Yonkers Mayor John Spencer noted, "The $53 million development is the single largest development in the Downtown waterfront district in the history of our city. This development will be the spark that ignites a number of other development projects in the downtown district during the remainder of the year."
Bonds sold last year through the Yonkers Industrial Development Agency will finance the project. Quick & Reilly, a subsidiary of Fleet Securities, was the underwriter. The property will be owned and operated by Community Development Properties, Yonkers, a 501c-3 organization. Community Development Properties is a subsidiary of National Development Council, a national not-for-profit 501c-3 that works exclusively with municipalities across the country, CDP officials explained.
The four-story building is scheduled to open in 18 months, in time for the 2002-2003 school year. Whiting Turner Construction is the construction manager and Highland Associates is the architect for the project.
"This is the beginning of a $200 million downtown/waterfront development program scheduled to kick in over the next nine months," said Deputy Mayor Phil Amicone.
Another major project in the pipeline is a $54 million rental apartment development on the waterfront by Collins Enterprises of Greenwich, CT. The city is expected to grant final approvals soon, and construction could commence on that venture by this spring.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
