The Westchester County Industrial Development Agency (IDA) board has just taken the first steps to approve more than $7.2 million in financial incentives for two major developments.
At their June 11 meeting, the board gave preliminary approval for incentives on a $130.5 million transit-oriented mixed-use development located in Mount Kisco, as well as a $100 million residential building in White Plains. These projects are aimed at revitalizing struggling downtown areas that are suffering from lack of business due to COVID-19.
“In addition to adding to the economic vitality of the downtowns of Mount Kisco and White Plains, these two outstanding projects will generate hundreds of much-needed new jobs at a time when our local economy is beginning to recover,” says Westchester County IDA Chairperson Joan McDonald.
The IDA Board granted Kirby Commons a preliminary approval of approximately $3.9 million in sales tax exemptions and approximately $831,500 in mortgage recoding tax exemptions. The building is expected to create 123 construction jobs and sustain 52 new full-time jobs once completed.
Kirby Commons, a joint venture of the Gotham Organization and Charter Reality Development of Manhattan, will consist of 217 apartments and 53,000 square feet of retail and community space, boasting amenities such as a conference center, lounge, co-working space, gym, a Zen garden connected to an interior courtyard, and a rooftop green space including multiple seating areas, grills, and a fire pit.
The Board also voted preliminary approval of approximately $2.5 million in sales tax exemptions and $644,100 in mortgage recoding tax exemption for a residential building to be built at the site of the YMCA Building in White Plains by the Southern Land Company, creating 128 construction jobs and retaining 66 new full-time jobs.
According to Southern Land Company, a portion of the land purchase price has already been advanced to the YMCA in order for the association to continue operations in its current facility and begin construction for a new daycare to serve the community. Southern Land Company is also contributing $3.2 million to White Plains Affordable Housing Fund in lieu of including affordable units.
The new development includes more than 177 market-rate rental unites on site, with 1,876 square feet of ground floor retail space. Apartment styles range from 1-bedroom to 3-bedroom units and span in size from 600 to 1,850 square feet. The building will include amenities like a courtyard area with a pool, spa, garden terrace, BBQ grill, exterior fireplace, seating area, and bike storage. A pet spa, tune shop/work studio, resident lounge, and conference room are also planned.
“These innovative mixed-use projects in Mount Kisco and White Plains represent the kind of smart development that is helping to energize Westchester’s downtowns with new housing and retail opportunities,” says County Executive George Latimer. “In light of the current economic environment, it is encouraging to see this level of private investment in our County.”