The Westchester County Industrial Development Agency (IDA) has finished adding up the projects to which it gave either final or preliminary approval to receive economic benefits in 2023.
The IDA said it was another record year for the agency, with the IDA supporting projects representing total private investment of $2.2 billion. The IDA said the new projects would generate more than 3,200 construction jobs and nearly 1,900 full-time jobs once the projects are up and running.
“The Westchester IDA has once again achieved a record level of private investment. Over the past two years the IDA has provided financial assistance for developments representing $4 billion in private investment,” said Joan McDonald, Westchester County’s director of operations who also chairs the IDA. “These investments will create more jobs, housing and revenue which bodes well for our county’s growing economy.”
McDonald said that the types of projects that received final or preliminary approval for financial benefits through the IDA included affordable housing for seniors, energy storage facilities, research laboratories and downtown transit-oriented developments.
“What’s truly impressive is the wide range of projects receiving financial assistance,” McDonald said. “In addition to local developers, we are also seeing national real estate companies that are attracted to the highly educated workforce and excellent quality of life that Westchester has to offer.”
The largest project receiving final approval in 2023 for financial incentives from the IDA was Regeneron’s $1.8 billion expansion of its Tarrytown campus. Regeneron is receiving $3.67 million in sales tax exemptions in addition to a PILOT (payment in lieu of taxes) program that provides graduated payments similar to what would have been paid in property taxes.
Other projects receiving preliminary and final approvals of financial assistance in 2023 included: Armory Plaza at 35 S. Broadway in White Plains, developed by The Related Companies; Modera at 39 Westmoreland Ave. in White Plains, developed by Mill Creek Residential Trust; 5 Ray Place in Eastchester, developed by Augustus Development; Crescent Manor Ossining at 136-140 Croton Ave., in Ossining, developed by MacQuesten Development; Ossining Energy Storage at 381 N. Highland Ave., in Ossining, developed by Enel X, a subsidiary of Enel North America Inc.; Yorktown Energy Storage, 3901 Gomer Court in Yorktown, another Enel project; 8 Chester Ave., in White Plains, developed by Chester WP LLC; and 20 Haarlem Ave., 27 Holland Ave., and 7-11 Holland Ave., in White Plains, developed by NW Plains Venture LLC, an entity of BRP Companies.
