Westchester IDA Provides Incentives For Two Rental Apartment Projects
Real Estate In-Depth | March 2016
WHITE PLAINS—The Westchester County Industrial Development Agency on March 10 approved incentives for two rental apartment projects in Ossining and White Plains with a total private investment of $57.6 million. The two developments will create approximately 430 construction and permanent jobs.
“We are pleased to provide incentives through the IDA for these two projects, one in Ossining, one in downtown White Plains, that will provide both affordable housing and market rate rentals,” said Astorino. “Each involves renovating existing properties, which creates construction jobs and enhances the neighborhoods where they are located.”
Snowden House Apartments
Located on Snowden Avenue in the Village of Ossining, Snowden House Apartments is a $42-million project in which a 37-year old, eight-story apartment building is being acquired and extensively renovated into 124 affordable Section 8 rental apartments. The interior renovations will include kitchens, bathrooms and living areas, as well as upgrades to the hallways, community and amenity spaces, and building systems, such as HVAC and security. The extensive renovations will incorporate energy-efficient upgrades, including appliances, as well as low-flow toilets and showerheads. There will also be new controls for the central boilers and energy-efficient lighting upgrades, including exterior light timers throughout the property. More than half of the apartments are two-, three- and four-bedroom units. The project is anticipated to be completed in summer 2017. The renovation project is expected to create approximately 120 construction and four permanent jobs. The project developer is Standard Property Company, Inc. of New York City.
The developer of Norben Lofts is converting a 48,000-square-foot vacant industrial building at 121 Westmoreland Ave. in White Plains into 65 market rate rental apartments targeted to young professionals. The six-story building will have 42 studios, 18 one-bedroom units and five, two-bedroom units. Norben Lofts will feature high ceilings throughout the building, two elevators, high-tech intercom system, virtual door system, fitness center, library, café, conference center, pet grooming area and indoor bocce ball court. The building is conveniently located minutes from the White Plains Metro-North train station and is adjacent to Pace University. Construction is expected to be completed in approximately one year. The building’s façade will be restored. The $15.6-million project is expected to create approximately 300 construction jobs and six permanent jobs. The developer of the project is Norben Lofts LLC of Suffern.