$177M Investment Continues the Downtown Renaissance
For more than two decades, the Alexander Street corridor – 48 acres of riverfront property north of the Yonkers train station and south of the Greystone station – has been the final frontier for Yonkers, remaining undeveloped and with several prospective developers coming in with proposals and a small investment, but coming away without a finished, final project.
The waiting is now over, as the renaissance for the Yonkers downtown waterfront continues with the announcement from the Yonkers Industrial Development Agency that it has approved financial incentives for a development that will transform an industrial property into a new waterfront residential neighborhood with public access to the Hudson River.
At the IDA’s Oct. 2 meeting, the board granted final approval of financial incentives for 57 Alexander St., a $177.3 million residential development featuring 440 rental apartments in a seven-story building with 443 parking spaces. Ten percent of the apartments will be affordable.
The project will include 25,000 square feet of new waterfront open space including a walkway that will provide access to the Hudson River waterfront and unobstructed views of the Palisades. The public open space will have a walking promenade with seating and landscaping. The property will connect to waterfront sites located to the north and south of the property.
The project, which is being developed by Rose Associates of Manhattan, is an integral part of a conceptual land-use plan for redevelopment of a critical segment of the city’s Hudson River waterfront. The 6.16-acre property, which currently consists of five industrial warehouse buildings and a storage shed, is located within the Alexander Street Urban Renewal Area and is part of the Alexander Street Master Plan adopted by the City Council in 2009.
It is estimated that the project will create approximately 631 construction jobs and 10 full-time jobs.
The news about Alexander Street comes after Lionsgate, a major motion film company, announced plans to build a $100 million studio in downtown Yonkers.
