A groundbreaking ceremony was held Tuesday for a $9.4 million project at 9-11 Riverside Ave., near Getty Square in Yonkers.
Mayor Mike Spano, other government officials and representatives of Erin Construction and Development Co., of New Hyde Park on Long Island were among those taking part.
Erin is building a nine-story, mixed-use residential and commercial structure at the site. It will include 29 rental apartments and 2,150 square feet of ground-level commercial space.
The building will have a mix of six studios, 21 one-bedroom units and two two-bedroom units. Amenities will include a rooftop terrace with Hudson River views and a 700-square-foot common area for residents. Monthly rents will start at $1,200. The project will create four apartments in the affordable category.
Spano thanked Erin Construction for its commitment to Yonkers, saying, “We are happy to see this long-vacant lot come to life with more residential and commercial space, inviting more activity to our downtown. Shovels are in the ground, dollars are being invested and Yonkers is back to business.”
John Murnane, CEO and founder of Erin Construction, said, “From its inception, we continuously sought ways to bring to bear a project that would meet the needs of the community without pricing out the market. This is no easy feat, particularly now in light of dramatic changes to our industry in light of the pandemic. With the continued support of all of you here, we can accomplish that goal, whatever it takes.”
The Yonkers Industrial Development Agency approved financial incentives for the project. These included a 10-year payment in lieu of taxes agreement for the project. The IDA said that by going with a 10-year PILOT rather than a 30-year PILOT the project will generate an additional $700,000 in property tax revenues for the city.
The Business Journal previously reported that the site had been the subject of a legal battle between its former owner and the city of Yonkers. Structures on the land were unoccupied and had deteriorated to the point of partially collapsing. The city found that they constituted public safety hazards and tore them down. The owner at that time claimed that the city did not give proper notice, which would have allowed the situation to be remedied. A lawsuit against the city was unsuccessful.
The property was sold on Jan. 4, 2017, by 9-11 Riverdale Realty LLC to 9-11 Riverdale JBM LLC for consideration of $700,000, according to documents on file with the Westchester County Clerk”™s Office. Named as a party associated with buyer 9-11 Riverdale JBM LLC was John Murnane.
Founded in 1991, Erin Construction and Development has participated in the redevelopment and preservation of multifamily housing units, homeless shelters and community facilities in the New York City area, often working with nonprofits.
Alana Smith, Erin Construction”™s COO, previously told the Business Journal, “We”™re absolutely enthusiastic. We”™re excited because it”™s our first partnership in the city of Yonkers. We”™re delighted to bring to the market this project particularly since we”™re also looking to do community programming on the ground floor. We”™ll be able to bring cultural programming for children and young adults as well as the residential component.”
Smith said that because the project will not include on-site parking, the developer would pay the city a fee of $945,000 help with parking elsewhere within the district.
