An ambitious waterfront development that will transform a six-acre industrial site in downtown Yonkers into a new 440-unit, seven-story residential building for renters has secured final financial incentives from the city.
The $177.3 million project at 57 Alexander Street will include 25,000 square feet of open space for the public along the Hudson River waterfront. The new park will also feature a waterfront walkway with seating, landscaping, and unobstructed views of the Palisades.
Most of the apartments in the new building, which is just north of the Yonkers train station, will be studios and one-bedroom units, with 10 percent set aside as affordable.
The Board of Directors of the Yonkers Industrial Development Agency (IDA) approved the incentives for the developer, Rose Associates of Manhattan, at its meeting earlier this month. The developer has also agreed to create 443 parking spaces.
Construction is expected to begin early next year, with a July 2022 completion date. The project is estimated to create 631 construction jobs and 10 full-time jobs.
The 6.16-acre property, which now holds five industrial warehouse buildings and a storage shed, is within the city’s Alexander Street Urban Renewal Area and is part of the Alexander Street Master Plan adopted by the Yonkers City Council in 2009.