Yonkers IDA Continues Record of Success with Another Active Year
Voting to final and provisional approval of financial incentives for developments totaling $277 million in private investment
Over the past 4 years, Yonkers IDA has provided financial incentives to projects representing more than $1.76 billion in private investment
Continuing its track record, the Yonkers Industrial Development Agency (IDA) reported another active year for 2022 with voting for final and provisional approval of financial incentives for residential and commercial projects with a total private investment of $277 million. The developments are projected to create over 500 new housing units etc 1,255 construction jobs.
Since 2019, the Yonkers IDA has elected financial incentives for development projects that represent a total private investment of more than $1.76 billion. The developments are projected to create approximately 3,760 new residential units and approx 4,600 construction jobs. Ten percent of all new residential units are earmarked for affordable housing.
“By providing financial incentives for residential and commercial developments, Yonkers IDA continues to be a driving force behind the city’s remarkable economic renaissance, with projects representing over $1.7 billion in private investment over the past four years. This incredible investment in our city is creating thousands of construction jobs and new housing, both at market and affordable prices,” said Mike Spano, Mayor of Yonkers, who serves as Chair of Yonkers’ IDA. “We look forward to another successful record year in 2023.”
Projects that received FINAL IDA incentive approval in 2022 included:
St Clair Residences
Developer: MacQuesten Development
Project Location: 3 vacant lots at 36-38 Main Street, 32 Main Street and 1-3 Riverdale Avenue
Total Private Investment: $49.6 million
Description: 10-story mixed-use building with affordable rents and commercial space on the ground floor
Number of apartments: 76
Construction jobs: 240
The plant material
Developer: The Plant Manor LLC
Project Location: 1097 North Broadway
Total Private Investment: $48.6 million
Description: Transform a private estate into a venue for weddings, professional events with film and audio production
Number of units: 25 guest rooms
Construction jobs: 200
Mary The Queen senior housing
Developer: Mary The Queen Housing Development Fund Corp.
Project Location: 356 Vark Street
Total Private Investment: $42.6 million
Description: Adaptive repurposing of a 66,000 SF four-story building for affordable housing for low-income seniors
Number of apartments: 73
Construction jobs: 100
1069 Central Park Ave
Developer: 1969 Central Park Avenue LLC
Project Location: 1069 Central Park Avenue
Total private investment: US$15.8 million
Description: 91,181 SF self-storage facility
Construction jobs: 35
CubeSmart
Developer: KCT Inc
Project Location: 1050 Nepperhan Avenue
Total Private Investment: $15.4 million
Description: 100,000 SF CubeSmart self-storage facility
Construction jobs: 50
Wheeler Block Lofts
Developer: Wheeler Block Yonkers LLC
Project Location: 15-23 North Broadway
Total private investment: US$11.5 million
Description: Combine three contiguous historic buildings into one mixed-use residential building with commercial space on the ground floor
Number of apartments: 36
Construction jobs: 50
Projects that received TENTATIVE IDA incentive approval in 2022 included:
Warburton Avenue Apartments
Developers: Conifer Realty and Center for Urban Redevelopment
Project Location: 321 Warburton Avenue
Total Private Investment: $42.1 million
Description: Affordable housing for seniors
Number of apartments: 94, all affordable
Construction jobs: 140
Whitney Young mansion
Developer: Whitney Young Manor LP, a subsidiary of Omni New York LLC
Project Location: 354 & 358 Nepperhan Avenue
Total private investment: US$40 million
Description: Major renovation of two 12-story apartment buildings
Number of apartments: 195
Construction jobs: 330
83-95 Weinbergallee
Developer: ALMF Global
Project Location: 83-95 Vineyard Avenue
Total private investment: US$11.5 million
Description: Four story, first floor residential home to be built on a vacant lot at 83-95 Vineyard Avenue. The project will consist of 24 one bedroom and 8 two bedroom units with onsite parking for 47 cars.
Number of apartments: 32
Construction jobs: 110
Yonkers Industrial Development Agency
Founded in 1982, the Yonkers Industrial Development Agency is a not-for-profit corporation that provides business development incentives to promote economic development and job growth in the City of Yonkers. For more information on the Yonkers IDA, visit www.yonkersida.com
