Coming off a tremendous boom in 2023, the Yonkers Industrial Development Agency (YIDA) closed out their 2024 fiscal year with even more shattered records. The YIDA voted for the preliminary and final approval of financial incentives for residential projects representing a total private investment of approximately $1 billion over the ten proposed properties. The developments, which also include a new Hilton hotel for the city, are projected to create approximately 2,100 new residential units and close to 2,400 construction jobs.
Since 2019, the city has been experiencing a renaissance with the introduction of the new Lionsgate Studio and the ongoing improvements on the waterfront.
In that timeframe, the YIDA has voted on financial incentives for development projects that equate to a total of approximately $3.6 billion in private investment. This has created an employment surge in the trade industry, bringing more than 8,800 construction jobs to the city for these buildings. Ten percent of all new residential units will be set aside for affordable housing.
“2024 was another tremendous year for the continued redevelopment of Yonkers, with nearly $1 billion in private investment,” says Yonkers Mayor Mike Spano. “This extraordinary investment in our city is creating thousands of construction jobs as well as new housing units, both market rate and affordable. We are looking to build on the momentum of 2024 with another record year of success in 2025.”
These are the top three approved residential developments with the highest total private investment:
North Broadway Development
Developer: AMS Acquisitions
Location: 18 North Broadway
Total Private investment: $306.7 million
325, 335 and 337 South Broadway
Developer: Urban Builders Collaborative
Location: 325, 335 and 337 South Broadway
Total Private Investment: $162 million
Park Square
Developer: Titan Real Estate Development
Location: Bounded by St. Joseph Place, Cavalli Circle and Vineyard Avenue
Total Private Investment: $159.5 million
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