YONKERS—A major industrial project and an adaptive reuse of a long-shuttered research facility here were granted critical incentives by the Yonkers Industrial Development Agency on Tuesday.
The two major projects that received assistance were for FedEx to build a new distribution center on Tuckahoe Road and for Simone Development's $35-million redevelopment of the former Boyce Thompson property in Northeast Yonkers as a medical and retail complex.
The Yonkers FedEx plan is part of a $2.9 billion nationwide program to rebuild the company's hubs and pickup/delivery locations. The 123,000-square-foot facility on the site of a former motel on Tuckahoe Road will handle small packages and replace a smaller rented facility in the Bronx, YIDA officials state. When finished it will provide 15 full time jobs and 43 part time jobs.
The 85,000 square foot Boyce Thompson project has been under construction since June. In early August, Simone Development reported that St. John's Riverside Hospital agreed to lease 15,000 square feet of the renovated property for medical offices.
“Development is happening not just downtown, but throughout the city,” says Yonkers Mayor Mike Spano who chairs the YIDA. “These two projects alone represent $150 million in new investment coming to Yonkers. That's a tremendous vote of confidence in our city by the business community.”
The YIDA had previously taken initial steps to provide exemptions from sales taxes on materials used in their construction, as well and mortgage tax relief and temporary property tax abatements. Tuesday's action formalized those steps for those development projects.
The YIDA also granted extensions of the original construction completion dates for two projects that were previously approved for incentives. The agency granted an eight-month extension to Plant Manor LLC for its renovation of the former Alder Manor on North Broadway. One of the most historic buildings in Yonkers and the former site of Elizabeth Seton College, it was built in 1912 by William Boyce Thompson as his home. It is being renovated as a location for functions and events, and continues to serve as a venue for film and television production. The YIDA also granted an eight-month extension for the developers of the Hampton Inn hotel on Tuckahoe Road. The hotel is under construction and is expected to open in 2016. The YIDA extended the exemption on sales tax for materials used in construction until May 31, 2016 for both projects.
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