$23M Rental Housing Project Starts in Yonkers

Officials with the Yonkers Industrial Development Agency say the Croton Heights project at 193 Ashburton Ave. broke ground last week. The agency has approved incentives for the public/private partnership, Croton Heights, LLC, that is developing the parcel. The IDA approved incentives included a payment in lieu of real property taxes, mortgage tax exemptions and sales and use tax exemptions for construction costs. The estimated cost for the project is $23 million.

The building will rise from what was a former parking lot owned by the Yonkers Parking Authority located on the southeast corner of Vineyard and Ashburton avenues. The property was recently transferred to Croton Heights, which consists of the Municipal Housing Authority for the City of Yonkers, Richman Group Development Corp. of Greenwich, CT and Landex Development, LLC of Linthicum, MD. The property was acquired from the Municipal Housing Authority, which had previously purchased the property from the Yonkers Parking Authority.

The development will consist of one, two and three-bedroom units and will also feature 1,500 sf of community space, on-site parking, laundry facilities and storage space. Croton Heights is the first phase of the city's Hope VI project that will include the redevelopment of the 550-unit Mulford Gardens public housing development and several off-site parcels donated by the City of Yonkers. Richman Group and Landex are the co-developers for the Croton Heights development and are partners in the Hope VI project.

Commenting on the start of the Croton Heights development, Ellen Lynch, president and CEO of the Yonkers IDA, says, "This is an exceptional development because it represents a highly complex assembly of different sources of funding and the unparalleled cooperation among private parties and government agencies including county and city agencies, and several private financing entities. Without the teamwork of all involved, this marvelous development could not have happened."