RXR selects View Smart Windows for Hamilton Green Mixed-Use Project in White Plains, NY; Development Features Largest View Multifamily Installation to Date

Rhea-AI Summary

View, Inc. has commenced construction on Phase I of the Hamilton Green project in White Plains, NY, a significant mixed-use development. This phase includes two towers with a total of 470 residential units and 27,000 SF of commercial space. View's Smart Windows, featuring 185,000 SF of smart glass, will enhance energy efficiency and occupant comfort. The project is strategically located near the White Plains Metro North Train Station and is set for completion in 2025. The installation qualifies for the 30%-50% Investment Tax Credit, which is expected to bolster adoption of smart technologies. This development marks View's largest multifamily project to date.

Positive

• Initiated construction on Hamilton Green, indicating growth and expansion.
• Incorporating 185,000 SF of Smart Windows, enhancing energy efficiency.
• Qualifies for Investment Tax Credit, potentially boosting adoption and revenue.
• Strategically located near transit, likely increasing property value.

Negative

• None.

Construction on Phase I of large-scale project at former White Plains mall site has started and will include two towers with residential and retail elements

MILPITAS, Calif., March 27, 2023 (GLOBE NEWSWIRE) -- View, Inc. (Nasdaq: VIEW) (“View”), the leader in smart building technologies, announced its Smart Windows will enclose the Phase I buildings of Hamilton Green, a large-scale, mixed-use property being developed by RXR, located in White Plains, NY.

View Smart Windows will be included in every apartment unit as well as the project’s amenity spaces. With 185,000 SF of smart glass across 470 residential units, the installation represents View’s largest multifamily project to date.

The transit-oriented project is at the former site of the White Plains Mall near the newly renovated White Plains Metro North Train Station. Phase I development includes two towers, one, located at 7 Cottage Place, will be 12 stories with 162 apartment units, and the other, located at 240 Hamilton Avenue, will be 25 stories with 308 apartment units. Hamilton Green will also feature 27,000 SF of commercial space and extensive amenity areas. The project is expected to be completed in 2025.

View Smart Windows automatically adjust in response to the sun to maximize access to natural light and views of the outdoors while minimizing heat and glare. As a result, View Smart Windows reduce a building’s energy consumption by regulating heat and increasing natural light. Residents experience several health benefits and improved comfort. Research shows that occupants in buildings with View Smart Windows enjoy a reduction in eyestrain and headaches by over 50 percent, improved sleep by over 30 minutes per night, and increased cognitive function by 42 percent.

View Smart Windows qualify for the Investment Tax Credit (ITC), a 30% to 50% federal tax credit intended to drive widespread adoption of smart windows. The ITC has been foundational to accelerating the deployment of sustainability technologies in the U.S., particularly wind and solar. As a tax credit, the ITC provides a dollar-for-dollar reduction in tax liability for an entity that installs smart windows. Including smart windows in the ITC is a game-changer for developers who are building smart, sustainable, and differentiated assets.

“We released several exciting new features on the View Smart Window platform that elevate the residential user experience,” noted Dr. Rao Mulpuri, CEO of View. “Residents continue to seek differentiated assets that offer high-end amenities with unique experiences, and RXR is at the forefront of this generational change as exhibited with the Hamilton Green development. We are pleased to be a part of this project, our largest residential installation to date, as View continues its national expansion throughout the multifamily sector.”

Scott Rechler, Chairman and CEO of RXR, stated, “We are excited to incorporate View Smart Windows in the Hamilton Green Project, creating an exceptional resident experience with dramatically enhanced views and improved health and wellness. View Smart Windows also boost sustainability of the property, making Hamilton Green a stand-out across the broader region.”

The View Smart Windows installation at Hamilton Green is the latest showcase of the company’s rapid growth in the New York residential market, joining the 4650 Broadway and Sven multifamily projects; the Parque Kirkland in Seattle, WA; Exo in Reston, VA; and Bower in Boston, MA.

About View
View is the leader in smart building platforms and smart windows that transform buildings to improve human health and experience, reduce energy consumption and carbon emissions, and generate additional revenue for building owners. View Smart Windows use artificial intelligence to automatically adjust in response to the sun, eliminating the need for blinds and increasing access to natural light. Every View installation includes a cloud-connected smart building platform that can easily be extended to improve indoor cellular coverage, enhance building security and reimagine the occupant experience. View is installed and designed into 42 million square feet of buildings including offices, hospitals, airports, educational facilities, hotels and multi-family residences. For more information, please visit: www.view.com.

About RXR
RXR is an innovative investor, developer and place-maker committed to applying a customer and community-centered approach to building properties, services, and products that create enduring value for all stakeholders. Headquartered in New York with a national platform strategy, RXR is a 500+ person, vertically integrated operating and development company with expertise in a wide array of value creation activities, including ground up real estate, infrastructure and industrial development, uncovering value in underperforming properties, repurposing well-located iconic properties, incorporating cutting edge technologies and value-added lending. The RXR platform manages 93 commercial real estate properties and investments with an aggregate gross asset value of approximately $20.7 billion, comprising approximately 30.5 million square feet of commercial properties, a multi-family residential portfolio of approximately 8,800 units under operation or development, and control of development rights for an additional approximately 3,500 multi-family and for sale units as of December 31, 2022. Gross asset value compiled by RXR in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.

Contacts:
Great Ink Communications
View@greatink.com
212-741-2977

Deepak Shivaprasad
View, Inc.
deepak.shivaprasad@view.com
408-691-2081

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b6ccf424-ea51-41f7-a926-a296554d99dd 

FAQ

What is the Hamilton Green project by View, Inc. and RXR?

The Hamilton Green project is a mixed-use development in White Plains, NY, including residential and commercial spaces, with construction by View, Inc. and RXR.

How many residential units are planned for Hamilton Green?

The Hamilton Green project will feature 470 residential units across two towers.

What are Smart Windows and how do they benefit residents?

Smart Windows automatically adjust to sunlight, improving natural light access, reducing energy consumption, and enhancing occupant comfort.

When is the completion date for the Hamilton Green project?

The Hamilton Green project is expected to be completed in 2025.

Is View, Inc. involved in other projects besides Hamilton Green?

Yes, View, Inc. has several projects in the New York residential market, including 4650 Broadway and Sven.