The Yonkers Industrial Development Agency gave final approval today to the Rising development to restore several buildings downtown and to build two residential towers called River Club (pictured here) in northwest Yonkers, Mayor Mike Spano, chairman of the Yonkers IDA, announced this morning.
These projects show that development in Yonkers is getting back on track, and that our efforts are paying off both in new construction as well as revitalization of existing building stock,” Spano said in a statement.
The Yonkers IDA approved incentives for phase one of the Rising development, a $22 million plan to redevelop five properties into lofts, retail space and restaurants. The agency approved $450,490 in sales tax exemptions for construction materials, $79,000 in mortgage tax exemptions and a 10-year partial abatement on property taxes. The project developer is Nicholas Sprayregen.
The properties are 27 Main St., which will become 7,000 square feet of retail and restaurant space; 13 Main St. and the adjacent 2 Mill St., which will become 25,000 square feet of live/work lofts and 6,000 square feet of retail space; 36 and 38 Main St., which will become 15 live/work lofts and 4,000 square feet of cafe and retail space. A vacant building at 24 Warburton Ave. will be demolished so a pedestrian passageway linking Larkin Plaza and the Mill Street courtyard can be built. The project is expected to provide 134 permanent new jobs after construction is finished.
The River Club, whose developer is the Ginsburg Companies, will consist of two residential towers at 1105-1135 Warburton Ave. Construction is expected to begin in the fall on 330 market-rate rental apartments. The apartments are expected to open within three years.
The Yonkers IDA is providing an estimated $1.7 million sales tax exemption on construction materials, an estimated $1.935 million mortgage-tax exemption and a 10-year partial property tax exemption. The developers will invest an estimated $107.5 million in the project and provide about 120 construction jobs and 10 to 15 permanent jobs.
The River Club project had been stalled since 2005, according to Spano. It was originally approved as a condominium development, but it was delayed due to the real estate crash and economic downturn.
“Now with help from the City this project has come back to life as needed rental housing,” Spano said. “It will further enhance northwest Yonkers as a strong and desirable residential community, and permanently improve our real estate and income tax base.”