The Yonkers Industrial Development Agency recently approved financial incentives for a mixed-use redevelopment in the heart of the city”™s downtown and a revived high-rise residential development on its northwest waterfront.
Rising Development L.L.C., headed by developer Nicholas Sprayregen, plans a $22 million project to redevelop five properties on Main and Mill streets as live-work lofts, retail and restaurant space.
The IDA approved $450,490 in sales tax exemptions on purchases of construction materials for the first phase of the project and $79,000 in mortgage tax exemptions. The agency and developer will also work out a 10-year property tax abatement agreement.
Yonkers Mayor Mike Spano, who also heads the city IDA board, said the development is expected to provide 134 permanent new jobs.
IDA directors also approved incentives for an estimated $107.5 million apartment development, the River Club, which had been in limbo since 2005.
Valhalla-based Ginsburg Development Cos. L.L.C. this fall expects to start construction of 330 market-rate rental units in two towers at 1105-1135 Warburton Ave. Ginsburg”™s plans for a condominium development on the site were approved by city officials in 2005. But the credit crisis and recession five years ago combined with reduced demand and financing for condo developments stalled the project.
The IDA approved an estimated $1.7 million in sales tax exemptions and an estimated $1.935 million in mortgage tax exemptions, in addition to a 10-year partial property tax exemption.
Spano said the project will create about 120 construction jobs and 10 to 15 permanent jobs.
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