Yonkers IDA Grants Preliminary Approval For $72-Million Apartment Development
Real Estate In-Depth | September 2020
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.