Yonkers Industrial Development Agency (IDA) has approved financial incentives for a development that will transform an industrial property into a new waterfront residential neighborhood with public access to the Hudson River.
The board voted final approval of financial incentives for 57 Alexander Street, a $177.3 million residential development featuring 440 rental apartments in a seven-story building with 443 parking spaces. Ten percent of the apartments will be affordable.
The project will include 25,000 s/f of new waterfront open space including a waterfront walkway that will provide access to the Hudson River waterfront and unobstructed views of the Palisades.
The public open space will have a walking promenade with seating and landscaping. The property will be connections to waterfront sites located to the north and south of the property.
The project, which is being developed by Rose Associates of Manhattan, is part of a conceptual land use plan for redevelopment of a segment of the city’s Hudson River waterfront. The 6.16-acre property, which currently consists of five industrial warehouse buildings and a storage shed, is located within the Alexander Street Urban Renewal Area and is part of the Alexander Street Master Plan adopted by the City Council in 2009.
It is estimated that the project will create approximately 631 construction jobs and 10 full time jobs.