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The Westchester County Industrial Development Agency has approved financial incentives for Regeneron Pharmaceutical’s $1.39 billion expansion of its Tarrytown campus. The expansion will create 700 full-time jobs and nearly 800 construction jobs.
This 724,000 square-foot expansion, which is one of the largest development projects to ever take place in Westchester County, will house multiple new R&D laboratories, administrative buildings, and amenities to support Regeneron’s scientific advances. The expansion will also fit up to eight buildings, three parking garages, and a central utility plant. The project has already received approval from the Town of Greenburgh Planning Department to break ground.
“Today’s historic vote by the IDA is an important affirmation of Westchester County’s ongoing commitment to economic development and job creation. The financial incentives to be provided to Regeneron by the IDA will result in tremendous economic dividends for our County with hundreds of new construction jobs as well as hundreds of new well-paying jobs in the booming life sciences industry,” says Westchester County Executive George Latimer.
According to a report by Camoin Associates, the construction of the project will result in over 700 new jobs and generate $100 million in total earnings. It is estimated that 70 percent of those earnings will be spent within Westchester County and 25 percent of that spending will generate sales tax revenue for the County. According to a cost benefit analysis, Regeneron’s project will generate a return of $1.62 of County tax revenue for each $1 of County incentives awarded. This would be the top of the range of projects previously approved by the IDA.
“The Westchester IDA applauds Regeneron for its continued investment in our County’s economy with this major expansion of its Tarrytown campus,” says IDA Chair Joan McDonald.
Regeneron is Westchester’s largest private employer, with over 3,000 employees and nine FDA-approved treatments and products. Work will begin between April and June and should be completed by the end of 2027.