Yonkers officials joined with representatives of Regency Apartment Ventures LLC, 56 Prospect Holdings LLC and Kings Capital Construction for a groundbreaking ceremony on Feb. 25 to mark the official start of construction on a $32.6 million apartment building known as Regency on the Hudson.
The seven-story structure will have 126 rental units, including 13 classified as affordable. The site is at 56 Prospect St., between Buena Vista and Hawthorne Avenues.
The building is to include 90 studio apartments, 18 one-bedroom units and 18 two-bedroom units. There will be underground parking for 130 cars. There will be a private courtyard with benches and picnic tables for residents in addition to a rooftop terrace with views of the Hudson River. The building will have a green roof and other environmentally friendly features. Security features are to include perimeter fencing and controlled access gates.
The Yonkers Industrial Development Agency (YIDA) is providing financial incentives for the project. The YIDA on Feb. 5 voted to provide a mortgage tax exemption of up to $420,000 along with sales and use tax exemptions of up to $931,875 for the project.
The project is expected to create 250 construction jobs and six permanent full-time jobs.
“We are hopeful that this building can add to the continued success of the downtown Yonkers area,” project developer Peter Dalaker of Regency Apartment Ventures LLC said at the groundbreaking.
“It is important to us that we not only provide housing, but also important that we are a resource for job creation, especially during the difficult economic circumstances being experienced at this time.”
JD Summa, president and CEO of Kings Capital Construction, in a statement said that his firm is “excited to be part of this project that is an intricate part of the revitalization of downtown Yonkers offering the opportunity to live in suburban surroundings with the live- work-play lifestyle that Westchester County provides.”
Yonkers Mayor Mike Spano noted that the building is going up on what had been a vacant site.
“You look at this site and this is one of those sites that is iconic in terms of it’s been here empty for years. As our city forges ahead to recovery and renewal during this global pandemic I am comforted by events like this that remind us that Yonkers is open for business,” Spano said in his speech.
“Developers are moving ahead with their investments and they see the promise that this city has to offer as it continues to transform and reimagine itself. The project will transform these vacant lots that have been here for as long as anybody can remember.
“Let’s continue the progress. I’m looking forward to what comes next. This is a gateway project. You want the building to look right and they’ve spent the dollars they need to spend to make this building look and feel and be what we want it to be for the people of downtown Yonkers.”
Spano subsequently told the Business Journal that creating workforce housing and adding to the number of affordable housing units is critically important for the city.
“We are a city that has a tremendous number of families that are in the working class model,” Spano said. “We don’t want our kids to get educated and then to leave our city because they’re being priced out.”
