The Yonkers Industrial Development Agency has tentatively approved financial incentives for four development projects that would add nearly 600 units of housing and a commercial complex in the city at an estimated cost of $221 million.
On the downtown waterfront, Collins Enterprises plans to build a 22-story, 220-unit luxury apartment building on Alexander Street in the third phase of the Stamford, Conn. company”™s Hudson Park mixed-use development. The $60 million project also would extend a public promenade to improve public access to the waterfront, said Yonkers Mayor Mike Spano, who chairs the city IDA board.
Following a public hearing, the IDA plans to approve sales and use tax exemptions on construction materials and equipment along with property and mortgage recording tax abatements for the Hudson Park developer.
Developer Martin Ginsburg, of Ginsburg Development Cos. in Valhalla, plans to move ahead with the River Club, a two-building complex of 330 market-rate rental units at 1105-1135 Warburton Ave.
The $107.5 million project would be backed by the Yonkers IDA with sales and use tax exemptions during construction, a mortgage recording tax exemption and a partial property tax exemption, according to the mayor”™s office. River Club is expected to create an average of 120 construction jobs and 10 to 15 permanent jobs when completed.
In the city”™s ongoing revitalization of the Ashburton Avenue corridor, 56 units of affordable housing will be built at Grant Park, on the former site of the Mulford Gardens public housing complex.
The $22.5 million project, a joint venture of the city”™s private-sector partners, Maryland-based Landex Development L.L.C. and The Richman Group Affordable Housing, of Greenwich, Conn., is expected to create 40 construction jobs.
Following a public hearing, the IDA expects to approve sales and use tax and mortgage recording tax exemptions and negotiate property tax abatements.
In northwest Yonkers, a long-vacant and deteriorating industrial landmark on North Broadway, the former Boyce Thompson Institute for Plant Research, could be largely preserved and redeveloped in a $21.4 million project proposed by Weinberg Brothers of Eastchester.
The city acquired the 6.6.-acre property in 1999 and has a sale agreement with BAT Weinberg L.L.C. The developer plans medical offices, banking and a restaurant on the site. Spano said the architecturally significant building, once the site of a plant research center, would be largely preserved under the plan.
The project would create an estimated 180 to 250 permanent jobs and 120 construction jobs. The IDA board is ready to grant sales and use tax exemptions for the renovations and negotiate a reduced property tax agreement.
“This project has been stalled for several years, and we are pleased to work with the developers to re-start it,” Spano said in a statement. “This once-attractive building has become an eyesore, so it is exciting that we will now see it contribute revenues and jobs to the city of Yonkers.”
