Developers behind a new eight-story affordable housing building in Yonkers recently secured more than $7.85 million in construction financing to complete the project. Known as 178 Warburton at The Ridgeway, the development will contain 81 mixed-income rental apartments for households between 30 percent and 90 percent of the area median income.
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.
A block in the Warburton Ravine Urban Renewal Area of Yonkers will soon see a significant overhaul thanks to the Yonkers Industrial Development Agency (IDA). On September 4, the IDA gave preliminary approval of financial incentives for a $72 million development known as Point & Ravine Apartments, developed through a public partnership between the City of Yonkers and developer Conifer Realty LLC. Construction costs are estimated at $43.4 million and land acquisition at $8.24 million.
The City of Yonkers is set to launch one of its largest investment initiatives to transform the downtown center into a vibrant mixed-use hub of commerce and residency. New developments will be primarily located at the confluence of the Hudson and Saw Mill Rivers.
The Lionsgate Motion Picture Group will soon debut a new studio complex in Yonkers following the approval of a major financing package from the city’s development agency. The project is expected to create up to 420 permanent jobs as well as 400 construction jobs.