NEW ROCHELLE, N.Y. – Good Profit Works has yet to sign a letter of agreement or deliver an escrow check to the city, after its $26 million project to turn the historic New Rochelle Armory into an open-air market was chosen by the City Council three months ago.
“I think we all had anticipated that the letter of agreement would be executed shortly after the council took action on it,” said Mayor Noam Bramson at a City Council meeting Tuesday night, adding that there is no formal deadline set on the letter or escrow. He proposed sending a signal to Good Profit that the letter must be delivered by the end of February or the council will look at new options for the site.
In September, the council selected the proposal from Good Profit Works in a 5-2 decision over a project to make the East Main Street building into Veterans Memorial Center for the Performing Arts. In November, the council officially decided to enter into an agreement with the organization.
The proposed plans call for the market to sell fresh fruit, vegetables, meat, cheese, bread and other items and to include an eating area. The group also proposed an art gallery in the front of the armory and space to provide services to veterans.
Good Profit was expected to deliver a Letter of Agreement to the city along with a $50,000 escrow check, but has yet to deliver, according to the council.
“I am still hopeful that Good Profit will be able to come through,” said Bramson.
The city’s new Development Commissioner Luiz Aragon, who began his position this week, said he would like the opportunity to reach out to the organization and see what can be done to move the project forward.
In the coming months, Good Profit is also expected to show the council its plans detailing how much the upgrades will cost, their benefits and how the group plans to finance the project. Donations are expected to fund $19 million of the Good Profit project.
If the council approves the plans, the group will then have nine months to upgrade the armory.
Council Member Louis Trangucci, who was one of the dissenting votes on the project back in September, suggested that the rival performing arts proposal be able to return to the council to make another presentation. The council said the matter would be determined if Good Profit delivers its letter of agreement by the new deadline.