A planned $22 million redevelopment of five downtown Yonkers properties stands to receive tax breaks backed by the Yonkers Industrial Development Agency.
Meeting Aug. 22, the city IDA gave initial approval to plans by developer Nicholas Sprayregen and Rising Development-Yonkers L.L.C. to convert vacant buildings on Main Street and Mill Street into live-work lofts and retail and restaurant space. The two-year project is expected to result in 134 permanent jobs when completed.
Sprayregen is managing member of Rising Development, which since 2006 has spent about $30 million to acquire an assemblage of commercial and residential properties in downtown Yonkers for redevelopment. He envisions creating a music and arts destination on Mill Street and a working community of artists and entrepreneurs occupying former warehouse space there.
The Rising Development project would create 7,000 square feet of retail and restaurant space at 27 Main St.; 25,000 square feet of live-work lofts and 6,000 square feet of retail space at 713 Main St. and adjacent 2 Mill St., and 15 live-work lofts and 4,000 square feet of café and retail space at 36 and 38 Main St.
The developer also plans to demolish a vacant building at 24 Warburton Ave. to create a pedestrian passage linking the city”™s new Larkin Plaza Park with the Mill Street courtyard.
“This project links the waterfront, Larkin Plaza and Main Street in a pedestrian-friendly way with living, retail and restaurant space,” Yonkers Mayor Mike Spano, who also chairs the city IDA, said in a prepared statement. “Nick Sprayregen has a great plan to tie together these essential elements of downtown Yonkers.”
The developer has budgeted approximately $11 million for construction and $3.8 million for furnishings, space fit-out and equipment. Property acquisition costs were about $7.6 million.
The Yonkers IDA will provide about $451,000 in sales and use tax exemptions and $79,000 in mortgage tax exemptions. The agency also will negotiate a property tax abatement.
