Rendering of The Parker, a residential project comprised of 160 affordable units
The Yonkers Industrial Development Agency (YIDA) has long played a pivotal role in the amazing economic renaissance underway in Yonkers. Building on the momentum of record years in 2024 and 2025, the YIDA recently voted final and preliminary approval of financial incentives for five residential projects representing a total private investment of approximately $421 million. The five developments are projected to create 764 affordable and market-rate apartments and 805 construction jobs.
Saber Hightower LLC is proposing the development of a 17-story mixed-use commercial and residential building containing 282 apartments and approximately 4,823 square feet of retail space on the ground floor. Located at 22 Lembo Drive, the $144,796,000 project will feature 33 studios, 140 one-bedroom units, 97 two-bedroom units and 12 three bedroom units. The project also incorporates approximately 16,406 square feet of residential amenity space, including a landscaped garden area and outdoor pool, yoga and fitness rooms, and lounge area located on the ground floor and approximately 4,750 square feet of additional outdoor and indoor amenity space on the 17th floor. The developer is receiving a sales tax exemption, a mortgage recording tax exemption and a real property tax agreement (PILOT). The project will also result in the creation of approximately 297 construction jobs over a 30-month construction period and will generate approximately 15 to 20 full-time and part-time permanent jobs. The project has a benefit to the city of $3.05 for every $1 of IDA assistance.
In another major development receiving YIDA incentives, McQuesten Development is planning to construct The Parker, a 16-story residential project comprised of 160 affordable housing units with on-site parking at 632-636 South Broadway. The units will be priced for families with incomes at or below 80 percent of the area median income (AMI). When completed, the $116,119, 308 project will consist of 7 studios, 69 one-bedrooms, 64 two-bedrooms, and 20 three- bedrooms, including a 2-bedroom unit reserved for the on-site superintendent. Forty-three percent of the units will be targeted at families earning up to 50% of Area Median Income (AMI), 47% percent of the units will be targeted to families earning up to 60% AMI, and 10% of the units will be targeted to families earning up to 8% of AMI. Amenities will include a fitness center on the ground floor and a laundry facility on the second floor. The developer is receiving a sales tax exemption and a real property tax agreement (PILOT). The project is expected to create 260 construction jobs. The project has a benefit to the city of $2.55 for every $1 of IDA assistance.
Miroza is planning to construct a fourth residential tower to its successful Monarch at Ridge Hill community, located at 599-701 Ridge Hill Boulevard. The portion of the community that will be developed is at 599 Ridge Hill Boulevard. Miroza proposes to develop a 174-unit rental residential tower which will join an already occupied 162-unit condominium tower (Tower 1), and a 180-unit residential rental tower (Tower 2) that is currently occupied and an additional 180 unit residential rental tower (Tower 3) that is currently occupied as well. The project will be located on vacant land to the south of the existing towers.
The $96,000,000 project will feature 225,000 square feet in a 14-story tower. The tower will comprise entirely of rental residential units, including 17 affordable units, and common spaces. The developer is receiving a sales tax exemption, a mortgage recording tax exemption and real property tax agreement (PILOT). The project is expected to create 115 construction jobs. The project has a benefit to the city of $2.85 for every $1 of IDA assistance.
The YIDA recently voted preliminary approval of financial incentives for a developer’s plan to construct Locust Hill Estates, a $39,150,000, six-story apartment building with 98 apartments. Located at 45-57 Locust Hill Avenue, the project would include 15 studios, 72 one-bedroom units and 11 two-bedroom units, The development is projected to create 80 construction jobs.
Another development seeking incentives from the YIDA is the second phase of 21 Scarsdale Road, a $24,855,284 project with 50 apartments in a six-story building. The project would feature 10 studios, 15 one-bedroom units and 25 two-bedroom units. The development is projected to create 53 construction jobs. Established in 1982, the Yonkers Industrial Development Agency is a public benefit corporation that provides business development incentives to enhance economic development and job growth in the City of Yonkers. For more information about the Yonkers IDA, visit www.yonkersida.com
