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Regan Development Seeking Land Use Approvals For 52 Affordable Units
By Tina Traster
Jamie Dimon, JPMorganChase’s CEO and Chairman, has been sprinkling philanthropy dust across the nation for years. Now, his vision to lift communities is on track to benefit the Town of Clarkstown with direly needed affordable housing.
In a real estate story that seems almost too good to be true, a retail bank building site is slated for donation to a developer, pending land-use approvals to build affordable housing for 55 and up.
Regan Development Company, a large regional affordable housing builder, along with its nonprofit partner Rockland Housing Action Coalition (RHAC), plan to build 52 affordable units of 55-plus senior housing at 250 South Middletown Road in Nanuet. Plans for the $24 million development call for razing the Chase Bank to build the housing project on 2.5 acres that are within the Nanuet Hamlet. RHAC is a 20 percent partner in the redevelopment deal. The nonprofit will manage rentals once the project is built.
The project will be available to seniors who are qualified as low-income renters at or below 80 percent of the AMI (Area Medium Income) in Clarkstown. Clarkstown residents will get a preference on the units, according to Larry Regan, a principal at Regan Development.
“This is a very positive story,” said Regan. “It goes all the way to Jamie Dimon’s office.”
Regan’s firm has had a three-decade long relationship with Chase Bank. The firm uses the bank for its construction lending, while the bank in turn purchases tax, affordable housing, and brownfield credits from the developer.
The germ of the idea began when Regan thought about using a portion of the bank’s vacant land to build a smaller development. “But they came to us and said, ‘You know what? We have a community development arm where we give back directly to the community,’” said Regan.
Regan’s company took a fresh look at the commercial site, evaluating the possibility of a housing project with nearly 50 units. After many positive meetings with town and county officials – who are hungering to boost affordable housing inventory – as well as bank executives, Chase agreed to donate the building pending land-use approvals from Clarkstown’s Zoning Board of Appeal and the Planning Board. The developer also needs a Special Permit from the town for Senior Housing.
“We were lucky that we had a relationship with Chase,” said Regan. “We didn’t go out and shop the idea. But it’s part of their corporate priorities.”
JPMorgan Chase & Co. in 2019, donated a former Indianapolis bank branch to Englewood Community Development Corporation (CDC) and made a $500,000 commitment to Local Initiative Support Corporation (LISC) Indianapolis and Indiana University–Purdue University Indianapolis (IUPUI). The investments aimed to drive economic development. The donation made the property available to local businesses to create Vault, a community co-working space.
In 2022, JPMorgan Chase donated a former bank branch to the Tuxedo Historical Society in Orange County. The Historical Society uses the space to host exhibits and presentations about Tuxedo’s history. The donation allowed the Historical Society to expand its programming.
And in Springfield Illinois, also in 2019, Chase donated its building at 1 East Old State Capitol Plaza to the state to convert to an office for the state treasurer’s office. At the time, a state spokesperson said, “The building will provide adequate space, bank vaults for unclaimed property and keep our employees in the downtown area. An added benefit is preserving a building at the location where Abraham Lincoln banked when he lived in Springfield.”
A spokesman from JPMorgan Chase said the bank was unable to discuss this deal because it has not been finalized.
The proposed housing project’s name, Nannawitt derives from Nannawitt’s Meadow, named for the chief of the local Munsee tribe. Nannawitt’s Meadow became known as Nanuet. Nanuet Hamlet is a densely built environment with commuter train service; however, the Transit Oriented Development (TOD) plan surrounding the train station establish by Clarkstown has been stalled for years. Also, the Shops at Nanuet was recently purchased by developer Gabe Alexander, leaving uncertainty about the future direction of the mall and the property it sits on.
By all accounts, there is widespread support for this project. A minor hurdle is a lack of sidewalk, about 200 feet, between the site and the walkable downtown. The issue arose at last week’s Technical Advisory Committee meeting. Town and County officials are aware of the issue and appear to be amenable to work with the developer.
Last month, Rockland County meted out $13.5 million in revolving loans to four affordable housing developers through its Housing Actions Loan Opportunity (HALO) program. All told, the four developments would add 441 affordable units, and shore up 90 affordable senior apartments. Regan Development Company was awarded a $5 million loan via Nannawitt Commons LLC for its plan.
When asked whether the county supports building a sidewalk, a county spokesman said, “The County of Rockland, as demonstrated by the $5 million HALO award, is supportive of this development and is willing to consider a local request from the Town of Clarkstown or Regan Development for sidewalks along Main Street/South Middletown Road in Nanuet.”
There is a deficit of 4,230 affordable units for those making under $60,000 annually, according to the Rockland County Housing Needs Assessment, prepared by Hudson Valley Pattern for Progress. The report says 57 percent of Rockland homes are single-family detached homes – unaffordable to the average resident. The single-family average sales price is $683,000. A median household income of nearly $100,000 can qualify for a $260,000 mortgage. And fewer than 2 percent of single-family homes sold are less than $300,000 according to the 2022 Multiple Listings Service.
If all goes well, Regan estimates shovels could be in the ground within 18 months.
Projected rents for the units are $2,330 monthly for one-bedroom apartments; $2,796 monthly for two bedrooms.
“One of the goals of this development is to allow Rockland County seniors to sell their homes, retain the equity in those homes, and still stay in the community that they help to build where they have roots,” said Regan. “The goal is to have Rockland Seniors who are living on their retirement income, pensions or Social Security be able to live in a new affordable rental building that is high quality, energy efficient new construction in a walkable neighborhood with all amenities at their fingertips.”
