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Financial incentives for the Teutonia Hall project, a mixed-use residential complex planned to feature two luxury 41-story towers in Yonkers at 4 Buena Vista Ave., were approved by the Yonkers Industrial Development Agency on Thursday, Feb. 29.
The project, which will be constructed in two phases, will include a total of 906 apartments, 91 of which will be affordable. Additionally, the complex will also feature 2,900 square feet of active street-level commercial use space and a whopping 907 parking spaces for residents.
Construction on Phase 1 of the project is now scheduled for September 2024 and will be completed in December 2027, while Phase 2 is set to begin in December 2028 and be completed in December 2031.
On Thursday, the project's developer, AMS Acquisitions, was approved for $12,924,830 in sales tax exemptions and $4,549,646 in mortgage recording tax exemptions.
According to the Yonkers Industrial Development Agency, the project's two phases are estimated to create 1,100 construction jobs, and the project is predicted to create $2.35 for each $1 of incentives.
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