County Exec Astorino Announces $329,250 in IDA incentives for Renovation of 101 East Post Road

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The 101 East Post Road Building–currently empty–bankrolled with IDA tax credits will be renovated to house offices to serve the White Plains Hospital expansion, according to Westchester County spokesperson.The project is expected to cost $6 Million

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Photo (l. to r.): Paul Guillaro, president and CEO of Unicorn Contracting; Bill Weinberg, principal of Bilwin Development Affiliates, LLC; Martin Berger, principal of Saber Dobbs Ferry, LLC; Westchester County Executive Robert P. Astorino; Jim Coleman, executive director of the Westchester County Industrial Development Agency; William M. Mooney III, director of economic development for Westchester County.

WPCNR COUNTY-CLARION LEDGER From the Westchester County Department of Communications. June 26, 2014:

County Executive Robert P. Astorino today announced that Westchester’s Industrial Development Agency (IDA) has approved a series of incentives that will aid a $6,000,000 renovation of 101 East Post Road in downtown White Plains, and two other major economic development projects move forward: a Marriott Springhill Suites in the Village of Tuckahoe; a mixed-used shopping, entertainment, hotel and housing complex in the Village of Dobbs Ferry.

With a total of $83 million in private investment, the projects will create more than 940 new permanent positions as well as 725 construction jobs.

“These businesses have said ‘Yes’ to Westchester and chose to invest here because we are committed to creating an environment that allows them to thrive and succeed,” said Astorino. “Job creation is how we move Westchester forward.”

Construction on 101 East Post Road to Begin in Fall

The renovation of 101 East Post Road in downtown White Plains, proposed by Post Road Associates, LLC, is a $6 million project, which will receive $329,250 in tax incentives through the IDA ($251,250 in sales tax exemption, $78,000 in mortgage recording tax exemption). This project will create approximately 200 permanent jobs and 50 construction jobs.

“This $6 million renovation project will breathe new life into this building and commercial district,” said Paul Guillaro, president and CEO of Unicorn Contracting and general partner of Post Road Associates, LLC. “Thanks to County Executive Rob Astorino and his IDA team, this project was made feasible and will attract quality commercial tenants as well as high-paying jobs that will support the Mamaroneck Avenue retail and restaurant district.”

Construction on the 50,000 square-foot building is expected to begin this fall and will be completed by the spring of 2015.

 

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