Westchester County Industrial Development Agency directors recently approved approximately $14.5 million in tax exemptions for the national housing developer proposing to raze the tenant-poor Westchester Pavilion in downtown White Plains and replace it with a $275- million mixed-use development.
Lennar Multifamily Communities LLC will be exempt from paying sales taxes on construction and equipment purchases for the project at 60 S. Broadway and a mortgage recording tax if White Plains city officials approve the Virginia-based company”™s plans. The planned redevelopment includes 95,600 square feet of retail space and 756,300 square feet of residential space with 707 rental apartments in two 24-story towers.
Lennar in its application to the county IDA said the project will create 2,895 construction jobs and 72 permanent jobs.
The county IDA”™s financial incentives “will help to make this $275 million investment in White Plains and Westchester a reality,” Geoffrey Thompson, spokesman for Lennar Multifamily Communities, said.
“Our company takes pride in our position as one of the nation”™s leading residential builders,” he added. “In White Plains, we are particularly proud not only to be creating significant new residential and retail opportunities, but to be able to play a leading role in the revitalization of the economically important South Broadway-East Post Road corridor.”
