Westchester IDA approves support for rental apartment projects: Snowden House and Norben Lofts

Rendering, Norben Lofts, 121 Westmoreland Avenue - White Plains, NY

White Plains, NY According to county executive Robert Astorino, Westchester’s Industrial Development Agency (IDA) has approved support for two rental apartment projects with a total private investment of $57.6 million. The two developments will create 430 construction and permanent jobs.

“We are pleased to provide incentives through the IDA for these two projects, one in Ossining, one in downtown White Plains, that will provide both affordable housing and market rate rentals,” said Astorino.

Located on Snowden Ave. in the Village of Ossining, Snowden House Apartments is a $42 million project in which a 37-year old, 8-story apartment building is being acquired and extensively renovated into 124 affordable Section 8 rental apartments. The project is anticipated to be completed in summer 2017. The developer is Standard Property Company, Inc.

The interior renovations will include kitchens, bathrooms and living areas, as well as upgrades to the hallways, community and amenity spaces, and building systems, such as HVAC and security. The extensive renovations will incorporate energy-efficient upgrades, including appliances, as well as low-flow toilets and showerheads. There will also be new controls for the central boilers and energy-efficient lighting upgrades, including exterior light timers throughout the property. More than half of the apartments are 2-, 3- and 4-bedroom units. No residents will be displaced from their apartments during the renovations. The renovation project is expected to create 120 construction and four permanent jobs.

The developer of Norben Lofts is converting a 48,000 s/f vacant industrial building at 121 Westmoreland Ave. into 65 market rate rental apartments targeted to young professionals. The 6-story building will have 42 studios, 18 one-bedroom units and 5 two-bedroom units. The $15.6 million project is expected to create 300 construction jobs and six permanent jobs. The developer is Norben Lofts LLC of Suffern.

Norben Lofts will feature high ceilings throughout the building, two elevators, high-tech intercom system, virtual door system, fitness center, library, café, conference center, pet grooming area and indoor bocce ball court. The building is conveniently located minutes from the Metro-North train station and is adjacent to Pace University. Construction is expected to be completed in approximately one year. The building’s façade will be restored. The $15.6 million project is expected to create approximately 300 construction jobs and six permanent jobs. The developer of the project is Norben Lofts LLC of Suffern.

The IDA is a public benefit corporation created in 1976 for promoting and encouraging economic development in the county primarily through assisting in the creation or retention of jobs.

The IDA is also empowered to issue taxable and tax-exempt bonds for organizations meeting federal and state guidelines. There is no financial risk to the county or to county taxpayers. The obligation for repaying the debt rests solely with the borrowing organizations.