Astorino reveals IDA incentives for $71.5 million

According to county executive Robert Astorino, Westchester's Industrial Development Agency (IDA) has approved financing and incentives for four major development projects. They include: renovations to the Ritz-Carlton, Westchester hotel in downtown White Plains; a new condominium development in the Village of Bronxville; renovations to an office building in White Plains, and construction of a self-storage facility in Mamaroneck. With a total of $71.5 million in private investment, the four projects will create more than 750 permanent and full time jobs. The transaction fees paid to the IDA on the projects will generate more than $122,000, which will be used to support small businesses and stimulate job creation. Projects include a family-owned company expanded into a self-storage business, an environmental brown site transformed into new housing and resident parking, prime office space upgraded for high-paying professional jobs and the renovation of one of the county's most iconic tourism destinations. "The projects supported by the IDA today demonstrate the vitality of our local economy and the strength of our job market," said Astorino. "We are proud that these diverse, job-creating projects all have one thing in common: successful partnership with Westchester County." Ritz-Carlton, Westchester Hotel The Cappelli Organization received IDA approval for $297,500 in sales tax exemptions for a $4 million renovation of the Ritz-Carlton, Westchester hotel in downtown White Plains. The project, which will create 40 construction jobs, includes major renovations and upgrades to the hotel's lobby lounge, guestrooms and suites, corridors and spa. Renovations include new carpeting, wall coverings, draperies and seating. The hotel features 146 luxury rooms, spa, state-of-the-art fitness center, lounge, and 10,000 square feet of meeting and special event space, including a 500-person ballroom. "The requested Westchester IDA assistance will enable a $4 million major renovation and upgrade to the Ritz Carlton Hotel and convention facility which opened its doors in 2007," said Joseph V. Apicella, executive vice president of the Cappelli Organization. "This will allow the facility to continue to serve as Westchester's premier tourism and convention hub. In a very competitive regional industry, this much-needed investment will result in job retention and growth of the 350-plus person workforce in downtown White Plains." Bronxville Condominium The IDA approved a sales tax exemption of $1,328,400 and a mortgage tax exemption of $546,000 for Fareri Associates for the development of a $60 million condominium to be built in the Village of Bronxville at 15 Kensington Road. The new development will feature 54 condominium residences and expanded parking built by the developer which will be dedicated to the village for use for its downtown shopping district. The project requires an extensive environmental remediation of the site which will also be undertaken by the developer. The project will create a total of 500 construction jobs and 10 permanent jobs. "These incentives will assist Fareri Associates in helping the Village of Bronxville accomplish an agenda it has had for over ten years....cleaning up an environmentally compromised, New York State recognized, Brownfield site and providing 203 new covered parking spaces for Village residents, shoppers and merchants," said Neil DeLuca of the DeLuca Group. "It will also replace a Village-owned neighborhood eyesore with an iconic residential building that will generate over $900,000 annually in new real estate taxes for the Village, the Bronxville School District, Town of Eastchester and County of Westchester." 1311 Mamaroneck Avenue Onyx Equities, a fully integrated real estate investment company that specializes in acquiring and repositioning undervalued properties in the Tri-state region, received approval for IDA financing totaling $167,216 in sales tax exemptions for the renovation of a 326,307-square-foot office building located at 1311 Mamaroneck Avenue in White Plains. The $4 million renovation project includes upgrading of the lobby, corridors, elevator cabs, cafeteria and other common areas inside the building as well as adding parking, signage and landscaping to the 23.46-acre site. "Onyx has developed a $4 million capital expenditure plan which, with the IDA's help and support, will improve every aspect of the property," said Jared Minatelli, senior vice president-asset management, Onyx Equities. "The IDA's assistance on this project will allow Onyx to not only make the initial investment in 1311, but also remain economically competitive in the marketplace when trying to bring tenants to 1311." Mamaroneck Self Storage Murphy Brothers Contracting, a family owned and operated general contracting firm in Mamaroneck, received IDA approval for a sales tax exemption totaling $110,625 for the construction of a 40,000-square-foot self-storage facility at 426 Waverly Avenue in Mamaroneck. The new building will incorporate green building technologies including solar shingles, heat recovery ventilators, high efficiency VRF cooling and heating system and high performance windows. The $3.5 million project, which is scheduled to be completed next summer, will create 200 construction jobs. "The sales tax exemption from the county's IDA will go a long way in helping us to grow our new business venture in an exciting direction. We will be able to purchase better lighting, upgrade the landscaping, improve the look of the customer service area and make Mamaroneck Self Storage more attractive to our prospective customers and to those who live and work in the area," said Sean Murphy, vice-president of Murphy Brothers Contracting. "County Executive Rob Astorino's economic development team has been a great partner in this project that will provide jobs to local residents, both in the construction and management of the facility."