The Yonkers Industrial Development Agency (YIDA) voted on February 29 final approval of financial incentives for Teutonia Hall, a $458 million mixed-use residential complex featuring two luxury 41-story towers. It is one of the largest developments to come before the YIDA in recent years.
The two-phase project, which is located at 4 Buena Vista Avenue, will feature a total of 906 apartments of which 91 will be affordable. The complex will include 2,900 square feet of active street-level commercial use space and 907 parking spaces. The lower six stories of the buildings would comprise a podium, which would serve as a parking facility for residents with approximately 907 parking spaces. The anticipated construction start date for Phase 1 is September 2024 with completion in December of 2027. Construction of Phase 2 is anticipated to start in December 2028 with completion in December of 2031.
Project developer AMS Acquisitions was approved for $12,924,830 in sales tax exemptions and $4,549,646 in mortgage recording tax exemptions. The two phases of the project are estimated to create 1,100 construction jobs. According to a cost- benefit analysis, the project will create $2.35 for every $1.00 of incentives. The developer is also requesting a 20-year PILOT.
In other business, the YIDA voted preliminary approval of financial incentives for Champlain Hudson Power Express (CHPE) for the underwater installation of a 1,250MW electric transmission line along 4.3 miles of the Hudson River in Yonkers. The project cost is estimated at $22.5 million.
The CHPE cable is bringing inexpensive hydro power from Quebec to New York City over a 339-mile route of which 60% is in waterways. Installation of the cable in the Hudson River in Yonkers is currently planned during the period of August-September 2025. CHPE is requesting a sales tax exemption of $1,996,875.
