Westchester County IDA a Major Driver of Economic Development for the County in 2019

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Projects Approved for Financial Incentives Represent

$1.6 Billion in Private Investment in County’s Economy

With More Than 2,800 in New Residential Units Planned

WHITE PLAINS, NY (January 2020) – The Westchester County Industrial Development Agency (IDA) was a driving force in spurring economic development in the County in 2019, providing financial incentives for a wide range of new commercial developments.

The projects represent a total private investment in the County of approximately $1.6 billion and more than 2,800 in new residential units. Some of the projects involved repurposing vacant office properties along the I-287 corridor. Others were transit-oriented developments to be built close to Metro-North train stations.

“Westchester County is attracting private investment not only from local and regional developers but national development companies as well. The message is clear – Westchester County is open for business,” said Westchester County Executive George Latimer.

“The wide range of development projects benefitting from IDA incentives speaks to the diversity and vitality of Westchester’s economy. Thanks to the success of our IDA, the County continues to be an attractive environment for businesses to prosper and grow,” said IDA Chairperson Joan McDonald.

“2019 was a banner year for the Westchester County IDA. The total private investment of $1.6 billion was more than double what was achieved in 2018. The projects receiving financial incentives last year ranged from mixed-use residential developments to healthcare facilities to senior care communities to biotech companies. In addition to spurring economic development, these projects are estimated to generate thousands of construction and permanent jobs for the County,” said Westchester County Office of Economic Development Director Bridget Gibbons.

Major development projects receiving IDA incentives in 2019 included:

BioMed Realty was given approval of IDA incentives to expand its Ardsley Park biotech campus in the Town of Greenburgh with the renovation of 97,000 square feet of new state-of-the-art life sciences space. The $38 million development is projected to create 350 full-time jobs with a payroll of approximately $35 million.

Simone Healthcare Development received IDA benefits for the renovation of a vacant, four-story office building at 104 Corporate Park Drive in Harrison into a pediatric care ambulatory facility that will be fully leased to Montefiore Medical Center. The IDA approved $1,328,021 in sales tax exemptions and $419,755 in mortgage tax exemptions for the project which is anticipated to create approximately 100 construction jobs and 250 permanent healthcare related jobs.

WP Mall Realty, LLC received preliminary approval for $17.5 million in sales tax and mortgage recording tax exemptions for Hamilton Green, a $585.2 million mixed-use, transit-oriented development located on Hamilton Avenue in downtown White Plains. The project is comprised of 860 apartments, 85,400 square feet of specialty retail and restaurant space, 27,000 square feet of co-working office space. Approximately 1,437 construction and 500 full- and part-time jobs are expected to be created.

Lennar Multifamily Company received preliminary approval for $12.15 million in sales tax and mortgage recording tax exemptions for a $500 million mixed-use development at the site of the former Westchester Pavilion at 60 South Broadway, White Plains. The project will be comprised of 814 apartments in two towers including 50 units affordable to 60% AMI. The project is estimated to create between 600 and 700 construction jobs and 20 permanent jobs.

National Development received IDA approval for $3.22 million in sales tax and mortgage recording tax exemptions for a five-story, 132-unit independent living community to be built at 120 Bloomingdale Road in White Plains. The $115 million development will be targeted to active seniors. The development is projected to create 1,250 construction jobs and 48 full- and part-time jobs over the life of the project.

RPW Group received financial incentives for a $95 million apartment complex to be built on a parking lot across from an office building at 1133 Westchester Avenue on the I-287 office corridor. The complex would be comprised of three separate five-story buildings on a 20-acre site with a total of 303 apartments. The IDA gave the project preliminary approval of $1.82 million in sales tax exemptions. The project is expected to create 120 construction jobs and eight full-time jobs.

3 WPD Apartments LLC received incentives from the IDA for its plans to demolish a 160,000-square-foot vacant office building at 3 Westchester Park Drive in Harrison and replace it with a five-story, two-building complex featuring 450 rental apartments. The development, which represents a total private investment of $195 million, is projected to create 150 construction jobs. The applicant received a sales tax exemption of $5,402,000 and mortgage tax exemption of $1,168,000.

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For more information about the Westchester County IDA, visit westchestergov.com.

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SOURCE: Dean Bender | Thompson & Bender | Thompson & Bender Public Relations

eHeziWestchester County IDA a Major Driver of Economic Development for the County in 2019

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