Yonkers IDA gives final financial incentives approval for $177.3 million development by Rose Associates

Yonkers, NY The Board of Directors of the Yonkers Industrial Development Agency (IDA) has approved financial incentives for a development that will transform an industrial property into a new waterfront residential neighborhood with public access to the Hudson River.

At the IDA’s meeting held October 2^nd, the board voted final approval of financial incentives for 57Alexander St., a $177.3 million residential development with 440 rental apartments in a seven-story building and 443 parking spaces. 10% of the apartments will be affordable.

The project, which is being developed by Rose Associates, is an integral part of a conceptual land use plan for redevelopment of a segment of the city’s Hudson River waterfront. The 6.16-acre property, which currently consists of five industrial warehouse buildings and a storage shed, is located within the Alexander St. Urban Renewal Area and is part of the Alexander St. Master Plan adopted by the city council in 2009. It is estimated that the project will create approximately 631 construction jobs and 10 full time jobs. 

The project will include 25,000 s/f of open space including a waterfront walkway, providing access to the Hudson River waterfront and views of the Palisades. 

The public open space will have a walking promenade with seating and landscaping. The property will be connections to waterfront sites located to the north and south of the property.