The Yonkers Industrial Development Agency has preliminarily approved financial incentives to facilitate the construction of a new $32.6 million rental property. Located at 56 Prospect Street, the seven-story building will contain 126 apartments and associated amenity spaces.
The mix of units will include 90 studios, 18 one-bedrooms, and 18 two-bedrooms. This includes a total of 13 units that will be income-restricted under the city’s affordable housing program. Amenity spaces include a roof-level terrace, a private courtyard, and sub-grade parking structure for 130 vehicles.
The developer responsible for 56 Prospect Street is Regency Apartment Ventures, LLC, which is based in Melville, Long Island.
While the architect of record has not been revealed, preliminary renderings offer a first look at the forthcoming structure. The façade appears to be constructed of cementitious materials that transition from dark brown to red, and tan primarily at the crown of the building. The grid of large windows features dark metal casing and mullions.
At this time, the development team has not confirmed an anticipated timeline or date of completion. When construction does begin, it is estimated that the project will create 250 construction jobs and six permanent positions.