Westchester IDA, LDC Provided Incentives That Fueled $1.2B in Investment in 2021
Real Estate In-Depth | January 6, 2022
WHITE PLAINS—The Westchester County Industrial Development Agency and the Westchester County Local Development Corporation has provided financial incentives and tax-exempt bond financing to major developments representing more than $1.2 billion in private investment in Westchester County’s economy last year.
“As Westchester re-emerges from the economic downturn resulting from the pandemic, the IDA and LDC have played a key role as drivers of economic development in the county. The residential projects approved for financial incentives and bond financing in 2021 will create hundreds of new jobs and residential units. We are particularly proud to have provided incentives for Regeneron’s major expansion of its Westchester campus,” said Westchester County Executive George Latimer.
In 2021, the IDA voted final approval of financial incentives for the $275 million Gateway II multi-family residential project in Downtown White Plains. The project will feature 500 rental units including 15 affordable units and is expected to create 600 construction jobs and 20 full time jobs. Also. in Downtown White Plains the IDA voted preliminary approval of incentives for One Lyon, an $83-million multi-family residential development featuring 212 rental apartments of which 13 will be affordable. The project is expected to create 52 construction jobs.
The IDA also approved financial incentives for Regeneron’s 208,000-square-foot expansion of its R&D campus in the Town of Greenburgh. The $480-million project, which will connect to its existing facilities on the campus, will create more than 1,600 construction jobs and more than 500 full-time jobs. Regeneron, which is the county’s largest private employer, announced in July plans to invest about $1.8 billion over six years to expand its facilities in Westchester and the Mid-Hudson region.
Westchester’s Local Development Corporation, which assists the county’s not-for profit organizations in securing tax-exempt financing, voted approval of approximately $385 million in tax-exempt bond financing for the development of a senior learning community on the SUNY Purchase campus. Phase 1 of the project is comprised of 220 independent living units, 18 assisted-living beds, 16 memory care beds, underground parking, a separate assisted living and memory care building and up to 46 single-family and duplex homes together with supporting infrastructure and property site improvements.
The LDC also voted preliminary approval of $61million in tax-exempt bond financing for Kendal on Hudson continuing care retirement community in Sleepy Hollow. The funding will be used to finance and refinance the cost of construction of the facility which features 222 apartment residences on four connected buildings on 21 acres overlooking the Hudson River.
“The past year’s results build on the momentum of success achieved by Westchester’s IDA and LDC. Since 2019, the IDA and LDC have provided financial incentives for developments representing approximately $3.2 billion in private investment in our county with more than 4,000 new residential units and over 3,100 construction and full-time jobs,” said Joan McDonald who chairs both the IDA and LDC.