Record year for Westchester IDA with final and preliminary approval of assistance for projects representing private investment of $2.2 billion

White Plains, NY It was a record year for the Westchester County Industrial Development Agency (IDA) which completed 2023 with final and preliminary approval of financial assistance for developments representing a total private investment in Westchester County’s economy of $2.2 billion. It is estimated that the residential and commercial projects will generate over 3,200 construction jobs and nearly 1,900 permanent jobs.

“The Westchester IDA has once again achieved a record level of private investment. Over the past two years the IDA has provided financial assistance for developments representing $4 billion in private investment. These investments will create more jobs, housing and revenue which bodes well for our County’s growing economy,” said Westchester County director of operations Joan McDonald, who chairs the IDA.

“What’s truly impressive is the wide range of projects receiving financial assistance this year including transit-oriented developments, affordable senior housing, research labs, adaptive reuse housing and energy storage facilities. In addition to local developers, we are also seeing national real estate companies that are attracted to the highly educated workforce and excellent quality of life that Westchester has to offer,” McDonald said.

The largest project receiving final approval in 2023 was Regeneron’s $1.8 billion expansion of its Tarrytown campus. The expansion project is expected to create over 2,700 construction jobs including 1,867 direct jobs resulting in more than $273 million in worker earnings and $357 million in economic activity in Westchester County.

Other projects receiving preliminary and final approvals of financial assistance in 2023 included:

Armory Plaza, 35 South Broadway, White Plains
Development cost: $32.3 million renovation of Armory Plaza
Project developer The Related Companies
Project description: Renovation of four-story, 52-unit castle-like property into 100 percent affordable apartments for seniors.
Construction jobs to be created: 18.

Modera, 39 Westmoreland Avenue, White Plains
Development cost: $89.2 million
Project developer: Mill Creek Residential Trust
Project description: Adaptive reuse of a vacant light manufacturing facility into a 189-unit multifamily rental building with 12% of the units to be affordable at or below 80% AMI (Area Median Income).
Construction jobs to be created: 56.

5 Ray Place, Eastchester
Development cost: $10 million
Project developer:  Augustus Development
Project description: Five-story multifamily building with 18 residential units of which two units will be set aside as affordable for residents with an AMI of 120% or less.
Construction jobs to be created: 29.

Crescent Manor Ossining, 136-140 Croton Avenue
Development cost: $44.5 million
Project developer:  Macquesten Development.
Project description: 74-unit, 100% affordable housing project for seniors 62 and older.
Construction jobs to be created: 159.

Ossining Energy Storage, 381 North Highland Avenue
Development cost: $10 million
Project developer:  Enel X, a subsidiary of Enel North America Inc.
Project description: Energy storage facility to be built on vacant land on the property of St. Augustine Church.
Construction jobs to be created: 12.

Yorktown Energy Storage, 3901 Gomer Court
Development cost: $9.8 million
Project developer:  Enel X, a subsidiary of Enel North America Inc.
Project description: Energy storage facility to be built on Gomer Court.
Construction jobs to be created: 12.

8 Chester Avenue, White Plains
Development cost: $21.8 million
Project developer:  Chester WP LLC
Project description: Construction of a four-story apartment building consisting of 74 units of workforce housing and 40 parking spaces. Nine units will be designated as affordable.
Construction jobs to be created: 49.

20 Haarlem Ave., 27 Holland Ave. and 7-11 Holland Ave., White Plains
Development cost: $169 million
Project developer: NW Plains Venture LLC, an entity of BRP Companies
Project description: Adaptive reuse, transit-oriented residential development featuring two 6-story buildings consisting of 296 apartments. Project will include five affordable units. The developer will buy out a portion of its 24-unit affordable housing obligation to the City of White Plains Affordable Housing Fund for a total of $2,028,125. BRP Companies, which is a Minority and Women Owned Business Enterprise (MWBE), has pledged that 30% of the project would be awarded to minority-owned businesses. 
Construction jobs to be created: 172.