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Construction & Design Residential

Gotham, Charter secure cash incentives for new multifamily developments

The Westchester County Industrial Development Agency (IDA) today approved resolutions of intent to provide financial incentives for two major residential developments in Mount Kisco and White Plains.

The project represents hundreds of jobs and total private investment of more than $230 million at a time when the County’s downtowns are struggling with COVID-19 and the economic downturn.

At its June 11 meeting the IDA Board voted preliminary approval of incentives for the development of Kirby Commons, a $130.5 million mixed-use, transit-oriented development featuring 217 apartments and 53,000 square feet of retail and community space.

Located at 17 Britton Lane and 1 Main Street adjacent to the Mount Kisco Metro-North Station and Kirby Plaza (pictured top), the project will include two mixed-use buildings located on the South Moger Avenue and North Moger Avenue parking lots.

Amenities will include a conference center, lounge and co-working space, gym, a Zen garden connected to an interior courtyard, and a rooftop green space replete with multiple seating areas, grills, and a fire pit.

The development is a joint venture of the Gotham Organization and Charter Realty Development of Manhattan.

The IDA Board gave the project preliminary approval of approximately $3.9 million in sales tax exemptions and approximately $831,500 in mortgage recoding tax exemptions. The project is expected to create 123 construction jobs and 52 new full-time jobs.

The Board also voted preliminary approval of incentives for a $100 million residential building to be built at the site of the YMCA building at 250 Mamaroneck Avenue in White Plains. Southern Land Company of Nashville is building 177 market-rate rental units on the site with 1,876 square feet of ground-floor retail space.

The White Plains YMCA building will be demolished to make way for the new development.

According to Southern Land Company, a portion of the land purchase price has been advanced to the YMCA so that they are able to continue operations in their current facility and begin construction of a new daycare center to serve the community.

Southern Land Company is also contributing $3.2 million to the White Plains Affordable Housing Fund in lieu of including affordable units

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