Success Stories > CPC stories
Posted: January 12th, 2007
In June of 2006, the first three renovated building facades were unveiled on three historic New Rochelle buildings: The Curtain Shop, Diamond Glass, and 542 Main. The restored storefronts’ pleasing design and unified look encourage renewed commercial growth and will draw people back to this once-vibrant downtown area.
CPC’s innovative façade loan program is part of the New Rochelle Business Improvement District’s (BID) Model Development Block Program, which focuses investment on Main Street between Division and Center Streets. (The Port Authority of New York and New Jersey, the Empire State Development Corporation, and the City of New Rochelle also helped fund restoration of the historic facades).
CPC also partnered with the New Rochelle BID to develop guidelines to help building owners plan their renovations. Developed by an architect, these guidelines recommend façade improvements that preserve the historic integrity and unique character of the Main Street neighborhood.
The next historic Model Block building to be restored will be Talner’s Fine Jewelry Store. In addition, the BID has launched a Façade Improvement Program that will expand façade renovation beyond the Model Block, bringing improvement to dozens of additional downtown storefronts.
A CPC loan fund of more than $50 million is available to the BID to finance additional downtown revitalization programs. BID-initiated projects along the Model Block include the conversion of the former Bloomingdale’s Building, 100,000 square feet of space vacant for 25 years, to a luxury condominium called Davenport Lofts; the construction of the recently completed 90-unit 543 Main Street Condominiums; the upcoming 548 Main Street development, new construction of a six-story mixed-use building housing the new home for CCC Computers with luxury condominiums on the upper floors; and the conversion of long-term vacant upper floor space to live-work lofts at Diamond Glass.
New Rochelle: CPC Helps Restore Building Facades To Spur Downtown Renewal
In the city of New Rochelle, CPC is helping to revitalize the central business district. CPC’s façade loan program has enabled downtown building owners to obtain ten year façade loans to improve their storefronts at an interest rate of only 3 percent.In June of 2006, the first three renovated building facades were unveiled on three historic New Rochelle buildings: The Curtain Shop, Diamond Glass, and 542 Main. The restored storefronts’ pleasing design and unified look encourage renewed commercial growth and will draw people back to this once-vibrant downtown area.
Partnership with BID
CPC’s innovative façade loan program is part of the New Rochelle Business Improvement District’s (BID) Model Development Block Program, which focuses investment on Main Street between Division and Center Streets. (The Port Authority of New York and New Jersey, the Empire State Development Corporation, and the City of New Rochelle also helped fund restoration of the historic facades).
CPC also partnered with the New Rochelle BID to develop guidelines to help building owners plan their renovations. Developed by an architect, these guidelines recommend façade improvements that preserve the historic integrity and unique character of the Main Street neighborhood.
Additional Revitalization
The next historic Model Block building to be restored will be Talner’s Fine Jewelry Store. In addition, the BID has launched a Façade Improvement Program that will expand façade renovation beyond the Model Block, bringing improvement to dozens of additional downtown storefronts.
A CPC loan fund of more than $50 million is available to the BID to finance additional downtown revitalization programs. BID-initiated projects along the Model Block include the conversion of the former Bloomingdale’s Building, 100,000 square feet of space vacant for 25 years, to a luxury condominium called Davenport Lofts; the construction of the recently completed 90-unit 543 Main Street Condominiums; the upcoming 548 Main Street development, new construction of a six-story mixed-use building housing the new home for CCC Computers with luxury condominiums on the upper floors; and the conversion of long-term vacant upper floor space to live-work lofts at Diamond Glass.
