The Yonkers Industrial Development Agency on Wednesday tentatively approved tax exemptions for a Yonkers developer”™s $72 million, 270,000-square-foot mixed-use project on a dilapidated commercial block at Yonkers Avenue and Bronx River Road.
 Cottage International Development Group plans to build Kimball Residences, a 14-story tower with 220 market-rate rental apartments. The project is centered at the site of the long-vacant Kimball Movie Theater on Yonkers Avenue.
The developer has obtained needed zoning variances and approvals from the city planning board. Construction is expected to begin by the end of this year.
The city IDA board approved a sales tax exemption on construction materials valued at an estimated $1.5 million and an $875,000 mortgage tax exemption. The agency also expects to negotiate a phased-in property tax payment agreement.
Mayor Mike Spano, who also chairs the Yonkers IDA, in a statement said the project will replace a row of commercial properties “that have become an eyesore” with residential and commercial space “that will anchor this neighborhood for many years to come.”
Spano noted the development”™s proximity to the Metro North Railroad”™s Harlem line station for commuters to New York City. “This kind of housing keeps Yonkers attractive to retiring baby boomers looking to downsize, to young professionals starting out, and people who will start families and hopefully stay in Yonkers as their families grow,” he said.
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