News Summary
White Oak Real Estate Capital has announced a $46.2 million loan for a new build-to-rent housing project in Tuxedo, NY. This initiative is part of Phase I of The Village at Tuxedo Reserve, which will add 93 rental units to the 1,200-acre community. As demand for multifamily housing grows, this project aims to cater to prospective residents with unique amenities and a focus on outdoor lifestyle.
Construction Loan Boosts Build-to-Rent Project in Tuxedo, NY
White Oak Real Estate Capital has stepped up to support the development of a new residential project in Tuxedo, New York, by granting a substantial $46.2 million construction loan. This financial backing will help facilitate Phase I of The Village at Tuxedo Reserve, a build-to-rent community located along the strategic New York-New Jersey border.
Phase I Development Details
The first phase of this project is set to contribute 93 rental units to the already extensive Tuxedo Reserve master-planned development, which spans over 1,200 acres. The community is designed to eventually accommodate around 1,300 residences. The completion of Phase I is anticipated for fall 2026, with the project aimed at meeting the growing need for rental housing in the region.
Project Vision and Appeal
This development, carried out by Related Companies, is captivating due to its close proximity to Midtown Manhattan, located just 45 miles to the south. The area presents a significant demand for multifamily housing, particularly given its current landscape that favors single-family homes. The rental units are expected to provide a unique living experience, attracting considerable tenant interest.
Community Amenities and Features
The Village at Tuxedo Reserve is not solely about housing; it is set to include 300 to 400 rental units along with 43,000 square feet of commercial space designed for community engagement. Prospective tenants and residents can look forward to a robust offering of retail components, including a high-end supermarket, a spa, a fitness gym, and multiple dining options.
Creating a Town Center
The overarching goal of Tuxedo Reserve is to evolve into a vibrant town center that not only services current residents but also attracts visitors to nearby attractions. The development is structured to promote a high quality of life through innovative urban planning and community-focused amenities. Key features planned include resort-style pools and a state-of-the-art fitness center, all intended to enrich the living experience.
Emphasizing Outdoor Living
A distinctive feature of the Tuxedo Reserve community is its commitment to outdoor living. The development will boast extensive trail networks providing easy access to nature, reinforcing the area’s appeal for residents who appreciate an active lifestyle. Such features are increasingly sought after, resonating with today’s residents who value outdoor spaces.
Building Partnerships for Success
The success of this ambitious project is bolstered by coordinated efforts that involve collaboration with local officials and stakeholders. This partnership is crucial for transforming the development vision into a tangible reality, ensuring that the project aligns with community needs and aspirations.
Current Construction Progress
As of now, construction is actively underway, focusing on mixed-use multifamily and retail spaces. This development model is tailored for enhanced community interaction and growth, making Tuxedo Reserve a key area of interest for potential renters and business owners alike.
Future Outlook
With the combination of innovative design, strategic location, and a commitment to superior amenities, Tuxedo Reserve is positioned to set a new standard for multifamily living in the Tuxedo area. The project aims to address demands in an evolving housing market while fostering a sense of community and enhancing the overall quality of life for its residents.
Deeper Dive: News & Info About This Topic
Additional Resources
- Rebusiness Online
- PR Newswire
- Commercial Observer
- New York Post
- Google Search: build-to-rent housing Tuxedo NY
Author: Construction TX News
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