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The property will need to be rezoned to accommodate the proposal.
A three-pronged plan that would bring more than 3,500 apartments, almost 4,000 parking spaces and more than 4.5 million square feet of new construction to downtown Yonkers was unveiled at last night's meeting of the Yonkers Planning Board.
The structure was originally built for Homes for America in 2005, and was bought by AMS Acquisitions for $9.5 million in January 2018 from Madison Realty Capital.
AMS said it plans to build a 24-story tower with 361 luxury apartments on the site, which was once home to the city's Teutonia Hall.
In what Yonkers Mayor Mike Spano said could be a "watershed moment" for the city, AMS Acquistions LLC has agreed to purchase Chicken Island from the municipality for $16 million and pursue a redevelopment for the vacant 6-acre downtown parcel.
The downtown property was vacated in 2009 by its developer, Homes for America Holdings, which defaulted on its mortgage loan.