YONKERS, NY — October 4, 2019 – The Board of Directors of the Yonkers Industrial Development Agency (IDA) has approved financial incentives for a development that will transform an industrial property into a new waterfront residential neighborhood with public access to the Hudson River.
At the IDA’s meeting held October 2, the board voted final approval of financial incentives for 57Alexander Street, a $177.3 million residential development featuring 440 rental apartments in a seven-story building with 443 parking spaces. Ten percent of the apartments will be affordable.
The project will include 25,000 square feet of new waterfront open space including a waterfront walkway that will provide access to the Hudson River waterfront and unobstructed views of the Palisades. The public open space will have a walking promenade with seating and landscaping. The property will be connections to waterfront sites located to the north and south of the property.
The project, which is being developed by Rose Associates of Manhattan, is an integral part of a conceptual land use plan for redevelopment of a critical segment of the city’s Hudson River waterfront. The 6.16-acre property, which currently consists of five industrial warehouse buildings and a storage shed, is located within the Alexander Street Urban Renewal Area and is part of the Alexander Street Master Plan adopted by the City Council in 2009. It is estimated that the project will create approximately 631 construction jobs and 10 full time jobs.
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 Partner Dean Bender