Yonkers IDA votes to move forward on economic development incentive package for $181 million 412-unit apartment project

According to mayor Philip Amicone, chairman of the board of Yonkers Industrial Development Agency (IDA), the board has approved a resolution to move forward with public hearings and to negotiate an economic development package for a proposed $181 million, 25-story, 412-unit residential rental apartment complex at 66-72 Buena Vista Ave. The project developer is Metro Partners, which has a successful track record in the city having already completed Lofts at 92 Main and the 66 Main rental building. The proposal calls for Teutonia Buena Vista to lease 80% of the apartments at market rate and set aside 20% as affordable rental units. The project derives its name from the original Teutonia Hall constructed in 1892 - long-since abandoned and generating no tax revenue. The façade will be restored and relocated to the front of the state-of-the-automated clean-tech garage parking facility adjacent to the residential tower. Located adjacent to the existing Lofts at 92 Main (the landmarked Trolley Barn), the new lobby will serve both buildings. The apartment tower will offer a rooftop amenity space, fitness room, indoor swimming pool and a classroom/conference space. A hydroponic garden is planned for the top of the garage. The project would encompass three lots - 92 Main St., 41-65 Buena Vista and 66-72 Buena Vista - totaling more than two acres. The project will create 420 new construction jobs and up to 25 new permanent jobs, while retaining 22 positions. Amicone said, "This project is an important component of our continuing Downtown renaissance. It will infuse hundreds of new residents into the neighborhood who will eat at our restaurants, shop at the local merchants and use our public transportation - contributing millions of dollars every year in added tax revenue." Inducements from the IDA for this project could include financing of the project through tax-exempt Yonkers Industrial Revenue Bonds (IRB), a sales and use tax exemption for materials and equipment used in construction, a mortgage recording tax exemptions, and a structured property tax agreement. Ellen Lynch, president and CEO of the Yonkers IDA, said, "The Yonkers IDA is committed to making smart investments that will pay big dividends for our hard working taxpayers. This exciting project - located in close proximity to Yonkers public transportation -- is a prime example of our mission in action." The project is currently in the planning stages. The developer is in discussion with the Yonkers Planning Department which is finalizing its environmental review. After the public hearing the project must come back to the Yonkers IDA Board for final approval.