The Board of Directors of the Yonkers Industrial Development Agency (IDA) has voted preliminary approval of financial incentives for a $72 million project that will transform a blighted and vacant block in the Warburton Ravine Urban Renewal Area into a sustainable intergenerational community.
Point & Ravine Apartments, which is a public partnership between developer Conifer Realty LLC and the City of Yonkers, will feature a mid-rise building with approximately 120 income-restricted one- and two-bedroom affordable housing rental units targeted to both senior and family housing and construction of approximately 26 units of income restricted affordable housing rental townhome-style apartments.
The project also includes construction of new parking lots on certain land owned by the City and improvements to Irving Park. Construction costs are estimated at $43.4 million. The land acquisition is estimated at $8.24 million.
The IDA voted on the application at its September 4th meeting. A rederning of the project is pictured above.