Dear Westfair Business Community
Despite the effects of the COVID-19 pandemic, the City of Yonkers is moving forward, building on our nearly decade-long economic renaissance that has resulted in more than $4 billion in private investment and more than 9,100 multifamily units planned, completed, under construction and approved for development.
Yonkers continues to grow by attracting major national and regional developers.
We’re particularly excited by Lionsgate Studios which is constructing a $100 million state-of-art movie studio along our waterfront. Not only will it generate over 400 new jobs and 400 construction jobs, it will also put Yonkers on the map as the New York’s Hollywood on the Hudson. We anticipate other major film companies will soon follow in Lionsgate’s footsteps.
There are many reasons for Yonkers success. Our central location offers unmatched access to all major highways and is less than 20-minute commute to Grand Central via Metro-North and only 40 minutes to every major airport in the Tri-State region. We also have an abundance of commercial development sites from office and retail to manufacturing and warehouse space. And, of course, there are those breathtaking views of the Hudson River and Palisades that have attracted so much residential development.
In addition to our city’s business-friendly climate, Yonkers also benefits from the work of the Yonkers Industrial Development Agency which offers financial incentives for commercial and residential development projects. Over the past two years, the Yonkers IDA has provided incentives to projects representing a total private investment of approximately $1.1 billion. Those developments are projected to create approximately 2,700 new residential units, 234,400 square feet of commercial and industrial space and approximately 3,450 in construction, permanent and part-time jobs.
Despite the pandemic, Yonkers celebrated a number of grand openings and groundbreakings for a range of residential projects including the 126-unit Regency on Hudson, 29-unit 9-11 Riverdale Avenue and 160-unit Marquee at 697 Bronx River Road. All three projects, which received IDA incentives, include affordable units.
Our city’s retail sector got a big boost this year with the groundbreaking of a new 130,00-square-foot Target store at Cross County Center. Target’s decision to invest in our city is a testament to the retailer’s confidence in our thriving economy.
At the height the pandemic, we launched our “Back to Business” marketing campaign to celebrate our re-emergence from the economic downturn. The campaign, which featured testimonials from prominent business leaders, included events with both the Yonkers Downtown BID and the South Broadway BID promoting discounts to dine at local restaurants. Last June, we also streamlined and lifted restrictions on outdoor dining permits so that restaurants and cafes could reopen quickly after the lockdown and get back to business.
I am particularly proud that during the pandemic, our city granted a total of $620,000 to 62 micro-enterprise businesses through our Yonkers Business Assistance program. In addition, the Yonkers IDA and the Yonkers Planning & Development department have allocated through loans or grants nearly $1 million to 70 small businesses in Yonkers to assist in their recovery efforts.
The pandemic has been a unique challenge for us all. For the City of Yonkers, we are not only ‘back to business’ but growing stronger and better than before. We are well positioned for another year of steady economic growth.
City of Yonkers