YIDA GIVES BOOST TO TWO APARTMENT PROJECTS
More than 200 new apartments will be built at two locations on Bronx River Road with assistance from the Yonkers Industrial Development Agency (YIDA), which gave initial approval to the projects at its meeting on Wednesday.
One of the locations consisted largely of a long-empty building, while the other was a vacant lot. Both will become market rate rentals. Both are being constructed by the Stagg Group. Site work has already commenced at both locations.
The larger of the two developments, at 705 Bronx River Road, has been owned by Stagg since 2013 and has been the subject of various proposals. After negotiations with the City, which resulted in a rezoning by the City Council earlier this year, Stagg has agreed to build 160 apartments in a project that will cost approximately $28 million to construct. The YIDA will provide assistance in the form of a sales tax exemption on construction materials, a mortgage tax exemption, and a temporary property tax reduction.
Besides reducing the number of units from the original proposal, Stagg also agreed to provide on-site parking for tenants of the building. The project is also within walking distance of the Fleetwood and Mount Vernon West train stations, however, and thus conforms with the City’s policy of promoting transit-oriented development.
The other development, at 411 Bronx River Road, will consist of 44 apartments. The property has been the subject of various development proposals for the past several years, many of which pre-date its more recent acquisition by the Stagg Group.
The construction cost is estimated at $8.2 million. The YIDA is assisting by providing a sales tax exemption on construction materials and a temporary property tax abatement.
“Yonkers continues to attract market rate housing development, which is testimony to the faith that developers and potential residents have in the City’s future,” said Mayor Mike Spano who chairs the YIDA. He added, “These two new buildings in particular are important because they are both within walking distance of commuter rail stations. The more we can provide homes that allow people to use mass transit rather than cars to get to jobs, the more attractive Yonkers becomes to new residents, and the more we reduce our city’s carbon footprint.”