The Board of Directors of the Yonkers Industrial Development Agency at its Feb. 19 meeting gave preliminary approval of financial incentives for construction of the $60 million first phase of a studio complex for Lionsgate motion picture company. The approximately 109,000-square-foot development, which would be built on the parking lot of the iPark complex, will include 70,000 square feet of studio space and 38,600 square feet of ancillary spaces.
The project is anticipated to create between 285 to 420 full-time permanent jobs, as well as 400 construction jobs.
“According to the industry experts, a lot of the talent wants to be in the New York-metro area and Yonkers fits very well into this model,” said project developer Joseph Cotter in his presentation to the IDA board. “We think this project will have a transformational effect on the downtown of Yonkers.”
He noted that the multiplier effect for this type of development is one of the highest in the industry. It is estimated that the development will create some $65 million annually in economic development, due to the additional companies that will relocate to service the studios, such as caterers and production people.
Five different studios, ranging from 10,000 to 20,000 square feet, will be built at the former Otis Elevator property on Wells Avenue, and will take advantage of federal tax break zone credits.
“It’s rare to find a studio facility in such a prime New York-metropolitan area location, and we look forward to being at the center of film and television production growth in the region,” said Lionsgate CEO John Feltheimer. “We’re please to partner with Great Point and National Resources on a modern film and television production complex that will provide a great home for many of our content creation initiatives.”
“We are very excited to have this transformative project in our downtown,” said Yonkers Mayor Mike Spano, who serves as chairman of the IDA. “This development will position the City of Yonkers as the New York area’s premier filming destination.”
