The Yonkers Industrial Development Agency today gave final approvals for a new hotel at the Cross County Center and redevelopment of a former downtown German-themed music hall that was built in 1891, according to Mayor Mike Spano.
The IDA voted to provide a $266,220 mortgage-tax abatement and an estimated sales-tax exemption of $775,023 on construction materials for the 155-room Hyatt Place Hotel. The city’s portions of those exemptions are an estimated $74,000 for the morgage tax and $305,741 in sales taxes. The rest of the taxes would have gone to the state and county.
The developers will spend an estimated $26.3 million hotel at add a first floor and basement space to a 55,000-square-foot tower previously used as office space. It will be the first hotel at the Cross County Center. The IDA gave the initial go-ahead for the project in July.
Teutonia Hall, the former music hall on Buena Vista Avenue, will become the site of a 25-story residential tower with 412 units and a 550-space parking garage, Spano said. The IDA today authorized the first phase of the project—$8 million in demolition and site remediation. The IDA authorized a $144,000 mortgage-tax abatement and a $335,000 sales-tax exemption on construction materials. The Yonkers portion of the abatements is $40,000 in mortgage taxes and $100,165 in sales taxes.
Metro Partners, the developer, will return to the IDA to request additional incentives after it completes the first phase of the project and begins the second phase, which is estimated at $173 million and slated to start later next year. The overall project also will include the adjacent three-story “Trolley Barn” and three existing residential buildings. The historic Teutonia Hall facade will be preserved and transferred to the front of the parking garage.
“These projects represent the different types of investment happening in Yonkers today.” Spano, who chairs the IDA, said in a statement. “On the one hand a thriving shopping center is improving, and on the other a long-vacant building will provide new housing.
(Source for artist’s rendering of the building proposed for Teutonia Hall: Tim Miller Associates’ draft environmental impact statement for Buena Vista Teutonia.)