Yonkers IDA Approves Financial Incentives for Extell’s $502 Million, Mixed-Use Complex to be Built on Waterfront Site

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Largest Residential Project to Receive Incentives from Yonkers IDA

YONKERS, NY — September 1, 2018 — Yonkers Industrial Development Agency (IDA) has earlier this week approved financial incentives for Extell’s $502 million mixed-use complex to be built on a site along the Hudson River. It is the largest residential project to receive financial incentives from the Yonkers IDA.

The project, which is located on a site adjacent to the MTA bus depot, involves construction of 1,395 residential units in seven building with approximately 48,280 square feet of commercial space and approximately 1,587 parking spaces.

Financial incentives, which were approved at the Yonkers IDA’s meeting on August 29, include $15,382,926 in sales and use tax exemption and $5,875,732 in mortgage recording tax exemptions. Extell is also seeking a 20-year payment in lieu of taxes agreement (PILOT) consisting of an annual payment of $4,519,000. The project is expected to create 200 permanent jobs and 450-500 construction job. It is to be developed in phases over a 10-year period.

The complex will help revitalize a section of the city’s waterfront that has been underutilized for years while creating a new residential community that will support current and future merchants and restaurants. It will also provide a variety of housing options for Yonkers residents by incorporating both market rate and affordable units.

Yonkers Industrial Development Agency
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.

SOURCE: Thompson & Bender

 

eHeziYonkers IDA Approves Financial Incentives for Extell’s $502 Million, Mixed-Use Complex to be Built on Waterfront Site

Comments 1

  1. More Yonkers taxpayer welfare being handed out to developers. Thought long term pilots were no longer being granted? How are the promised jobs going to be verified? Will they be utilizing local unions or out of state construction shops? Are all the apts going to be luxury? What about some affordable housing? Where are the schools, shopping, infrastructure etc to support this development? Sounds just like more of the same uncoordinated, stupid and blind planning by CoY. This insanity has to stop…taxpayers are being bled dry by this unscrupulous wheeling and dealing.

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