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Yonkers IDA Reports Banner Year For Economic Development

 

Extell Development’s Hudson River project, north of the Yonkers Train station


Author: Yonkers Times 1-02-2020


$851M in Private Investment; 2,246 in New Residential Units

It was a banner year for economic development in the City of Yonkers, with the Yonkers Industrial Development Agency providing financial incentives to nearly a dozen projects representing a total private investment of $851 million. The developments are projected to create 2,246 new residential units, 105,430 square feet of retail and commercial space, and 1,953 construction, permanent and part-time jobs.

The year’s record results build on the tremendous economic growth that Yonkers is experiencing throughout the city. According to the Department of Planning and Development, there is more than $3.8 billion in development projects approved, under way and completed in the city. Those projects represent more than 9,100 new residential units and 2.3 million square feet of commercial space.

The development projects created approximately 2,800 permanent jobs and over 6,800 construction jobs.

“The level of private investment in Yonkers is unprecedented,” said Mayor Mike Spano, who serves as chairman of the IDA Board. “With more than $3.8 billion in development, the city is attracting investment from regional and national developers such as RXR Realty, Extell Development and Avalon Bay, who clearly appreciate the fact that Yonkers is one of the most dynamic and exciting urban centers in the entire tri-state region. In addition to the tremendous year achieved by the Yonkers IDA, the city is also looking forward to investments in our city by MGM Resorts International and Lionsgate Entertainment.”

The projects receiving YIDA incentives in 2019 were:

Point Street Landing by Extell Development. Total private investment: $502 million. Mixed-use development. Number of apartments: 1,395. Approximately 48,280 square feet of commercial space. Jobs: 450 construction and 200 permanent and part-time.

57 Alexander St. by Rose Associates. Total private investment: $177.3 million. Number of apartments: 440. Jobs: 631 construction and 10 permanent.

Parkledge Apartments by Parkledge Preservation. Total private investment: $56.9 million. Number of apartments: 311. Jobs: 55 construction and 13 permanent.

Charter School for Academic Excellence. Total private investment: $52 million. Educational institution jobs: 125 construction and 44 permanent and part-time.

Dayspring Commons/Dayspring Community Center by Westhab. Total private investment: $43.4 million. Number of apartments: 63. Jobs: 80 construction and 28 full- and part-time.

222 Lake Ave. by Momentum Realty. Total private investment: $7.4 million. Approximately 55,000 square feet of commercial space. Jobs: 40 construction and 140 permanent and part-time.

9-11 Riverdale Ave. by Erin Construction& Development. Total private investment: $6.5 million. Number of apartments: 29. Retail: 2,150 square feet. Jobs: six construction and 14 permanent.

969A Midland Ave. by Yonkers Contracting. Total private investment: $2.6 million. Construction equipment storage facility. Jobs: 25 construction and 17 full- and part-time.

78-80 Morningside Ave. by 78-80 Morningside LLC. Total private investment: $1.5 million. Number of apartments: eight. Jobs: 15 construction.

987 Central Park Ave. by Maple Realty Management LLC. Total private investment: $1.4 million. Small retail building  Jobs: 50 construction and 10 permanent. 

UPCOMING EVENTS:

 

                          

No Meetings Scheduled

 

 

 

 

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 YONKERS OPPORTUNITY ZONES

Opportunity Zones were created by the federal government in 2017 to bring new, long-term equity capital into the downtown and other needful areas in order to help fund projects and businesses.  I’m excited to let you know that Yonkers is sponsoring an Opportunity Zones fund to help bring all the advantages of the program to owners of property within the Yonkers Opportunity Zone area. 

Opportunity Zones Map 

The Yonkers Economic Development Corporation is working with Liberty Capital Advisors LLC to set up the fund.  Need more information about the program and our plans?  We would like to hear about your plans within the Yonkers Opportunity Zone.

Contact Us:

City of Yonkers Planning & Development                          914-377-6136

 

 

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