Yonkers, NY – August 22, 2012 – (RealEstateRama) — The Yonkers Industrial Development Agency (YIDA) today gave initial approvals for a $22 million redevelopment of five properties in downtown Yonkers into lofts, retail and restaurant space.
“This continues the rebirth of the downtown and waterfront as a destination for new businesses and new residents,” said Mayor Mike Spano who chairs the YIDA, adding, “Developers with vision increasingly see Yonkers as a great opportunity.”
The properties, owned by developer Nicholas Sprayregen’s Rising Development, are along Mill Street and Main Street. They constitute the first phase of the planned two-phase Yonkers Rising development. The IDA Board will provide a mortgage tax exemption as well as sales and use tax exemptions on the materials used in the renovation.
The properties to be converted during phase one are as follows:
27 Main Street, which will become 7,000 square feet of retail and restaurant space.
13 Main Street and the adjacent 2 Mill street, which will become 25,000 square feet of live/work lofts plus 6,000 square feet of retail space.
36 and 38 Main Street, 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 Avenue will be demolished to provide a pedestrian passageway linking the new Larkin Plaza park created by the Daylighting Project with the Mill Street courtyard.
“This project links the waterfront, Larkin Plaza and Main Street in a pedestrian-friendly way with living, retail and restaurant space,” said Spano, “Nick Sprayregen has a great plan to tie together these essential elements of downtown Yonkers.”
The project has a construction budget of approximately $11 million, plus another $3.8 million for furnishings, fit-out and equipment. Combined with property acquisition of approximately $7.6 million, the total project cost is $22.2 million.
The YIDA will provide approximately $451,000 is sales and use tax exemptions and $79,000 in mortgage tax exemptions. In addition the YIDA will negotiate a property tax abatement..
The project is also expected to provide 134 permanent jobs when fully completed in two years.
