Westchester County IDA votes final and preliminary approval of financial incentives for two development projects

The Westchester County Industrial Development Agency (IDA) has voted final and preliminary approval of financial incentives for two significant projects in downtown White Plains – an affordable housing project for seniors and a transit-oriented development. The IDA also heard a presentation of a cost benefit analysis study for a workforce housing project in White Plains.

“The two projects approved by the IDA represent creative and innovative approaches to development that add to the vitality of our urban centers. The IDA financial incentives, which are provided at no cost to taxpayers, are paying dividends in further enhancing the high quality of life in our County,” said Westchester County Executive George Latimer.     

“The IDA is very pleased to provide preliminary and final approval of incentives for these exciting developments. In addition to creating construction jobs, they will provide renovated affordable housing for seniors and generate new street-level retail activity in downtown White Plains,” said Westchester County IDA Chairperson Joan McDonald. 

At its February 24 meeting, the IDA Board heard a presentation for 8 Chester Avenue, a four-story, development in White Plains consisting of 74 units of workforce housing and 40 parking spaces. Nine units will be designated as affordable housing with rents at 80% of the local Area Median Income. The project site, which is located two blocks from the campus of White Plains Hospital, plans to offer rental units that are $500-$700 a month less than comparable newly constructed apartment units in the City of White Plains. Amenities will include a rooftop deck/lounge, bicycle storage room, and a laundry room. 

The project, which has a development cost of $21.8 million, is expected to create 49 construction jobs of which 25% will be Westchester hires. The developer is requesting a sales tax exemption of $537,034 and a mortgage recording tax exemption of $152,700. As it does for all projects, the IDA conducted a cost-benefit analysis study. The results of the study showed that for every $1 of County tax incentives awarded to this project, $2.20 of Westchester County tax revenue will be generated. 

The IDA voted preliminary approval of financial incentives for a $32.3 million renovation of Armory Plaza. Project developer The Related Companies is seeking to redevelop the elderly apartment complex located 35 South Broadway. Built in 1909, the four-story castle-like property is 100% affordable and benefits from a project-based Section 8 Housing Assistance Payment contract, which provides rental subsidy for the senior residents of the building. The property last received renovations in 2008, utilizing Low-Income Housing Tax Credit and tax-exempt bonds issued by the White Plains Housing Authority. It is estimated that the project will create 18 construction jobs with work to begin in June and completion within 12 to 18 months. The renovation work will cost approximately $150,000 per apartment.

The IDA also voted final approval of $481,562 in additional sales tax exemptions for Ginsburg Development Companies’ City Square project at 50 Main St. In 2019, the mixed-use development was approved for a sales tax exemption of approximately $1.57 million. The additional sales tax exemption will be for completion of the final retail portion of the complex along 50 Main St. Located at the gateway to White Plains near the Metro-North train station, City Square is a major transit-oriented development featuring a mix of office, retail, restaurant space and residential apartments with a landscaped park.