Shown (from left) are: Bill Mooney, director of the Westchester County Office of economic development and executive director of Westchester IDA; Tim Mulcahy, Lennar Multifamily Communities div. president for Mid-Atlantic and Northeast; and Westchester County executive Robert Astorino.White Plains, NY According to county executive Robert Astorino, Westchester’s Industrial Development Agency (IDA) has approved incentives to move forward four projects that total $496 million in private investment and will create over 3,100 construction jobs and 422 permanent jobs. The developments are a major residential/retail complex in downtown White Plains, a biotech headquarters expansion in Tarrytown, an affordable housing project in Chappaqua and a new hotel in Dobbs Ferry.
“These job-creating projects will further strengthen the vitality of Westchester County’s economy,” said Astorino. “They will expand the county’s retail and hospitality sectors, enhance Westchester’s reputation as a center for biotech research and provide an array of new housing opportunities.”
Lennar Multifamily Communities is developing a $275 million residential and retail complex to be built in downtown White Plains. Lennar’s plan calls for demolishing the existing Westchester Pavilion retail complex at 60 South Broadway and constructing 95,600 s/f of retail space and 756,300 s/f of residential space. The project will create 2,895 construction jobs and 72 permanent jobs. The IDA is providing $14 million in sale and mortgage recording tax incentives. Lennar is one of the nation’s leading homebuilders with communities in 17 states. Founded in 2011, Lennar Multifamily Communities has emerged as a leader in the development of luxury rental communities nationwide.
Regeneron is upgrading and expanding its headquarters at the Landmark at Eastview in Tarrytown. The $196 million project includes $150 million for the expansion and $46 million for renovations of existing facilities. The IDA will be providing sales tax exemptions for the new construction. The project will create 300 permanent jobs over the next seven years with a significant growth plan adding both laboratory and office space.
Regeneron, which is the largest biotech company in NYS, is a leading science-based biopharmaceutical company that invents, develops, manufactures, and commercializes medicines for the treatment of for a variety of serious medical conditions.
Wilder Balter Partners of Elmsford is developing up to 32 units of affordable housing in the iconic former Reader’s Digest headquarters building at Chappaqua Crossing in the Town of New Castle. The $10.9 million project will create 50 construction jobs. The IDA is providing approximately $6 million in bond financing. The affordable rental housing will comply with the guidelines set forth in the settlement agreement between Westchester County and the U.S. Department of Housing and Urban Development. It will include a mix of one-, two- and three-bedroom apartments. The 120-acre Chappaqua Crossing campus, which is owned by Summit Greenfield Partners, includes a mix of retail, office and residential uses as well as 50 acres of open space.
White Marsh Holding LLC is developing a 138-room Hilton Garden Inn to be built as part of the Rivertowns Square mixed-use retail development in Dobbs Ferry. The $17 million project, which is located just off the Saw Mill River Parkway at 35 Livingston Street, will create 200 construction jobs and 50 full-time permanent jobs upon completion. The IDA is providing approximately $1.4 million in sales and mortgage recording tax exemptions. The project will support the overall improvements at Rivertowns Square, including $4 million of offsite traffic improvements and related work.
About the IDA
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 organizations.
Any corporation or small company looking to access the low-cost and tax-exempt project financing made available through the IDA or LDC should contact Bill Mooney, director of the Office of Economic Development, at (914) 995-2943 or email [email protected]
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