Voting Final and Preliminary Approval of Financial Incentives for Developments Representing $277 Million in Private Investment
Over Past 4 Years, Yonkers IDA Has Provided Financial Incentives to Projects Representing Private Investment of More Than $1.76 Billion
Continuing its record of success, the Yonkers Industrial Development Agency (IDA) reported another active year for 2022 voting final and preliminary approval of financial incentives to residential and commercial projects representing a total private investment of $277 million. The developments are projected to create over 500 new residential units and 1,255 construction jobs.
Since 2019, the Yonkers IDA has voted financial incentives to development projects representing a total private investment of more than $1.76 billion. The developments are projected to create approximately 3,760 new residential units and approximately 4,600 construction jobs. Ten percent of all new residential units are set aside for affordable housing.
“By providing financial incentives to residential and commercial developments, the Yonkers IDA continues to be a driving force behind the city’s remarkable economic renaissance with projects representing over $1.7 billion in total private investment over the past four years. This incredible investment in our city is creating thousands of constrution jobs and new housing, both market rate and affordable,” said Yonkers Mayor Mike Spano who serves as Chair of the Yonkers IDA. “We look forward to another record year of success in 2023.”
Projects that received FINAL approval of IDA incentives in 2022 included:
St. Clair Residences
Developer: MacQuesten Development
Project Location: 3 vacant parcels on 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 rentals and ground-floor commercial space
Number of apartments: 76
Construction jobs: 240
The Plant Manor
Developer: The Plant Manor LLC
Project Location: 1097 North Broadway
Total Private Investment: $48.6 million
Description: Transform private estate into 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 reuse of 4-story, 66,000 SF building for affordable housing for low-income seniors
Number of apartments: 73
Construction jobs: 100
1069 Central Park Avenue
Developer: 1969 Central Park Avenue LLC
Project Location: 1069 Central Park Avenue
Total Private Investment: $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: $11.5 million
Description: Combine three contiguous historic building into single building mixed-use residential building with ground-floor commercial space
Number of apartments: 36
Construction jobs: 50
Projects that received PRELIMINARY approval of IDA incentives in 2022 included:
Warburton Avenue Apartments
Developer: Conifer Realty and Center for Urban Rehabilitation
Project Location: 321 Warburton Avenue
Total Private Investment: $42.1 million
Description: Senior affordable housing
Number of apartments: 94, all affordable
Construction jobs: 140
Whitney Young Manor
Developer: Whitney Young Manor L.P, an affiliate of Omni New York LLC
Project Location: 354 & 358 Nepperhan Avenue
Total Private Investment: $40 million
Description: Major rehab of two, 12-story rental buildings
Number of apartments: 195
Construction jobs: 330
83-95 Vineyard Avenue
Developer: ALMF Global
Project Location: 83-95 Vineyard Avenue
Total Private Investment: $11.5 million
Description: Four-story with ground floor apartment building to be built on a vacant lot at 83-95 Vineyard Avenue. The project will feature 24 one-bedroom and 8 two-bedroom units with on-site parking for 47 cars.
Number of apartments: 32
Construction jobs: 110
Yonkers Industrial Development Agency
Established in 1982, the Yonkers Industrial Development Agency is a public benefit corporation that provides business development incentives to enhance economic development and job growth in the City of Yonkers. For more information about the Yonkers IDA, visit www.yonkersida.com
