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Avalon Properties Inc. is moving ahead with plans for a luxury rental housing complex in downtown New Rochelle, following the same strategy it used in marketing its Jersey City community.
Like New Rochelle, Jersey City is a city in transition. "We built Avalon Cove in an economic development area so we could take advantage of tax abatements," said Alex Twining, vice president of development for Wilton, Conn.-based Avalon.
Twining said Avalon was convinced the 504-unit rental complex would attract an upscale clientele, despite its location in one of New Jersey's most depressed urban areas. "Jersey City has not had a particularly good reputation, but the site is right on the Hudson River. Once we got people there, they were sold."
According to Twining, Jersey City and New Rochelle share similar traits; both are located on major transportation links and have access to numerous amenities. Residents at Avalon Cove have a view of Manhattan and easy access to New York City via the PATH system. The community also has a fitness center, enhanced security features, a business center, and pre-wiring for up...