Yonkers IDA Approves Incentives For AvalonBay Multifamily Project
Real Estate In-Depth | October 2016
YONKERS—The Yonkers Industrial Development Agency has approved incentives for four projects, including perks for AvalonBay Communities’ 609-unit multifamily development to be built on the Hudson River waterfront.
The authority also approved incentives for a 74-unit apartment building to be constructed on a long-vacant “hole in the ground” on upper Warburton Avenue; a high-tech company’s build-out of space in the downtown I-Park complex and a new sales area for an auto retailer on Saw Mill River Road.
Avalon Bay plans to construct three separate low-rise buildings on the former ATI tank farm site on Alexander Street. The total project cost is estimated at $183 million, including $26.5 million to purchase the property from the current owner, YIDA officials state.
Two of the buildings will be five stories high and the third will be four stories high. The developer will build on-site garage parking, and 10% of the apartments will be designated as affordable.
The project will provide an estimated 387 construction jobs and 26 permanent jobs. The YIDA agreed to provide a sales tax exemption on materials used in construction as well as a temporary property tax abatement. No further details on those incentives were released.
At 1065 and 1073 Warburton Ave., RMS Companies of Stamford, CT is acquiring a long empty site that has been excavated and contains a partial foundation. The less than an acre parcel has been in that condition since a previous developer went out of business approximately 10 years ago, the YIDA noted. RMS plans a $20-million project to build 74 apartments. The company estimates the project will be completed in 14 months after all approvals are secured.
The RMS project will complement a 55-unit apartment building at 1177 Warburton Ave. and the 330 unit Rivertides at Greystone, both of which are currently under construction and being developed by the Ginsburg Companies of Hawthorne, NY.
Meanwhile the Alpha-En Corporation received the YIDA’s go-ahead for a $5 million research and development facility at 28 Wells Ave., in the downtown I-Park complex. Alpha-En seeks to make more powerful rechargeable batteries for mass consumption, and expects to employ 10 to 15 workers at the location. The YIDA will provide a sales tax exemption on materials used to build-out the facility.
Also, Saw Mill Autos received YIDA approval to convert vacant land at 380 Saw Mill River Road to an auto sales business. The company will erect a 4,000 square foot building as part of the project, which will cost an estimated $800,000. The YIDA approved a sales tax exemption for materials used in construction and fit-out of the facility.