Rendering of 70 Westchester Ave. | Photo Courtesy of Dean Bender
The Westchester County Industrial Development Agency has approved financial incentives for the construction of two multifamily residential projects in downtown White Plains.
Located at 70 Westchester Ave. and 51 South Broadway in White Plains, these two Westchester-based residential projects received a private investment of $171 million and will create over 300 new apartments and provide at least 270 construction jobs.
“The financial incentives voted by the IDA Board are another example of how the Westchester County IDA is contributing to the remarkable multifamily housing boom under way in downtown White Plains. These incentives, which are provided at no cost to taxpayers, are helping to create hundreds of new apartments, including affordable units, as well as hundreds of construction jobs,” says Director of Operations, Joan McDonald, who chairs the IDA.
70 Westchester Ave., which sits on a 1.83-acre site, will consist of three buildings totaling 215,000 square feet. Two of those buildings will feature 52 units and over 15,000 square feet in retail, restaurant, and motor vehicle space. The third building will consist of 123 units and 295 onsite parking spaces. The site will also be home to a 4,000-square-foot space that will consist of a dog park, lighted walkway, and a pocket park. This site will create an estimated 200 construction jobs alone.
Saber-North White Plains LLC will be developing this property and has requested a sales tax exemption of over $4 million, a mortgage tax exemption of over $800,000, and a real property tax exemption of over $5.4 million. The White Plains Affordable Housing Regulations has said that the developer (Saber-North White Plains LLC) will pay a total of fee of over $1.5 million. It is also said that construction is scheduled to start in August of 2023 with occupancy starting in December of 2025.
The other site, located on 51 South Broadway, will be an eight-story building with a mix of 27 studio units, 59 one-bedroom units, and 48 two-bedroom units. This site will also be home to co-working spaces, a conference room, and two levels of aboveground parking. This site will create an estimated 67 construction jobs.
RMS Companies of Stamford will be developing this property and was approved for $1.5 million in sales tax exemption and $350,000 in mortgage recording tax exemptions.