Two projects that will bring new self-storage facilities to Yonkers have received backing from the Yonkers Industrial Development Agency (YIDA), one receiving final approval for a package of financial incentives and the other receiving preliminary approval.
The YIDA Board of Directors voted final approval of financial incentives for a new $15.4 million CubeSmart self-storage facility to be built by developer KCT Inc. at 1060 Nepperhan Ave. Preliminary approval was given for financial incentives to aid a self-storage project at 1969 Central Park Ave. that also would have a retail component.
The $15.8 million retail and self-storage building on Central Park Avenue would offer 91,181 square feet of self-storage and 5,815 square feet of ground level retail. The developer is 1969 Central Park Avenue LLC.
The Nepperhan Avenue site currently has a 9,820-square-foot building that houses the offices and factory for Health Products Corporation. The location serves as a production plant for vitamins and nutritional supplements. The company has been in Yonkers for the past 48 years.
KCT is proposing to relocate Health Products and its eight employees to a different site in Yonkers. The existing building will be demolished.
The new CubeSmart self-storage building would be eight stories and include 100,000-square-feet of space. CubeSmart is one of the largest operators of self-storage facilities with approximately 1,200 locations in the U.S. Plans call for the Nepperhan Avenue building to have between 750 and 900 storage units. Construction is expected to take 14 months.
KCT Inc. was approved for a mortgage recording tax exemption of approximately $231,573 and a sales tax exemption of approximately $444,846 The Nepperhan Avenue project is expected to create 50 construction jobs while preserving the Health Products jobs.
The Central Park Avenue project is on a 1.32-acre site. One feature that was highlighted for the YIDA was that the parking lot would include charging stations for electric vehicles. It is estimated that the project will create and retain eight full-time jobs, 12 part-time jobs and 35 construction jobs. Construction would be expected to take 14 months. A future YIDA vote is expected to give final approval to a sales tax exemption, mortgage recording tax exemption and 30-year PILOT (payment in lieu of taxes) for the Central Park Avenue project.
