“These projects show that development in Yonkers is getting back on track, and that our efforts are paying off both in new construction as well as revitalization of existing building stock,” said Mayor Mike Spano, who chairs the agency, in a prepared statement.
The Rising development, headed by developer Nicholas Sprayregen, is a $22-million plan to redevelop five properties in downtown Yonkers into lofts, retail and restaurant space. The recent Yonkers Industrial Development Agency OK will allow phase one of the project to begin. That phase includes:
- 27 Main St., which will become 7,000 square feet of retail and restaurant space.
- 13 Main St. and the adjacent 2 Mill St., which will become 25,000 square feet of live/work lofts plus 6,000 square feet of retail space.
- 36 and 38 Main St., which will become 15 live/work lofts on the upper floors plus 4,000 square feet of café and retail space on the ground floors.
- In addition, a vacant building at 24 Warburton Ave. will be demolished to provide a pedestrian passageway linking Larkin Plaza with the Mill Street courtyard.
The agency approved $450,490 in sales tax exemptions for construction materials, plus $79,000 in mortgage tax exemptions, as well as a 10-year partial property tax break.
“Besides renovating these buildings in the heart of the downtown, this project is expected to provide 134 permanent new jobs once construction is finished,” Spano said in the statement.
The second project, the River Club, will consist of two residential towers at 1105-1135 Warburton Ave. in northwest Yonkers. The Ginsburg Companies, which have built several other residential projects in the area, expect construction to begin in the fall with the 330 rental apartments set to open within three years.
The River Club originally was approved as a condominium development in 2005, but was delayed as a result of the real estate crash and recession.
“Now with help from the city this project has come back to life as needed rental housing,” Spano said in the prepared statement. “It will further enhance northwest Yonkers as a strong and desirable residential community, and permanently improve our real estate and income tax base.”
In order to spur the long-delayed project, the city will provide an estimated $1.7 million sales tax exemption on construction materials, an estimated $1.935 million mortgage tax exemption, and a 10-year partial property tax exemption. The developers will invest an estimated $107.5 million in the project and provide approximately 120 construction jobs and 10-15 permanent jobs.
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