The intended plan to have the former AT&T Inc. (NYSE:T) building converted into an office and retail place has been approved by the White Plains Common Council. The five-story building of 118,517-square-foot is of the 1960s-era was been purchased by Long Island-based developer American Equity Partners I at a cost of $20.5 million in November.
The project of converting the building at Hamilton Avenue and North Broadway has been applauded by Mayor Thomas Roach who says it will bring more life to Hamilton Avenue. However, CBRE Group Inc, which is the leasing agent, says that the project is yet to have a general contract. Meanwhile, Orlando-based Baker Barrios Architects Inc and Fulcrum Management Corp have been appointed as the architect and the project manager respectively.
The market is starved for large Class A blocks
The market is currently full of large tenants who are in search of conducive office space. Hence, the project is timely. Apparently, its owners had considered converting it into a high-rise apartment complex before being swayed away by the high number of interests from potential office users.
Micah Strader, the first vice president of CBRE outlines that the market is in dire need of large space. However, there is a projection of having the building delivered within the first quarter of 2018. Cushman & Wakefield, a real estate services firm says, “As available space further dwindles in 2017, the overall expectation is that some speculative projects will break ground to meet the rising demand from tenants who currently have limited options.”
The finished product will have elements of the building’s history
Roach is one of the many who is expectant of an overhaul change of the Hamilton Avenue. The mayor cites pleasant experience for people once the project is completed. The new conversion will incorporate 41 studios, 120 one bedroom units and 84 two-bedroom units. Close to 245 units will be rental apartments while the top penthouse level will be expected to accommodate a spa pool, barbecue area, and lounge seating.
Nonetheless, while all is put into place the principal at West Second Street Associates, Troy Farah says that the finished product will sport a contemporary design. This will be expected to integrate elements of the building’s history as a data center.