Yonkers IDA Gives Final Approval of Financial Incentives for $177.3 Million Waterfront Residential Development

eHezi Economic Development, Finance, Governance, History, Housing, New York State, Westchester County, NY, Yonkers, NY 9 Comments

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.

From left: Architectural renderings of 57 Alexander Street.

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.

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SOURCE: Thompson & Bender Partner Dean Bender

 

eHeziYonkers IDA Gives Final Approval of Financial Incentives for $177.3 Million Waterfront Residential Development

Comments 9

    1. Post
      Author

      The department of Social Services may have that answer. Perhaps the Yonkers IDA, and perhaps there deeloper. A good start may be to contact you Yonkers City Council representatives thty should have it at their fingertips.— kindly, Hezi

  1. None of this is designed for Yonkers residents, whether you’re middle class or seniors. Forget about affordability, it’s a joke!

  2. Will existing yonkers african american
    residents who originated from this community get any of these construction jobs and any of the 10 permanent jobs. Hand outs are needed, but a hand up is what does it over the long term.

  3. 10% affordable apt. How about 10% for disabled people? The other 80% for rich people? Doesn’t make any sense. Who agrees with me. There are people out there making less then $50,000 and can’t afford 30% of their salary for rent. Come on Mayor. Then you called this affordable. And they wonder why people leave NY to go to Florida, down South, including Puerto Rico, Thailand, Philippines or even Mexico. Can you ask that Mr Mayor? I don’t think so Sir..

    PS. There are also law Enforcement Officers with low income with disability.

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