The Yonkers Industrial Development Agency has voted preliminary approval of financial incentives for three new mixed-use developments. They are at 18 North Broadway, 221-223 Buena Vista Ave. and on St. Joseph Place.
The three projects represent about $463.5 million in total costs and would include 1,083 apartments. The three developments are projected to create a total of 1,100 construction jobs.
Developer AMS Acquisitions received preliminary approval of financial incentives for a multi-phase $306.7 million, mixed-use development featuring 650 apartments in two 25-story towers at 18 North Broadway. There would be 201 studios, 260 one-bedroom units and 189 two-bedroom units. Ten percent of the units would be designated as affordable. The project will also include 1,000 square feet of commercial space and 768 spaces in a parking structure. Phase 1 is expected to begin this year and be completed in 2028. Phase 2 would begin in 2029 and be completed in 2031. AMS Acquisitions is requesting an $8,011,075 sales tax exemption, a $3,593,455 mortgage recording tax exemption and a 20-year PILOT (payment in lieu of taxes).
Titan Real Estate Development received preliminary approval of financial incentives for its $117.7 million Park Square development on a vacant 3.88-acre site bounded by St. Joseph Place, Cavalli Circle and Vineyard Avenue. There would be 339 units in a six-story building. The apartments would include 198 studios and 141 one-bedroom units. There would also be 20,000 square feet of ground-level commercial space and a 420-space parking structure. The developer is requesting a $3,802,292 sales tax exemption, a $1,677,870 mortgage recording tax exemption and a 20-year PILOT.
MSY Group received preliminary approval of financial incentives for development of a $39.1 million affordable senior housing development on 0.47-acre of vacant land located at 221-223 Buena Vista Ave. There would be 94 units in a nine-story building. There would be 40 one-bedroom apartments and 54 studio units and 47 parking spaces. MSY Group is requesting a $1,819,375 sales tax exemption, a $650,455 mortgage recording tax exemption and a 15-year PILOT.
