Westchester IDA Approves Incentives for $72M in Projects

WHITE PLAINS, NY—The Westchester County Industrial Development Agency has approved financing and incentives for four projects in the county, including a renovation of the Ritz-Carlton Hotel here.

The four projects that total $71.5 million in development costs will create more than 750 permanent and full time jobs, county officials say. In addition to the $4-million planned renovation of the Ritz-Carlton Hotel, other projects securing IDA incentives include an expansion of a self storage business, renovations at a White Plains office building, and the transformation of an environmental brownfield site into new housing.

“The projects supported by the IDA today demonstrate the vitality of our local economy and the strength of our job market,” says Westchester County Executive Robert P. Astorino. “We are proud that these diverse, job-creating projects all have one thing in common: successful partnership with Westchester County.”

Ritz-Carlton property owner—The Cappelli Organization of Valhalla—received IDA approval on Thursday for $297,500 in sales tax exemptions for a $4-million renovation of the Ritz-Carlton. The project, which will create 40 construction jobs, includes major renovations and upgrades to the hotel's lobby lounge, guestrooms and suites, corridors and spa. Renovations include new carpeting, wall coverings, draperies and seating. The hotel features 146 luxury rooms, a spa, state-of-the-art fitness center, lounge, and 10,000 square feet of meeting and special event space, including a 500-person ballroom.

“The requested Westchester IDA assistance will enable a $4-million major renovation and upgrade to the Ritz Carlton Hotel and convention facility, which opened its doors in 2007,” states Joseph V. Apicella, executive vice president of the Cappelli Organization. “This will allow the facility to continue to serve as Westchester's premier tourism and convention hub. In a very competitive regional industry, this much-needed investment will result in job retention and growth of the 350-plus person workforce in downtown White Plains.”

The IDA approved a sales tax exemption of $1,328,400 and a mortgage tax exemption of $546,000 to Fareri Associates for the development of a $60-million condominium to be built in the Village of Bronxville at 15 Kensington Road. The new development will feature 54 condominium residences and expanded parking built by the developer, which will be dedicated to the village for use for its downtown shopping district. The project requires an extensive environmental remediation of the site, which will also be undertaken by the Fareri firm. The project will create a total of 500 construction jobs and 10 permanent jobs, county officials say.

In its other actions, the IDA approved Onyx Equities' proposal for IDA financing totaling $167,216 in sales tax exemptions for the renovation of a 326,307-square-foot office building located at 1311 Mamaroneck Ave. in White Plains. The $4-million renovation project includes upgrading of the lobby, corridors, elevator cabs, cafeteria and other common areas inside the building. as well as adding parking, signage and landscaping at the 23.46-acre site.

The IDA also approved a sales tax exemption of $110,625 for the construction of a 40,000-square-foot self-storage facility at 426 Waverly Ave. in Mamaroneck by Murphy Brothers Contracting. The $3.5-million project, which is scheduled to be completed next summer, will create 200 construction jobs.