IDA Approves Housing, Restaurant Projects

Posted Date: 2/25/2014

A fifty six unit workforce housing project on the site of the former Mulford Gardens housing complex, plus two new restaurants at the Cross County Shopping Center, all received a go-ahead today from the Yonkers Industrial Development Agency (YIDA).
The Grant Park II housing plan, initially induced by the YIDA in May 2012, won another required approval today as the IDA Board approved negotiation of a per-unit payment to the city that will be made as a substitute for property taxes. The public-private partnership behind the project hopes to begin construction by the summer of 2014, and can now move forward based upon today’s vote.
Grant Park II will be developed by the Richman Group Development Corporation, Landex Companies, and the Yonkers Municipal Housing Authority. It will consist of 56 one, two and three bedroom rental units in a pair of four-story buildings.
The units will be made available to households earning at or below 60% of the Area Median Income. The current 60% of AMI set by the federal government ranges from $43,800 for a single person, to $62,520 for a family of four, to $72,540 for a family of six.
The apartments will be built along Loehr Place and Whetstone Avenue, near Ashburton Avenue.
“These will be fifty six apartments geared towards people whose incomes are very typical for the area, but who often cannot find housing at an affordable rate,” said Mayor Mike Spano who heads the Yonkers IDA, “Decent jobs and decent housing need to go hand-in-hand, so this is an important step forward for Yonkers, and for the Ashburton Avenue corridor in particular.”
The new homes will join Grant Park I, which opened in 2012 and consists of 100 apartments, as well as the Park Terrace and Park Vista projects on the same site which provided 109 units of family and senior citizen housing.
All of these projects are located on the site of the former Mulford Gardens, an outmoded housing project that was torn down to make way for the new developments.
“If Mulford Gardens was an example of how to do housing badly, Grant Park II and its predecessors are an example of how to do it well,” said YIDA President Ken Jenkins, “This is housing that improves a neighborhood, and the City, in every way.”
The project will cost an estimated $22.2 million, and will result in 40 temporary construction jobs during the estimated 16 month period to build it.
In other action the YIDA approved assistance for Darden Restaurants to build an Olive Garden and Longhorn Steakhouse at the Cross County Shopping Center.
The Olive Garden Restaurant will be approximately 8,500 square feet while the Longhorn Steakhouse will be approximately 6,500 square feet. Both will be located along Xavier Drive in the shopping center. At a cost of approximately $8.48 million, the restaurants will provide approximately 103 full time equivalent jobs with an annual estimated payroll of $2.266 million, excluding tips. The construction will also create 150 temporary construction jobs.
The IDA voted to provide an estimated $336,568 in sales tax exemptions on materials used in th construction and fit-out of the properties.
Darden hopes to begin construction in April of 2014 with completion in November of 2014.
 

Yonkers ramps up business development - More than anywhere in Westchester County

Yonkers, NY The Yonkers Industrial Development Agency (YIDA) has a simple message for real estate investors: If your job is to find real estate opportunities, then you should talk to them - because the YIDA's job is to make your job easier.

YIDA president and CEO Melvina Carter says there are many reasons why there is more new business activity happening in Yonkers these days than anywhere else in Westchester County. There's its location that is served by more rail lines, bus routes and major highways than anywhere else in the county. There's its population - diverse, educated, and growing every year. There is its unparalleled property inventory - ranging from waterfront, to industrial, office park, retail, and everything in between.

UPCOMING EVENT

Yonkers IDA Public Hearing


Norwich Yonkers LLC



  • Monday, April 21, 2014

  • Time: 5:30 p.m.

  • Location: Mayor's Reception Room

        City Hall - 40 South Broadway


        Yonkers, NY


 


 


 


 


             


HIGHLIGHTS:



HYATT PLACE HOTEL BREAKS GROUND

155-Room Hotel to Open at Cross County Shopping Center 

This week Mayor Spano joined Hyatt Hotels to break ground at the new Hyatt Place Hotel at Cross County Shopping Center. The hotel will be built within a pre-existing eight-story office tower and is slated to open next year.

In addition, the plans are moving forward for the building of Longhorn Steakhouse and Olive Garden at Cross County Shopping Center, providing approximately 103 full-time jobs and 150 construction jobs.

 



THE PERFECT PLACE FOR YOUR BUSINESS


Got a new business? Yonkers wants to help you grow it at our new Y-Enterprise Center a vibrant, full-service, 8,000-square-foot office center near the banks of the Hudson River. Y-Enterprise will provide office space that is  below-market rent, support facilities, and administrative staffing for your new venture of 1-8 people.


http://www.y-enterprise.com/


CALL US TODAY: 914-375-3590