Yonkers, NY The Yonkers Industrial Development Agency (IDA) reported another active year for 2022 voting final and preliminary approval of financial incentives to residential and commercial projects representing a total private investment of $277 million. The developments are projected to create over 500 new residential units and 1,255 construction jobs.

Since 2019, the Yonkers IDA has voted financial incentives to development projects representing a total private investment of more than $1.76 billion. The developments are projected to create approximately 3,760 new residential units and approximately 4,600 construction jobs. Ten percent of all new residential units are set aside for affordable housing.

“By providing financial incentives to residential and commercial developments, the Yonkers IDA continues to be a driving force behind the city’s remarkable economic renaissance with projects representing over $1.7 billion in total private investment over the past four years. This incredible investment in our city is creating thousands of constrution jobs and new housing, both market rate and affordable,” said Yonkers Mayor Mike Spano who serves as chair of the Yonkers IDA. “We look forward to another record year of success in 2023.”

Projects that received FINAL approval of IDA incentives in 2022 included:

St. Clair Residences

• Developer: MacQuesten Development
• Project Location: 3 vacant parcels on 36-38 Main St., 32 Main St. and 1-3 Riverdale Ave.
• Total Private Investment: $49.6 million
• Description: 10-story mixed-use building with affordable rentals and ground-floor commercial space
• Number of apartments: 76 
• Construction jobs: 240 

The Plant Manor

• Developer: The Plant Manor LLC
• Project Location: 1097 North Broadway
• Total Private Investment: $48.6 million
• Description: Transform private estate into venue for weddings, professional events with film and audio production
• Number of units: 25 guest rooms
• Construction jobs: 200 

Mary The Queen Senior Housing 

• Developer: Mary The Queen Housing Development Fund Corp.
• Project Location: 356 Vark St.
• Total Private Investment: $42.6 million
• Description: Adaptive reuse of 4-story, 66,000 s/f building for affordable housing for low-income seniors
• Number of apartments: 73  
• Construction jobs: 100

1969 Central Park Avenue 

• Developer: 1969 Central Park Avenue LLC
• Project Location: 1969 Central Park Ave. 
• Total Private Investment: $15.8 million
• Description: 91,181 s/f self-storage facility
• Construction jobs: 35 

CubeSmart

• Developer: KCT Inc
• Project Location: 1050 Nepperhan Ave. 
• Total Private Investment: $15.4 million
• Description: 100,000 s/f CubeSmart self-storage facility
• Construction jobs: 50 

Wheeler Block Lofts

• Developer: Wheeler Block Yonkers LLC
• Project Location: 15-23 North Broadway
• Total Private Investment: $11.5 million
• Description: Combine three contiguous historic building into single building mixed-use residential building with ground-floor commercial space
• Number of apartments: 36 
• Construction jobs: 50  

Projects that received PRELIMINARY approval of IDA incentives in 2022 included:

Warburton Avenue Apartments

• Developer: Conifer Realty and Center for Urban Rehabilitation
• Project Location: 321 Warburton Ave.
• Total Private Investment: $42.1 million
• Description: Senior affordable housing 
• Number of apartments: 94, all affordable
• Construction jobs: 140 

Whitney Young Manor

• Developer: Whitney Young Manor L.P, an affiliate of Omni New York LLC
• Project Location: 354 & 358 Nepperhan Ave.
• Total Private Investment: $40 million
• Description: Major rehab of two, 12-story rental buildings
• Number of apartments: 195 
• Construction jobs: 330  

83-95 Vineyard Avenue

• Developer: ALMF Global
• Project Location: 83-95 Vineyard Ave.
• Total Private Investment: $11.5 million
• Description: Four-story with ground floor apartment building to be built on a vacant lot at 83-95 Vineyard Ave. The project will feature 24 one-bedroom and 8 two-bedroom units with on-site parking for 47 cars.
• Number of apartments: 32 
• Construction jobs: 110 

Tags: