Westchester commits $28.4M for residential, retail, nursing home projects
Westchester economic development agencies granted an estimated $28.4 million in financial benefits to four projects on June 27.
Westchester County Industrial Development Agency gave preliminary approval for $4.8 million in sales tax and mortgage tax exemptions to residential-retail projects in White Plains and Pelham.
Westchester County Local Development Corp. consented to $23.6 million in bond issues for a nursing home in Ossining and a senior living community at Purchase College.
The White Plains subsidy is for The Collection, a $136.2 million project at 80-100 Westchester Ave., proposed by Saber Chauncey WP LLC in Armonk.
“It”™s the best parcel in White Plains,” co-developer Martin G. Berger said in describing the location at the city”™s eastern gateway.
Referring to The Westchester across the street, he said the site has the mall traffic but not the mall prices.
The Collection will include two structures with 276 apartments and 24,526 square feet of retail space between Westchester and Franklin avenues. Seventeen apartments will be rented at 60 to 80 percent of the area median income.
The project will have 716 parking spaces, including 275 for exclusive use by the city. About 250 construction jobs and 91 permanent jobs will be created.
The IDA will take title to the property and lease it back to the developers, who will receive an estimated $2.4 million sales tax exemption and $953,340 mortgage tax exemption. They are negotiating property tax abatement terms with White Plains.
Saber Chauncey is made up of two entities: Saber White Plains LLC, headed by Berger and Michael Klinger; and Chauncey White Plains LLC, with principals Douglas Smolev, Christopher Lynch and Corey Rabin. The partners previously collaborated on the Rivertowns Square mixed-use project in Dobbs Ferry.
The Pelham subsidy is for a $28 million project at 101 Wolfs Lane to be built by MatriArch Development. “The site has long been neglected in the heart of downtown,” that firm’s Mara Kravitz told the IDA. “It”™s been vacant for many years.”
MatriArch is a mother-daughter partnership founded in 2014 by Mara and her mother, Rosalie Kravitz. The property is owned by Pelpark LLC, managed by Lester Kravitz, the husband and father of the MatriArch team.
The 0.67-acre site is 200 feet away from a Metro-North train station. The developers plan to build two 5-story buildings with 58 apartments, 4,370 square feet of retail space and 71 indoor parking spaces. A walkway-arcade will connect Wolfs Lane to the village parking lot behind the property.
The apartments include studios and one- to three-bedroom units. Three apartments are to be rented at 80 percent of the area median income. The project is expected to create 144 construction jobs and 26 permanent jobs.
MatriArch got preliminary approval for a $1.2 million sales tax exemption and $260,000 mortgage tax exemption. The IDA will take title to the property and lease it back to the developer. MatriArch is also proposing possible taxable bond financing.
The Ossining bonds would be for a $10 million modernization by Bethel Nursing Home Co. at 17 Narragansett Ave.
“The idea is to create a neighborhood concept,” said Bethel official Anastasios Markopoulos, “versus the traditional institutional style.”
Bethel is downsizing the 46-year-old skilled nursing home from 73 beds to 43, making the rooms more home-like. The exterior of the 1970 building will also be renovated.
The Local Development Corp. gave preliminary approval for a taxable revenue bond estimated at $11,465,500 and not to exceed $12.5 million. The LDC would own the facility and lease it back to Bethel; the latter has also asked for a $115,000 mortgage tax exemption.
Bethel is operating on a tight schedule: It needs to close the deal by the end of July to lock in a lower interest rate.
The Purchase College bonds are for the $320 million Broadview Senior Living project.
The LDC agreed to issue tax-exempt revenue bond anticipation notes, estimated at $12 million but not to exceed $15 million, to pay costs of financing the first phase of a senior living facility.
The project will begin with construction of up to 46 villas and two 4-story buildings with 174 independent living units, 18 assisted living beds and 16 memory care beds.
The second phase would include 165 independent living units and 38 assisted living and memory care beds.
Broadview is part of the college”™s strategy of creating a lifelong learning community, where residents may attend classes and college events and interact with younger students.
The college has set aside 40 acres on the campus for the project. The land is owned by SUNY ”“ the State University of New York ”“ and leased to Purchase College Advancement Corp., a nonprofit entity. The facility will be managed by Life Care Services LLC, an Iowa corporation.