Adaptive Reuse of Vacant Manufacturing Facility Secures $3.4 Million in Westchester IDA Incentives
Real Estate In-Depth | August 22, 2023
WHITE PLAINS—The Westchester County Industrial Development Agency voted at its July 27th monthly meeting final approval of financial incentives for Modera White Plains, an $89.2 million adaptive reuse of a vacant light manufacturing facility into a 189-unit multifamily rental building.
Located at 39 Westmoreland Ave., Modera White Plains will feature a mix of 66 studios, 68 one-bedroom units, 50 two-bedroom units and five, three-bedroom units. A total of 23 affordable units (eight studios, eight one-bedroom units, six two-bedroom units, and one, three-bedroom unit) will be provided at or below 80% of the Area Median Income. Amenities will include a large gym, recreational garden, business center, electric vehicle charging stations, pet spa, grilling stations, lounge and roof deck. There will also be a pocket park for community use.
Westchester County Executive George Latimer said, “Modera White Plains is an example of how former commercial properties are being repurposed into attractive multifamily communities in our growing urban centers. We applaud these innovative developments that are adding to the vitality of the County’s economy.”
“The financial incentives provided to this exciting development will create new construction jobs as well as hundreds of new apartments including affordable units. With its many amenities, Modera White Plains will be an appealing addition to the city’s residential market,” added Westchester County IDA Chair Joan McDonald.
Project developer Mill Creek Residential Trust is receiving a sales tax exemption of $2,839,040 and a mortgage recording tax exemption of $595,776. It is also negotiating a PILOT agreement with the City of White Plains. The project is estimated to create 56 construction jobs.