Yonkers IDA Votes Preliminary Approval For $50M Mixed-Use Residential Building
Real Estate In-Depth | May 3, 2022
YONKERS—The Yonkers Industrial Development Agency announced on May 2 it had granted preliminary approval of a $49.6 million, 10-story mixed-use residential building on Main Street and Riverdale Avenue.
The project will feature 76 affordable rental dwelling units and ground floor commercial space. Called St. Clair Residences, the project is located on vacant parcels at 36-38 Main St., 32 Main St., and 1-3 Riverdale Ave.
The building would consist of a total of 81,105 square feet. The ground floor of the building would be 9,741 square feet, including 3,071 square feet of commercial uses. The nine floors of residences would be a total 71,364 square feet.
The project would contain a mix of units, including 12 studios, 36 one bedrooms, 23 two-bedrooms, and five, three-bedroom units. The units would be occupied only by persons whose annual household income ranges from 50% to 80% of the Westchester area median income (AMI).
The project is being developed by MacQuesten Development LLC of Pelham through a related entity called St. Clair Development, LLC. The project is expected to create approximately 240 construction jobs over the 28 months construction period, and approximately 20 new permanent jobs upon completion of construction in 2025.
The developer is requesting a sales tax exemption of $1,570,875 and a 30-year PILOT. The vote by the YIDA board was held at its April 20 meeting.
“We applaud MacQuesten Development on this exciting and attractive residential building that will transform a vacant site into quality affordable housing in our downtown area that will create construction and permanent jobs,” said Mayor Mike Spano who also serves as Chairman of the YIDA Board.
“Having access to good quality affordable housing is a right that every person deserves. I am proud to support this development along with the IDA and Mayor Spano because it will make a difference in downtown Yonkers,” said Shanae V. Williams, Yonkers City Councilwoman, District 1.