Westchester County IDA Seeded $1.6 Billion in New Investment in 2019
Real Estate In-Depth | January 2020
WHITE PLAINS—The Westchester County Industrial Development Agency announced recently it provided financial incentives for a wide range of new commercial developments that accounted for approximately $1.6 billion in new investment in Westchester County.
The projects incentivized in 2019 involved more than 2,800 in new proposed residential units. Some of the projects involved repurposing vacant office properties along the I-287 corridor. Others were transit-oriented developments slated to be built close to Metro-North train stations.
“Westchester County is attracting private investment not only from local and regional developers but national development companies as well. The message is clear—Westchester County is open for business,” said Westchester County Executive George Latimer.
“The wide range of development projects benefitting from IDA incentives speaks to the diversity and vitality of Westchester’s economy. Thanks to the success of our IDA, the County continues to be an attractive environment for businesses to prosper and grow,” said IDA Chairperson Joan McDonald.
The $1.6 billion in new investment fostered by the IDA incentives was more than double the investment total secured in 2018, according to Westchester County Office of Economic Development Director Bridget Gibbons.
The projects receiving financial incentives last year ranged from mixed-use residential developments to healthcare facilities to senior care communities to biotech companies. In addition to spurring economic development, these projects are estimated to generate thousands of construction and permanent jobs for the county,” she said.
Major development projects receiving IDA incentives in 2019 included:
BioMed Realty was given approval of IDA incentives to expand its Ardsley Park biotech campus in the Town of Greenburgh with the renovation of 97,000 square feet of new state-of-the-art life sciences space. The $38-million development is projected to create 350 full-time jobs with a payroll of approximately $35 million.
Simone Healthcare Development received IDA benefits for the renovation of a vacant, four-story office building at 104 Corporate Park Drive in Harrison into a pediatric care ambulatory facility that will be fully leased to Montefiore Medical Center. The IDA approved $1,328,021 in sales tax exemptions and $419,755 in mortgage tax exemptions for the project, which is anticipated to create approximately 100 construction jobs and 250 permanent healthcare related jobs.
WP Mall Realty, LLC received preliminary approval for $17.5 million in sales tax and mortgage recording tax exemptions for Hamilton Green, a $585.2 million mixed-use, transit-oriented development located on Hamilton Avenue in downtown White Plains. The project at the former White Plains Mall is comprised of 860 apartments, 85,400 square feet of specialty retail and restaurant space, 27,000 square feet of co-working office space. Approximately 1,437 construction and 500 full- and part-time jobs are expected to be created at full build-out of the project.
Lennar Multifamily Company received preliminary approval for $12.15 million in sales tax and mortgage recording tax exemptions for the $500-million mixed-use development at the site of the former Westchester Pavilion at 60 South Broadway, White Plains. The project will be comprised of 814 apartments in two towers including 50 units affordable to 60% AMI. The project is estimated to create between 600 and 700 construction jobs and 20 permanent jobs.
The project has been delayed and Lennar recently reduced the amount of retail space planned for the development. The Westchester Pavilion at one time served as the headquarters for the Hudson Gateway Association of Realtors.
National Development received IDA approval for $3.22 million in sales tax and mortgage recording tax exemptions for a five-story, 132-unit independent living community to be built at 120 Bloomingdale Road in White Plains. The $115-million development will be targeted to active seniors. The development is projected to create 1,250 construction jobs and 48 full- and part-time jobs over the life of the project.
RPW Group received financial incentives for a $95-million apartment complex to be built on a parking lot across from an office building at 1133 Westchester Ave. on the I-287 office corridor. The complex will be comprised of three separate five-story buildings on a 20-acre site with a total of 303 apartments. The IDA gave the project preliminary approval of $1.82 million in sales tax exemptions. The project is expected to create 120 construction jobs and eight full-time jobs.
3 WPD Apartments LLC received incentives from the IDA for its plans to demolish a 160,000-square-foot vacant office building at 3 Westchester Park Drive in Harrison and replace it with a five-story, two-building complex featuring 450 rental apartments. The development, which represents a total private investment of $195 million, is projected to create 150 construction jobs. The applicant received a sales tax exemption of $5,402,000 and mortgage tax exemption of $1,168,000.