Westchester County IDA Approves Incentives For Two Multi-Family Projects in White Plains
Real Estate In-Depth | February 9, 2022
WHITE PLAINS—The Westchester County Industrial Development Agency recently voted to grant preliminary and final approvals of financial incentives for the construction of two multi-family residential developments in Downtown White Plains that represent a total private investment of $131 million.
At its Jan. 27th meeting, the IDA Board voted preliminary approval of financial incentives for 51 South Broadway, a $48-million, eight-story multi-family building consisting of 134 apartments with a mix of 27 studio units, 59 one-bedrooms units and 48 two-bedrooms units.
The building’s amenities will include a pool, garden terrace, BBQ grills, exterior fireplace, and seating area. Additional amenities being planned for the project include a fitness center, pet spa, bicycle storage, resident lounge, co-working spaces and conference room. The garage will be two levels and above ground with amenity spaces along the street frontage and six floors of residential units above.
The project will be constructed on a 1.02-acre lot with an existing building to be demolished. It is anticipated that the project will create 67 full-time jobs during the construction period. Project developer RMS Companies of Stamford, CT is seeking $1.5 million in sales tax exemptions and $350,000 in mortgage recording tax exemptions.
The IDA Board also voted final approval of financial incentives for One Lyon, a two-building complex located at 1 Lyon Place and 10 Lyon Place featuring a total of 212 rental units with a mix of studios, one- bedrooms, and two-bedroom units. The $83-million project plans to dedicate 6% of its units or 13 units total to affordable housing at 60% Area Median Income.
Among the building’s amenities are a gym with outdoor yoga studio; recreational garden; business center; pet spa; rooftop pool with grilling stations; virtual reality/game room; party room; art gallery/wine bar; billiard lounge; coffee shop; movie room and roof deck.
Beitel Group, the New York City-based developer of One Lyon, secured $2.7 million in sales tax exemptions and a $664,000 mortgage recording tax exemption, as well as 14-year PILOT agreement valued at approximately $14 million with the City of White Plains. It is estimated the project will be completed by December 2022 with initial occupancy by tenants in Spring of 2023, according to the Westchester County IDA.
“The IDA is proud to provide preliminary and final approval of incentives for these two important residential developments in downtown White Plains,” said Westchester County IDA Chairperson Joan McDonald. “These projects are creating hundreds of new multi-family apartments with a portion being affordable units. In addition, they represent a significant private investment in our county’s economy.”