YONKERS, NY-A project to build a 14-story, 220-unit mixed use residential and commercial development at the former Kimball Movie Theater on Yonkers Avenue was granted initial approval by the Yonkers Industrial Development Agency today for nearly $2.4 million in sales and mortgage tax exemptions.
The 270,000-square-foot Kimball Residences development to be built by Cottage International Development Group is expected to cost $72 million to complete, including land acquisition and construction costs.
The agency will provide a sales tax exemption worth an estimated $1.5 million on construction materials to be used for the rental apartment complex, as well as an $875,000 mortgage tax exemption. The YIDA also expects to negotiate a PILOT agreement that will allow a phased-in property tax schedule, city officials state.
“This project is extremely significant for Yonkers,” says Yonkers Mayor Mike Spano, who chairs the Yonkers IDA. “It will replace an old theater and adjacent properties that have become an eyesore with 220 units of new market rate housing and commercial space that will anchor this neighborhood for many years to come.”
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