Westchester IDA, LDC Supported $842 Million in Projects in 2015

Real Estate In-Depth | December 2015

Rendering of the Developed Westchester Pavilion Mall Propery

WHITE PLAINS—Westchester County Executive Robert P. Astorino announced on Dec. 10th that 2015 was a banner year for the Westchester County Industrial Development Agency and the Local Development Corporation, which supported 14 projects with total private investment of more than $842 million.

The IDA and LDC projects, which ranged from major residential buildings in downtown White Plains to a local produce market in Pound Ridge to a senior housing project in Mount Vernon, created or retained approximately 4,800 permanent and construction jobs. The year-end results were announced at the IDA’s monthly board meeting earlier this month.

“The 14 job-creating projects supported by the Westchester IDA and LDC this year will provide a significant boost to our county’s economy,” said Astorino. “We are also pleased with the diversity of projects supported, both large and small, from a wide range of business and non-profit sectors.”

Among the major projects receiving IDA financing and incentives in 2015 were LCOR’s $247-million residential towers in downtown White Plains; Lennar’s $275-million mixed-use complex at the site of the Westchester Pavilion in White Plains; and Regeneron’s $196-million expansion of its Tarrytown headquarters.

Other projects approved for IDA incentives included a $2.5-million renovation of Scott’s Corner Market in Pound Ridge, Flexjet’s $5.1-million renovation and relocation at the Westchester County Airport and a $10.9-million affordable housing project at Chappaqua Crossing.

Nonprofit projects approved by the LDC in 2015 included $11.1 million in tax-exempt bond financing for the Wartburg senior care complex in Mount Vernon and refinancing of a $3.6-million bond for Guiding Eyes for the Blind in Yorktown Heights.

Over the past five years, the Westchester IDA has provided $284 million in financing and incentives for commercial, residential and retail projects with a combined total private investment of $1.74 billion. These projects created or retained 18,838 permanent and construction jobs in Westchester County. Since it was established in 2013, the Westchester LDC has approved $444 million in tax-exempt bond financing for 11 non-profit projects that created or retained 2,446 permanent and construction jobs.

Photo Caption: A rendering of the redeveloped Westchester Pavilion mall property.