Developers and officials celebrated the grand opening of a New Rochelle residential development Wednesday.

New Rochelle Mayor Noam Bramson joined the project's developers and other city officials at a ribbon cutting ceremony for the 360 Huguenot complex.

The luxury high-rise building is the first completed project that is part of New Rochelle's 2015 downtown rezoning plan.

The 28-story development has nearly 300 residential units with upscale features and furnishings.

Developer Scott Rechler says, "We're building New York City-quality products for 50% the cost of what you would pay if you’re in the city. And you're only 30 minutes away from midtown Manhattan."

News 12 is told rent at 360 Huguenot ranges from $1,700 to over $4,000.

Mayor Bramson says 31 other downtown development projects have already been approved, and 11 are under construction.