LCOR’s 55 Bank Street Breaks Ground in White Plains

The first new development in White Plains since 2009, 55 Bank Street

will provide a dynamic mix of residential and retail space

LCOR, a fully integrated real estate company specializing in property development, investment and management, has broken ground on their latest mixed-use project, 55 Bank Street in White Plains, New York. The transit-oriented development will provide the thriving community with an impressive mix of residential and retail space.

LCOR has started construction on the highly anticipated, $250 million project. Upon completion, the 55 Bank Street development will offer a total of 760,000 square feet to the White Plains community.

"The groundbreaking at 55 Bank Street serves as a pivotal moment in White Plains, as the first large-scale residential development since 2009," said James Driscoll, Senior Vice President of LCOR. "LCOR is dedicated to creating a dynamic mixed-use development that will invigorate the neighborhood and complement the existing structures in the area."

55 Bank Street will be developed in two phases. Phase 1 will include a 16-story, 288-unit residential building with 3,000 square feet of ground floor retail space and 381 parking spaces. Phase II will consist of a 16-story building, complete with 273 homes, 3,350 square feet of retail space and a mix of above and below ground parking, consisting of 189 parking spaces. The total 561 units will have 20 percent workforce designated housing.

The City of White Plains and the Westchester County IDA were crucial in bringing 55 Bank Street to fruition.  Created by the City of White Plains, The Bank Street Redevelopment Area allowed LCOR to revitalize the northern portion of the designated area. Previously a municipal parking lot, LCOR purchased the land from the City, with the goal of repurposing the land into a flourishing development.

Located in the heart of Westchester County, New York, White Plains resides 25 miles northeast of Manhattan. 55 Bank Street boasts a prime White Plains location, , in close proximity to Mamaroneck Avenue which consists of boutique shops, dining and entertainment, adjacent to the Metro-North White Plains Railroad Station, which offers express service into Grand Central Station in Manhattan, and conveniently located near I-287, Bronx River Parkway and the Hutchinson River Parkway.

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About LCOR

LCOR is a fully integrated real estate company with a mission to create better places to live, learn, work, travel and play.  In 2012 LCOR recapitalized the company with the California State Teacher's Retirement System and the resulting new platform, with a significant asset and capital base, is poised for strategic portfolio growth.  LCOR specializes in core urban development and acquisition / redevelopment opportunities where assets can be repositioned or rehabilitated to add value.  The company is a pioneer and leader in public/private development, including government spaces, aviation facilities and infrastructure. LCOR's real estate operating and development business manages approximately 8,000 multifamily units, 7.5 million square feet of commercial space and a substantial development pipeline of mixed use real estate in core markets.  Nationally, LCOR has developed more than 21,000 residential units and 18+ million square feet of commercial space.  LCOR is principally focused in the eastern United States, with offices in New York City and the Washington D.C. and Philadelphia metro areas.