The Westchester Industrial Development Agency gave preliminary approval Thursday for nearly $5 million in tax breaks for two White Plains real estate developments.
Ginsburg Development Companies LLC, Valhalla, is asking for nearly $3.8 million in sales tax and mortgage tax exemptions for its $146.5 million City Square residential-retail-office project.
Hale WP Owner LLC, Armonk, is asking for nearly $1.2 million in exemptions for a $48.2 million apartment complex.
Both developers could also apply for property tax abatement deals, under the terms of the IDA resolutions.
Ginsburg has acquired two office towers, an apartment building and a parking garage for the City Square project. The buildings are on the same block ”“ bounded by Main Street, Martine Avenue, Bank Street and S. Lexington Avenue ”“ near the Metro-North train station.
The plan is to create a hub of shops, restaurants, offices and apartments. The buildings will be renovated, including the conversion of offices to 188 apartments. A new restaurant and retail space will be added on Main Street.
Construction is budgeted for $55.5 million and the work is expected to take two years and employ 300 people. Fifteen people will be employed when the project is done, according to a project summary, and 750 jobs already there are expected to be retained.
Eleven apartments will be rented to people who make no more than 60 percent of the county”™s median income.
The Hale WP Owner developers are Martin G. Berger, Michael Klinger, Jason Sica and Jeffrey Sica. Two apartment buildings with 127 dwellings and a 170-space parking garage will be built at 97-111 Hale Ave., near The Westchester and The Source at White Plains malls.
Construction is budgeted for $31.3 million. The work is expected to employ 180 people during 20 to 24 months of construction, and 15 people when it opens.
Thirteen apartments will be rented to families whose incomes are no more than 80 percent of the county”™s median income.
In granting preliminary approval for financial assistance, the IDA board added a caveat to both project resolutions: The developers must meet with representatives of the building trades unions to discuss their possible involvement in the work.
The projects must be presented at public hearings, as yet unscheduled, before the county IDA can grant final approval for the tax breaks.
