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The Yonkers Industrial Development Agency (IDA) approved resolutions that will provide financial incentives for three extensive residential projects in the city that represent an investment of an estimated $391 million. It is further estimated that the projects will create 1,300 construction jobs and add nearly 1,000 residential units in Yonkers.
At the center of the development plan is Ludlow Point, a $199.7 million investment that is part of the new Ludlow Station Area Master Plan. According to the IDA, located at 150 Downing St., the project consists of 520 proposed residential units in two 10-story and two 11-story towers.
The unit mix will be comprised of 80 studios, 320 one-bedroom, and 120 two-bedroom apartments. Building amenities will include a club lounge, fitness center, swimming pool, business center, bike racks, and tenant storage lockers. Fifty-two of the units are to be affordable under the Yonkers Affordable Housing Ordinance. The Ludlow Street frontage will feature 10,330-square-feet of retail space to be marketed to restaurant and neighborhood retailers.
The second project at 70 Pier St. is a $14.2 million mixed-use building to be constructed on the south side of Abe Cohen Plaza at the Ludlow Metro-North Train Station. The project consists of a four-story building containing 36 residential rental apartments with a unit mix of 6 studios, 18 one-bedroom, and 12 two-bedrooms. One of those units will be affordable.
At 57 Alexander St., the third proposed project is a $177.3 million residential development featuring 440 apartments in a seven-story building with 443 parking spaces. The project, which is being developed by Rose Associates, “would include 25,000 square feet of new waterfront open space including a waterfront walkway that will provide access to the Hudson River waterfront.”
The IDA noted that the three projects have not yet received approvals from the city. Ludlow Point and 70 Pier St. will be part of a year-long Master Planning process with the city to develop a new plan for the entire Ludlow Station area.
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