The Westchester County Industrial Development Agency (IDA) will re-assign financial incentives to Toll Brothers after the developer bought a White Plains site.
Financial incentives were previously granted to Saber Chauncey WP, LLC for a $136.2 million mixed-use residential development in downtown White Plains.
TB White Plains Apartments LLC, a subsidiary of Toll Bros. Inc. is acquiring the property from Saber Chauncey.
In October 2018, the IDA approved $3,348,609 in sales tax and mortgage recording tax exemptions for The Collection, a mixed-use project consisting of 276 residential units in two buildings on Westchester Avenue and Franklin Avenue.
Located across from The Westchester mall, the project includes 24,526 square feet of retail space and 716 parking spaces of which 275 will be for municipal parking. Seventeen of the residential units will be affordable. The project is expected to create 250 construction jobs and 91 permanent jobs.
In a letter to the IDA, Toll Bros. said, “As one of the area’s most active and reputable builders, Toll and TBWP look forward to commencing this important residential and retail, mixed-use development, including additional parking for the City of White Plains, all located in the thriving market of Westchester County.
“We believe working in cooperation with the WIDA, the City and the construction industry participants, this project is sure to be a success.”