YONKERS, NY-The renaissance of downtown Yonkers is continuing to take shape as plans for a new affordable housing complex on the long-abandoned PS 6 school building site will come up for a vote. The city’s Industrial Development Agency will hold a public hearing to negotiate a $52.4 million economic development package for the 1.15-acre property at 33 Ashburton Ave., a site that is currently designated as a brownfield by the state.
The developer, Boston-based The Community Builders, Inc., in partnership with the city’s Municipal Housing Authority, plans to raze the existing school building to pave the way for a two-building, affordable development with 50 units of senior housing and 70 units of low-income family units on the property. If approved, the project would create 350 construction jobs for the city, and would also require remediation before demolition and new construction can take place.
“It will bring new energy to Ashburton Avenue, a very busy east-west connector to the waterfront,” says Ellen Lynch, president and CEO of the Yonkers IDA, in a statement. The plan falls in line with the city’s larger Alexander Street Master Plan initiative, a transit-oriented redevelopment framework for the western section of Yonkers’ Hudson River waterfront. Other major multifamily projects within the 153-acre zone include a 92-unit apartment tower at 49 N. Broadway, a 137-unit affordable building at 330 Riverdale Ave. and the overhaul of Mulford Gardens, a $180 urban renewal project where a 17-building, three-story public housing complex once lied, all located within blocks of the Yonkers Metro North train station.
In addition to existing projects in the pipeline, the complex at 33 Asburton will help continue the revitalization of the area and provide more housing options for residents, says Mayor and IDA chairman Philip A. Amicone. Out of the 120 units, the senior housing facility and 43 of the family units will be leased to households earning no more than 60% of the Westchester County area median gross income, which is $51,120 for a family of two, and $57,540 for a family of three, according to the county website. The remaining 27 family units will be restricted to those making no more than 30% of the AMI, which is $25,600 for a family of two, $28,800 for a family of three, and $31,950 for a family of four.
According to the IDA, inducements could include sales and use tax exemption for materials and equipment used in construction, a mortgage recording tax exemption and a structured property tax agreement. The project could also involve the issuance of tax-exempt bonds, as well as other financing such as $1 million in city HOME funds, federal and state assistance.
After the public hearing, the project will come before the IDA Board for final approval. A spokesman for the IDA tells GlobeSt.com that a date has not yet been set for the meeting.
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