White Plains, NY The Westchester County Industrial Development Agency (IDA) voted at its monthly meeting final and preliminary approvals of financial incentives for two residential developments – Armory Plaza and Modera White Plains. The two projects represent a total private investment of $121.5 million and will create a total of 241 rental units and 74 construction jobs.
Westchester County executive George Latimer said, “We are thrilled to showcase these exceptional residential developments that exemplify our commitment to affordable and senior housing for the residents of Westchester. The county’s IDA has granted final and preliminary approval of financial incentives for these crucial projects, marking a significant milestone in our efforts to uplift our community.”
“In addition to investing $121.5 million in Westchester County’s economy, the developers of Armory Plaza and Modera White Plains are creating new construction jobs and much-needed affordable housing,” said IDA chair Joan McDonald.
The IDA voted final approval of financial incentives for a $32.3 million renovation of Armory Plaza. Project developer The Related Companies is seeking to redevelop the 52-unit senior apartment complex which is located at 35 South Bdwy.. Built in 1909, the four-story castle-like property is 100% affordable and benefits from a project-based Section 8 Housing Assistance Payment contract, which provides a rental subsidy for the senior residents of the building. The property last received renovations in 2008, utilizing Low-Income Housing Tax Credit and tax-exempt bonds issued by the White Plains Housing Authority.
It is estimated that the project will create 18 construction jobs with work to begin in June and completion within 12 to 18 months. The renovation work will cost approximately $150,000 per apartment. The developer is receiving a sales tax exemption of $295,000 and mortgage recording tax exemption of $150,000.
The IDA also voted preliminary approval of financial incentives for Modera White Plains, an $89.2 million adaptive reuse of a vacant light manufacturing facility into a 163,000 s/f, 189-unit multifamily rental building. The building, which is located at 39 Westmoreland Avenue, will feature a mix of 66 studios, 68 one-bedroom units, 50 two-bedroom units and 5 three-bedroom units. Twelve percent of the units will be provided at or below 80 percent of the area median income. Amenities will include a large gym, recreational garden, business center, pet spa, grilling stations, lounge and roof deck. There will also be a pocket park for community use.
The project developer, Mill Creek Residential Trust, is requesting a sales tax exemption of $3,344,912, a mortgage recording tax exemption of $595,775 and a PILOT valued at $5,096,255. The project is estimated to create 56 construction jobs.
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