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