IDA OKs Incentives for Riverdale Ave. Building
The Yonkers Industrial Development Agency Board of Directors gave final approval of financial incentives for the construction of a nine-story, mixed-use residential and commercial building to be built on a vacant lot at 9-11 Riverdale Avenue, during its July 31 meeting.
The $6.54 million development by Erin Construction and Development, Co., would feature 29 rental apartments and 2,150 square feet of ground-level commercial space. The building will have a mix of six studios, 21 one-bedroom units and two two-bedroom units. It will also have a rooftop terrace, a 700-square-foot common area for residents, and basement storage and bike racks.
Ten percent of the units will be set aside as “affordable” to those making 80 percent of the average median income, as per Yonkers zoning requirement. In fact, the project will create four affordable apartments, which is greater than the 10 percent requirement.
The project originally requested a 30-year Payment In Lieu Of Taxes agreement, but a third-party analysis of the project’s economic impact showed that a 10-year PILOT still allows it to be viable and meet its benchmark returns. As a result, the project will generate an estimated $700,000 in additional property tax revenues for the city.
The property is located in the DM-X mixed-use district, which has a high concentration of commercial, residential and institutional development in the downtown. The zone encourages ground-floor commercial uses to activate the street-level environment.
In other business, the IDA gave final approval authorizing a sales tax exemption for Oz Moving & Storage to make $1.5 million in capital improvements to a 155,000-square-foot warehouse facility it is acquiring at 498 Nepperhan Ave. The company is moving its operations from the Bronx to Yonkers, which will become its headquarters. The company will be moving 100 jobs to Yonkers and creating 50 new jobs within the next few years, it said.
The IDA also gave preliminary approval of financial incentives to Yonkers Contracting for construction of a new facility at 969A Midland Ave., to be used for storage of construction equipment with a vehicle workshop and small office. The $2.6 million project is expected to be completed by the end of this year.
In another IDA application, the board gave preliminary approval of financial incentives for Maple Realty Management LLC to build new retail space at 987 Central Park Ave. The new $1.4 million building, which will replace a dilapidated vacant building, will be occupied by a Dunkin Donuts franchise.
