A $502 million development project that will add more than 1,000 new apartments to the Yonkers riverfront will be helped along by tax breaks worth at least $20 million.
The Yonkers Industrial Development Agency approved an incentives package at the end of August for Extell Development Co., the site’s developer, that includes $15.4 million in sales and use tax exemptions and $5.9 million in mortgage recording tax exemptions. Extell will also seek a 20-year payment in lieu of taxes (PILOT) agreement with an annual payment of $4.5 million.
The six-building, 1,395-unit development includes 51,800 square feet of commercial space. Its Manhattan-based developer is targeting 22 waterfront acres adjacent to the MTA bus depot for construction. The complex would stretch from the former British International Cable Corp. property at 1 Point St. to the Excelsior Packaging plant at 159 Alexander St.
Extell estimates the project will create 200 permanent jobs and 450 to 500 construction jobs.
The redevelopment, which is situated within the city’s designated Alexander Street urban renewal area, would include 1,395 residential parking spaces, 284 spaces for commercial uses and 252 public spaces, along with 8 acres of open space and 4 acres of private rooftop gardens. The IDA said the project would be built over a 10-year period.
The Yonkers IDA praised the project in a statement following the meeting for its potential to “revitalize a section of the city’s waterfront that has been underutilized for years” and provide both market rate and affordable units.