YONKERS, NY — A new hotel at the Cross County Shopping
Center, plus redevelopment of a former downtown German music hall dating back
to the 1800’s, were the latest examples of the City’s economic revival approved
by the Yonkers Industrial Development Agency (YIDA) on November 27, 2012.
represent the different types of investment happening in Yonkers today.” said
Mayor Mike Spano, who chairs the YIDA. “On the one hand a thriving shopping
center is improving, and on the other a long-vacant building will provide new
Hotel at Cross County Shopping Center
The YIDA voted
its final approvals to assist the construction of a 155 room Hyatt Place hotel
at the Cross County Shopping Center, in a tower previously used as office
space. The Hyatt Place brand caters to families and business travelers,
and will be the first hotel at the Cross County Center.
will spend an estimated $26.3 million to add 17,000 square feet of first floor
and basement space to the existing 55,000 square foot office tower,
transforming it into a 155 room hotel.
The YIDA will
provide a $266,220 mortgage tax abatement and an estimated $775,023 sales tax
exemption on construction materials. The Yonkers portion of those exemptions
are an estimated $74,000 in mortgage tax and $305,741 in sales tax, since the remainder
would have gone to the State and County.
The project will
create 80 construction jobs during the 18 month construction period, with an
estimated payroll of $6.6 million. The hotel will also create 28 full time
The YIDA had given
the initial go-ahead for the project in July, and today’s action is the final
vote necessary for the IDA to provide assistance and set the project in motion.
Teutonia Hall Residential Conversion
Teutonia Hall, a
German-themed music hall constructed in 1891, will become the site of a
25-story residential tower with 412 units and a 550 space parking garage.
Today’s action by the IDA authorized phase 1 of the project, which will consist
of $8 million in demolition and site remediation. The IDA authorized $144,000
in a mortgage tax abatement and $335,000 in a sales tax exemption
on construction materials. The Yonkers portion of the abatements was $40,000 in
mortgage tax abatement and $100,165 in sales tax exemption, since the remainder
would have gone to the state and county governments.
The developers of
the Teutonia project, Metro Partners, will later return to the IDA for further
incentives once site preparation is complete to begin phase 2 of the
development, which is estimated at $173 million and slated to start later next
project will include not only Teutonia Hall, but also the adjacent three story
“Trolley Barn” plus three existing residential buildings. In a significant
action for preservation, the historic façade of Teutonia Hall will be preserved
and transferred to the front of the parking garage.
“These are two
terrific projects for the City of Yonkers and an indication that interest in
our shopping corridors and our downtown continues to be strong,” concluded