GRS | Corteq recently completed a Preconstruction Project Review (PPR) on the first phase of a $250 million luxury apartment and retail development in White Plains, NY.  Construction is now underway and GRS | Corteq has also been retained for ongoing Construction Project Monitoring (CPM) services.

The project consists of two 16-story apartment buildings on a site that was previously a commuter parking lot. The 760,000-square-foot complex will include 449 luxury apartment units, 112 affordable rental units, 6,300 square-feet of retail space and a 570-space underground parking garage.

The first phase, currently underway, includes the construction of the podium for the entire development, as well as the construction of the North Tower, which will contain 288 luxury units, 3,000 GSF of retail space and a 381-space below grade parking garage that will stretch the length of the entire site.

GRS Group has seen continued growth in its Construction Lending Services platform; and industry research indicates that the commercial real estate construction outlook is stable.

“We’re pleased to have the opportunity to be involved with this project,” said GRS Group Director Mark Halloran.  “Construction on this site was delayed for several years because the builder had not been able to find financing due to the economy. But LCOR and PREI have joined forces to pursue this ground up development and GRS Group continues to see a rising trend in our construction services business.  As a result, we’re expanding our Construction Risk Management platform.”  Mark Halloran is spearheading the GRS | Corteq Construction Rick Management package on this transaction.