IDA Provides Millions in Tax Exemptions to White Plains, Harrison Projects

WPCNR REALTY REALITY. From the Westchester County Industrial Development Agency. December 4, 2018:

 The Westchester County Industrial Development Agency (IDA) has unanimously approved a resolution of intent to provide financial incentives for a $76.8 million transit-oriented, mixed-use residential project to be built next to the Metro-North train station on Halstead Avenue in Harrison.

At its November 29 meeting, the IDA Board approved $1,352,966 in sales tax exemptions for Avalon Bay Communities to develop the three-building complex which consists of 143 rental units, seven affordable units, 27,000 square feet of commercial space and 758 on-site parking spaces. The project also includes two landscaped plazas connecting the train station platform with Halstead Avenue. Monthly rents for the apartments are estimated at $2,500 for one bedroom and $3,000 for two bedrooms. The exterior design takes cues from existing storefronts opposite Halstead Avenue and will complement the Halstead Avenue streetscape. The project, which will be built in two phases over a 30-month period, is expected to create 410 construction jobs and 8 permanent jobs.

Avalon Communities is also constructing a parking garage on a lot adjacent to the residential building that is owned by the Metropolitan Transportation Association (MTA). The garage will have 475 spaces owned by the MTA for commuters, 77 spaces for residents of the residential project and 46 spaces for the commercial users.

“The IDA is pleased to provide financial incentives to Avalon Communities for this innovative   transit-oriented development that will bring new rental housing and retail space to downtown Harrison as well as improved access to the Metro-North train station. We are also pleased that this project will create more than 400 new construction jobs for the County,” said Bridget Gibbons, Director of the Westchester County Office of Economic Development.

In other business, the IDA board approved resolutions for final authorization for financial incentives for two residential projects in White Plains. The projects are:

131 Mamaroneck Avenue & 1 Mitchell Place (The Bridgestone) is a $223.4 million mixed-use residential development in downtown White Plains comprised of 434 rental apartments and approximately 8,000 square feet of retail space in three multi-story buildings with parking and other amenities.  Twenty-seven of the apartments will be affordable. The IDA is providing project developer Lennar Multifamily Communities with $27 million in real estate tax benefits, $3.25 million in sales tax exemptions and $1.5 million in mortgage recording tax exemptions.

 

440 Hamilton Avenue is a $203 million mixed-use residential development in downtown White Plains that involves the adaptive reuse of a 12-story office building for construction of 255 apartment units and 2,420 square feet of commercial retail space. Six percent of the units will be affordable at 60% of Westchester County Area Median Income (AMI). The plan also calls for developing an adjacent surface parking lot on Barker Avenue with an apartment building with

213 units and parking for the project’s residents and associated retail space. IDA benefits include $3,335,400 in sales tax exemption and $1,685,630 in mortgage recording tax exemption.

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