.'
The total investment in New Rochelle Center will exceed $100 million, including $60 million for site acquisition, demolition and new construction: $21 million for tenant interior finishes; and $25 million for construction of the garage. Construction financing will be provided by Canadian Imperial Bank of Commerce and by a $54 million low-interest loan provided by the Empire State Development Corporation.
The Tenants
Regal Cinemas' 20-screen megaplex will be the company's third and largest theater complex in New York State. It will be the largest multi-screen theater and the only giant screen IMAX theater in Westchester County. Highlights will include state-of-the-art digital surround sound, plush stadium seating in all theaters, wall-to-wall screens, and a full-service food care in addition to the traditional popcorn and candy concession. Regal Cinemas is the third largest exhibitor in North America, operating 2,082 screens at 237 locations in 22 states.
The Ice Center will be an ice-based sports, retail and entertainment complex that will contain two NHL standard size ice rinks, combined with a state-of-the-art sports training facility. Additional highlights will include instructional programs for hockey and figure skating, recreational skating, cafe and pro shop.
The Stop & Shop Supermarket at New Rochelle Center will be the company's third superstore in New York State and the first superstore in Westchester County, making it the largest supermarket in Westchester. It will include a full-service pharmacy, florist, fish market, bakery, branch bank, book and greeting card department and housewares department.
Bally Total Fitness Corporation is the largest (and only nationwide) commercial operator of fitness centers in the United States in terms of revenues, the number of members, and the number and square footage of facilities. The company operates approximately 320 fitness centers concentrated in major metropolitan areas in 27 states and Canada and has approximately four million members.
The New Rochelle facility will occupy two levels. The entrance, approximately 6,000 square feet, will be on the corner of Main Street and LeCount Place, adjacent to the entrance of the ice center. A second floor of approximately 18,000 square feet will be directly above and offer a view down onto the ice center rinks.
Applebee's Neighborhood Bar & Grill and Rio Bravo Cantina are among the most popular and successful casual dining concepts in the marketplace today. There are currently over 900 restaurants in operation, the majority of which are franchised by Applebee's International, Inc.
Applebee's Neighborhood Grill and Bar is an attractive, friendly, neighborhood, casual dining restaurant featuring moderately price, high quality food and beverage items, excellent service and a comfortable atmosphere which appeals to all ages.
Rio Bravo Cantina restaurants are designed with a uniquely distinctive Mexican architecture and interior decor which creates a festive atmosphere with the look and lively feel reminiscent of an authentic Mexican border-town cantina.
