Construction is expected to break ground soon at 57 Alexander Street, a 440-unit residential building in Yonkers, New York, following approvals for a major financing package valued at $177.3 million. The deal was approved by the Yonkers Industrial Development Agency, a public benefit corporation that provides business incentives to enhance economic growth in the City of Yonkers.
Rose Associates is responsible for development of the seven-story building. where 75 percent of the units will be studio and one-bedroom apartments. Ten percent of units will debut as affordable homes. In addition to residential area, the project will include 443 parking spaces and 25,000 square feet of open space including a landscaped public esplanade with access to the Hudson River waterfront and unobstructed views of the Palisades.
It is estimated that the project will create approximately 631 construction jobs and ten full-time positions.
57 Alexander Street arrives as the latest phase of the Alexander Street Master Plan, which outlines the City of Yonkers’ vision for redeveloping the Hudson River waterfront area. The 153-acre zone is described as a gateway project that will establish a mix of residential, retail, and commercial spaces in addition to outdoor public area.