3 | BROADWAY REVIVAL MAY 15, 2017 | VOL. 53, No. 20
YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS
9 | DOWNTOWN VISION westfaironline.com
Rivertowns Square developers plan smaller $120M project in White Plains BY RYAN DEFFENBAUGH rdeffenbaugh@westfairinc.com
A Making it in America
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Albanian immigrant Geraldina Shabani at her year-old dress shop in Hartsdale. Photo by Bob Rozycki.
$120 million development on the Westchester Avenue corridor in White Plains would add retail and luxury apartments to a mostly vacant portion of the city's eastern gateway. The project, first reviewed by the White Plains Common Council in 2015, has been renewed in a scaled-down form by development partners in Saber White Plains LLC, an affiliate of Armonk-based Saber Real Estate Advisors LLC, and Chauncey White Plains LLC, an affiliate of Chauncey Station Partners. The two real estate firms
previously collaborated on the 450,000-square-foot Rivertowns Square mixed-use development in Dobbs Ferry, which includes a movie theater, luxury apartments, restaurants and retail. The White Plains development, called The Collection, would follow a similar mixed-use concept on a smaller scale. As designed by the Virginia architecture firm Antunovich Associates, the project would bring about 25,000 square feet of retail and restaurant space to Westchester Avenue in the area between the White Plains Chrysler Jeep Dodge and the Westchester Burger » WHITE PLAINS, page 6
Empty storefronts pose challenge for Bronxville BY BILL HELTZEL bheltzel@westfairinc.com
A
stroll through Bronxville reveals the impact of volatile market forces on small-town business districts: a dozen street-level stores have closed in recent months. Stillmeadow Gourmet and North clothing boutique, encompassing 3,400 square feet at 65 Pondfield Road in the heart of
Bronxville, are closed. The fishmonger tucked away on Cedar Street is gone. The new olive oil emporium on Kraft Avenue is out of business. But Bronxville has seen this kind of economic pressure before and adapted. “We are going to separate fact and fiction,” said Mayor Mary Marvin. “It’s not just about optics and perceptions and rumor mill.” She has formed a “retail mix
and marketing” committee of merchants, landlords, residents and village officials to study the problem. Bronxville, bounded by Yonkers to the west and Mount Vernon to the south, comprises one square mile of land. More than a hundred shops and offices are packed into a compact, easily walked, triangular business district next to a MetroNorth train station. Many of the commercial buildings were built in the 1910s and feature Old World architecture. It is one of the wealthiest places in Westchester and New York, with average family income of $381,000, according to the U.S. Census Bureau. The obvious threat is the internet.
“Sadly, we’re part of a national trend, the incredible rise of the internet,” Marvin said. “If you are going to sell the same goods, pay rent for a brick and mortar store and pay taxes, it’s hard to compete when someone can buy the same thing at midnight on the internet.” Sales taxes add more than $8 to every $100 in sales. Rents average around $48 per square foot, plus another $10 to $15 for insurance, property taxes and maintenance, according to Jonathan Gordon, president and CEO of Admiral Real Estate Services on Pondfield Road. Bronxville has no large corporate enterprises to offset the residential tax burden. Sales taxes brought in nearly $900,000 last year, Marvin said, and with-
out that revenue stream homeowners would see property taxes increase by 13 percent. She said goods may seem cheaper online, but the decline of commercial shopping districts exacts hidden costs in the form of higher property taxes and lower property values. “There is a real linear relationship to your personal taxes, house values and quality of life.” No one explanation fits every vacancy. Higher rents, too few shoppers, fierce competition from the internet and big box stores, retirement, fatigue and financial hardships are among the facts and fictions that the mayor’s committee will try to sort. “It’s an amalgam of issues,” Marvin said. » BRONXVILLE, page 6