YIDA Reports Banner Year Inducing $851 Million in Private Investment
Real Estate In-Depth | December 9, 2019
YONKERS—It was a banner year for economic development in the City of Yonkers with the Yonkers Industrial Development Agency providing financial incentives to nearly a dozen projects representing a total private investment of $851 million.
The developments supported by the YIDA are projected to create 2,246 new residential units, 105,430 square feet of retail and commercial space and 1,953 construction, permanent and part-time jobs.
The year’s record results build on the tremendous economic growth that Yonkers is experiencing, the YIDA reported. According to the city’s Department of Planning and Development, there is more than $3.8 billion in development projects approved, under way and completed in the city. Those projects represent more than 9,100 new residential units and 2.3 million square feet of commercial space. The development projects created approximately 2,800 permanent jobs and more than 6,800 construction jobs.
“The level of private investment in Yonkers is unprecedented. With more than $3.8 billion in development, the city is attracting investment from regional and national developers such as RXR Realty, Extell Development and Avalon Bay who clearly appreciate the fact that Yonkers is one of the most dynamic and exciting urban centers in the entire tri-state region,” said Yonkers Mayor Mike Spano who serves as Chairman of the IDA Board. “In addition to the tremendous year achieved by the Yonkers IDA, the city is also looking forward to investments in our city by MGM Resorts International and Lionsgate Entertainment,” he added.
The projects receiving YIDA incentives in 2019 were:
Point Street Landing
Developer: Extell Development
Total Private Investment: $502 million
Mixed-use development
Number of apartments 1,395
Approximately 48,280 square feet of commercial space
Jobs: 450 construction jobs and 200 permanent and part-time jobs.
57 Alexander Street
Developer: Rose Associates
Total Private Investment: $177.3 million
Number of apartments: 440
Jobs: 631 construction jobs and 10 permanent jobs.
Parkledge Apartments
Developer: Parkledge Preservation
Total Private Investment: $56.9 million
Number of apartments: 311
Jobs: 55 construction jobs and 13 permanent jobs.
Charter School for Academic Excellence
Total Private Investment $52 million
Educational Institution
Jobs: 125 construction jobs and 44 permanent and part-time jobs.
Dayspring Commons/Dayspring Community Center
Developer: Westhab
Total Private Investment: $43.4 million
Number of apartments: 63
Jobs: 80 construction jobs and 28 full and part-time jobs
222 Lake Avenue
Developer: Momentum Realty
Total Private Investment $7.4 million
Approximately 55,000 square feet of commercial space
Jobs: 40 construction jobs and 140 permanent and part-time jobs.
9-11 Riverdale Avenue
Developer: Erin Construction & Development
Total Private Investment: $6.5 million
Number of apartments: 29
Retail: 2,150 square feet
Jobs: 6 construction jobs and 14 permanent jobs.
969A Midland Avenue
Developer: Yonkers Contracting
Total Private Investment: $2.6 million
Construction equipment storage facility
Jobs: 25 construction jobs and 17 full and part-time jobs.
78-80 Morningside Avenue
Developer: 78-80 Morningside LLC
Total Private Investment: $1.5 million
Number of apartments: 8
Jobs: 15 construction jobs.
987 Central Park Avenue
Developer: Maple Realty Management LLC
Total Private Investment: $1.4 million
Small retail building
Jobs: 50 construction jobs and 10 permanent jobs.