Yonkers IDA to move forward with 2 projects totaling $72 million

The Board of Yonkers Industrial Development Agency (IDA) approved resolutions to move forward with public hearings and to negotiate economic development packages for two downtown affordable housing projects. Combined, the two projects will provide 392 apartments to low-income Yonkers residents. Proposed by the Greyston Foundation, the first project, a new 12-story building at 54-56 Warburton Ave., will encompass seven lots totaling 22,587 s/f and will involve demolition of portions of the existing buildings while preserving the historic facades along Warburton Ave. It will create 75 new affordable housing units. The second project involves a major renovation of all 317 affordable units at Cromwell Towers on 77 Locust Ave. "Quality affordable housing for the working families of Yonkers continues to be one of our top priorities," said Mayor Philip Amicone, chairman of the Yonkers IDA. "Whether we are creating new jobs, generating new tax revenue, or giving low-income Yonkers residents new and better housing options, we are committed to making wise investments that revitalize our city. The Yonkers IDA has done a magnificent job in using its economic incentives to make our city a better place to live." The Warburton Riverview project is estimated to cost approximately $35 million. The new apartment complex, within walking distance of public transportation and Yonkers downtown core, will offer new security systems, modern amenities and green features. A two-and-a-half story parking garage on the ground floors and community facilities will also be built. The approximately $37 million Cromwell Towers project will completely renovate the 96 one-bedroom, 148 two-bedroom, and 73 three-bedroom apartments in the 12-story building with new floors, baths and kitchens. Security will be upgraded and 16 of the housing units will be specially designed to accommodate people with disabilities. Both housing projects will be leased to households earning no more than 60% of the area median gross income. If finally approved, Warburton Riverview would take approximately two years to complete. The Cromwell Towers rehabilitation is expected to take approximately one year to complete.