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Deals & Dealmakers

IDA okays incentives for mixed-use Harrison project

The Westchester County Industrial Development Agency (IDA) has approved financial incentives for a $76.8 million transit-oriented, mixed-use residential project to be built next to the Metro-North train station on Halstead Avenue in Harrison.

The IDA Board approved $1,352,966 in sales tax exemptions for Avalon Bay Communities to develop the three-building complex which consists of 143 rental units, seven affordable units, 27,000 s/f of commercial space and 758 on-site parking spaces.

The project also includes two landscaped plazas connecting the train station platform with Halstead Avenue. Monthly rents for the apartments are estimated at $2,500 for one bedroom and $3,000 for two bedrooms.
The project, which will be built in two phases over a 30-month period, is expected to create 410 construction jobs and 8 permanent jobs.

Avalon Communities is also constructing a parking garage on a lot adjacent to the residential building that is owned by the Metropolitan Transportation Association (MTA). The garage will have 475 spaces owned by the MTA for commuters, 77 spaces for residents of the residential project and 46 spaces for the commercial users.

The IDA board also approved resolutions for financial incentives for three other residential projects in White Plains and Pelham.

The projects include 131 Mamaroneck Avenue & 1 Mitchell Place, a $223.4 million development by lennar that will have 434 rental apartments and 8,000 s/f of retail space in three multi-story buildings; 440 Hamilton Avenue in downtown White Plains that involves the adaptive reuse of a 12-story office building for construction of 255 apartment units and 2,420 s/f retail space; and 101 Wolf Lane, a $28 million development near the Pelham Village Hall and the Metro-North train station. The 118,240 s/f building includes 58 residential units and 7,370 s/f of retail

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