Westchester’s Economic Development Office positions county as ‘smart spot’ for business
White Plains, NY When it comes to promoting economic development, Westchester County means business!
Under the leadership of county executive Robert Astorino and economic development director William Mooney, III Westchester County has positioned itself as the smart spot for business with a comprehensive program of incentives for businesses and not-for-profits through its Industrial Development Agency (IDA) and Local Development Corp. (LDC).
“Westchester has the talented and skilled workforce employers are looking for, as well as the balanced lifestyle employees are looking for. Combined with commercial real-estate space that is twice the space at half the cost, Westchester is a great option for brokers who have clients considering leaving New York City or New York State,” said Astorino.
From 2010 through the first half of 2016, Westchester’s IDA, has approved incentives for nearly 60 projects with development costs of approximately $1.7 billion. These projects have created approximately 4,600 permanent jobs and 7,500 construction jobs while retaining 6,300 jobs.
Among the major development projects receiving IDA incentives over the past six years were:
• Lennar residential mixed-use complex ($275 million new construction – White Plains)
• PepsiCo ($250 million expansion – Purchase)
• LCOR luxury rental complex ($247 million new construction – White Plains)
• Regeneron Pharmaceuticals ($196 million expansion – Tarrytown)
• Harbor Sq. luxury rentals ($65 million new construction – Ossining)
• Rivertowns Sq. ($53.5 million new construction – Dobbs Ferry)
• Lifetime Fitness ($41.2 million expansion – Harrison)
• MillionAir ($40 million renovation – Harrison)
• Accorda Therapeutics ($27.9 million expansion – Ardsley)
The County’s LDC, was created in 2013 to offer incentives to not-for-profits and has approved a total of $765.3 million in tax-exempt bond financing for 15 projects, which created a total of 1,263 permanent, construction and retained jobs for the county.
Among the not-for-profit institutions receiving LDC tax-exempt bond financing since 2013 were:
• Westchester Medical Center ($284 million – Valhalla)
• White Plains Hospital ($175 million – White Plains)
• Pace University ($98 million – Pleasantville)
• Kendal on Hudson I & II ($82.3 million – Sleepy Hollow)
• Northern Westchester Hospital ($33.1 million – Mount Kisco)
• Rippowam Cisqua School ($26.5 million – Bedford)
• Purchase College ($15.1 million – Purchase)
• Phelps Memorial Hospital ($14 million – Sleepy Hollow)
• Wartburg Senior Housing ($11.1 million – Mount Vernon)
In addition to the incentives offered by the IDA and LDC, the county has launched an aggressive marketing program that includes print and digital advertising, a satellite office in midtown Manhattan and partnership with major business and real estate events such as the New York Real Estate Expo and the WCBS 880 Small Business Breakfast all with the goal of creating economic development opportunities in the county. The county has also made an extensive outreach to leading commercial brokers in New York City. Over the past six months, county executive Astorino and Mooney have met with top brokers from CBRE and Jones Lang LaSalle at their offices in Manhattan. More broker meetings are scheduled for this fall.
“We are proud of the projects our IDA has supported,” said Mooney, “The market is clearly responding to our strengths of a highly skilled and talented workforce, Accessibility, proximity to NYC and quality of life. We are particularly excited by the significant investment in multi-use, multifamily, and transit oriented development in our downtowns as well as the substantial investment by the bio-tech and health care sectors.”
More and more individuals and businesses are discovering that Westchester is the place to live, work and play. Westchester has so much to offer:
Talent: With its highly skilled and talented workforce, Westchester residents are among the brightest in the nation, with 47% of the county population above the age of 25 holding a bachelor’s degree. Businesses are able to draw from a highly skilled talent pool, making Westchester the “Intellectual Capital” of New York.
Accessibility: Westchester’s significant transportation network, from its bustling regional airport, to three Metro-North train lines and 43 station stops, to its countywide bus system and expansive highway network, offers residents and employees extensive options throughout the county and region. Grand Central is a little more than a half hour by train providing access to arts, culture and the workforce employers require.
Value: Aside from the financial incentives and benefits that make Westchester a highly desirable place to do business, the county offers a wide range of customizable space comparable to that in New York City but at half the cost.
Quality of life: Westchester’s quality of life is second to none. The county’s schools and colleges rank among the best in the nation. Westchester is renowned for its exceptional dining, diverse entertainment, vibrant arts and culture scene as well as its world-class healthcare systems and facilities. With more than 18,000 acres of parkland, there’s green space galore.
For more information about Westchester County, the IDA or LDC, visit WestchesterSmart.com to learn more.