RDRXR is a joint venture between two of the Tri-State area’s most respected real estate firms, Renaissance Downtowns and RXR Realty.
Renaissance Downtowns (RD), based in Plainview, Long Island, is a privately held real estate development and investment firm focused on the comprehensive and holistic redevelopment of suburban downtowns (“Boutique Cities”) utilizing Smart Growth and New Urbanist planning and development principles. With over 60 years of combined experience in all disciplines of real estate development and finance, Renaissance is uniquely positioned to overcome the significant challenges facing large-scale downtown revitalization initiatives.
Renaissance’s Unified Development Approach was designed to meet and overcome the complexities of downtown revitalization through the creation of a shared vision between the Municipality, Renaissance, private property owners and key community stakeholders. This inclusionary approach will enable New Rochelle to begin to realize benefits from their redevelopment efforts upon the return of the market, positioning the community to capitalize on significant changes in consumer preference which have led to a pent up demand for more urban housing within suburbia, located along transit lines.
A cornerstone of Renaissance's community-centric approach is its groundbreaking "crowdsourced placemaking" program, which is a grass roots, social media effort that enables local residents and stakeholders to have a true say in what gets built in their community. Guided by a "triple-bottom-line" philosophy of social, economic and environmental responsibility, "New Rochelle Future" represents the voice of the people defining what will be developed while promoting local, independently owned businesses throughout the downtown area.
RXR Realty (RXR) is a vertically integrated, private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR is focused on the Tri-State Area, where it is one of the largest owners, managers and developers in the region, with interests in over $7 billion in assets, comprised of 112 operating properties containing approximately 22 million square feet. The recent addition of Seth Pinsky (former President of the NYC Economic Development Corporation under Mayor Michael Bloomberg) provides a wealth of additional experience within Public-Private Partnership structures and understanding of financial structuring to the firm's formidable experience.
• The Company’s infrastructure, depth of management and financial strength ensure a significant competitive advantage across its markets, defining its position as the leading real estate owner, manager and developer in the Tri-State New York area
• RXR’s investment strategy is to leverage its 50-year franchise with a multi-disciplined, best-in-class infrastructure to invest in one of the strongest and most diverse real estate markets in the world (the Tri-State region)
• The Company’s large asset base within this target market creates significant competitive advantages for the Company and its municipal partners
• RXR has an established local presence, market credibility and deep breadth of relationships
• RXR's real estate acumen and financial sophistication allow the team to underwrite and structure complex real estate transactions • RXR has demonstrated value creation capabilities over a multitude of market/real estate cycles due to best-inclass and multi-disciplined resources.
RXR has been one of the most active participants in the New York City real estate investment market in recent years, establishing itself as one of the largest owners and managers of prime office product. Over the last 18 months, RXR has acquired interests or made investments in four New York City assets encompassing 3.4 million square feet with a gross asset value of $1.9 billion.
One of RXR's strategic initiatives has been its investment in so-called "emerging sub-markets" in the New York region that share many characteristics with New Rochelle, which RXR believes are uptrending with strong underlying fundamentals. RXR has been actively and aggressively identifying opportunities consistent with this strategy and is actively raising several hundred million dollars in equity capital that it intends to leverage with several hundred million dollars in debt capital to advance this strategy.