Yonkers IDA Grants Preliminary Approval For $72-Million Apartment Development

Real Estate In-Depth | September 2020

A rendering of the Point & Ravine Apartments project to be developed in the Warburton Ravine Urban Renewal Area of the City of Yonkers.

YONKERS—The Board of Directors of the Yonkers Industrial Development Agency recently granted preliminary approval of financial incentives for a $72-million multifamily project that will redevelop a blighted and vacant block in the Warburton Ravine Urban Renewal Area.

Point & Ravine Apartments, which is a public partnership between developer Conifer Realty LLC and the City of Yonkers, will feature a mid-rise building with approximately 120 income-restricted one- and two-bedroom affordable housing rental units targeted to both senior and family housing and construction of approximately 26 units of income-restricted affordable housing rental townhome-style apartments.

The project also includes construction of new parking lots on land owned by the city and improvements to Irving Park. Construction costs for the development are estimated at $43.4 million. The land acquisition is estimated at $8.24 million. The IDA voted on the application at its September 4th meeting.

The development site is located on a vacant block near the waterfront at Point Street and Ravine Avenue. Since 2010, the city has been engaged in a neighborhood development and urban renewal program in the Ravine neighborhood.

The IDA states that project is expected to create 250 construction jobs with a commitment to local and MWBE contractors.