YONKERS, NY-After a 10-year review process, a $32-million, 12-story affordable housing tower at 49 N. Broadway near the Yonkers waterfront broke ground here on Tuesday, as city and state officials lauded its arrival to the neighborhood’s burgeoning downtown. In partnership with the Yonkers Industrial Development Agency and the local governing body, the 92-unit apartment complex will be developed by Warburton Riverview Owners LLC, a joint venture between L+M Development Partners Inc. and the Greyston Foundation.

Ron Moelis, CEO and co-founder of L+M Development Partners, describes the deal as an “excellent example” of public-private partnerships combining resources to benefit communities in need. “We are pleased to have the opportunity to work with Greyston Foundation to help realize the City of Yonkers’ vision to revitalize the area, provide comfortable, affordable living opportunities for families and spur economic growth Downtown,” he said in a statement.

The apartments will be available for Yonkers residents with no higher than 60% of the Westchester County area median income, which is $50,280 for a family of two, a spokesman from L+M Development tells GlobeSt.com. The county’s income and rent guide lists the AMI for a family of three as $56,580, and for a family of four as $62,820.