Yonkers IDA Provided Incentives for $210M in New Projects in 2020 Despite Pandemic
Real Estate In-Depth | January 4, 2021
YONKERS—Building on the momentum of a very active 2019, the Yonkers Industrial Development Agency reported on Jan.4 it had provided financial incentives in 2020 to residential and commercial projects representing a total private investment of approximately $210 million.
The developments are projected to create 450 new residential units, 129,000 square feet of commercial and industrial space and nearly 1,500 construction, permanent and part-time jobs.
Over the past two years, the Yonkers IDA has provided financial incentives to development projects representing a total private investment of approximately $1.1 billion. In 2019, the authority provided incentives for projects valued at approximately $890 million in private investment.
The developments are projected to create approximately 2,700 new residential units, 234,400 square feet of commercial and industrial space and approximately 3,450 in construction, permanent and part-time jobs. Ten percent of all new residential units are set aside for affordable housing.
“Despite the effects of a global pandemic, Yonkers pledged to move forward, and the results speak for themselves. We are not only ‘back to business’ but growing stronger and better than before,” said Mayor Mike Spano who serves as Chairman of the IDA Board.
The Yonkers IDA kicked off 2020 with approval of incentives for the year’s most exciting new development project – the 109,000-square-foot motion picture studio to be built for Lionsgate Studios at the iPark complex on the Yonkers waterfront. The $60-million complex will include 70,000 square feet of studio space and 36,600 square feet of ancillary spaces. The entertainment complex, which is expected to create up to 420 full-time jobs and 400 construction jobs, will put Yonkers on the map as the New York area’s premier filming destination.
Other projects receiving Yonkers IDA incentives in 2020 included:
Point & Ravine Apartments
Developer: Conifer Realty LLC
Location: Point Street & Ravine Avenue
Total Private Investment: $72 million
Intergenerational senior and family housing
Number of apartments: 120 affordable units and 26 affordable townhome units
Jobs: 250 construction jobs
Jackson Terrace Apartments
Developer: Hudson Valley Property Group
Location: 100 Herriot St.
Total Private Investment: $37.6 million
Acquisition and rehabilitation of rental housing
Number of apartments: 181 affordable low-income units
56 Prospect St.
Developer: 56 Prospect Holdings LLC
Location: 56 Prospect St.
Total Private Investment: $32.6 million
Number of apartments: 126 units
Jobs: 250 construction jobs and 6 permanent jobs
Westchester Metal Works
Developer: Waverly Properties Inc.
Location: 1110 Saw Mill River Road
Total Private Investment: $8 million
Expansion and relocation to 20,000SF facility
Jobs: 100 construction jobs and 52 permanent jobs
In addition to these new projects, the city celebrated the groundbreaking and grand opening of two residential projects that received IDA incentives in prior years. A groundbreaking ceremony was held Oct. 20 for the start of construction of 9-11 Riverdale Ave., a $9.4-million mixed-use development featuring 29 rental apartments and 2,150 square feet of ground-level commercial space. The project, which is being developed by Erin Construction of Long Island, is located on a vacant lot along a prime corridor of Getty Square.
On Oct. 29, city officials joined with executives of the Stagg Group to celebrate the grand opening of The Marquee, a $30.5-million luxury apartment building featuring 160 units of which 10 percent are designated as affordable under the city’s affordable housing program. Located at 697 Bronx River Road, the project received IDA incentives in 2017.