Westchester County IDA Approves Financial Incentives for Two Major Projects
By Rick Pezzullo
The Westchester County Industrial Development Agency (IDA) has voted final approval of financial incentives for two major development projects – Regeneron expansion in Greenburgh and Gateway II mixed-use complex in White Plains. Both represent a total private investment of $755 million.
“(The) action by the IDA clearly demonstrates that Westchester County continues to attract private capital from major corporations such as Regeneron as well as large real estate development companies. The incentives provided by the IDA will pay significant dividends in terms of job creation, new tax revenue and overall economic vitality for our county,” said Westchester County Executive George Latimer.
“Regeneron’s expansion is terrific news for Westchester County and our fast-growing biotech sector. The Gateway II project will continue to build on the tremendous growth underway in downtown White Plains especially near the updated Metro-North train station. Both projects will create much-needed jobs during this crucial period in our county’s economy,” said Joan McDonald, Chair of the Westchester County IDA.
Regeneron is constructing a two-story building containing 207,940 square feet of research and development space, along with related parking and infrastructure on existing land on its campus in the Town of Greenburgh. The new $480 million facility will connect to existing buildings on the campus.
Regeneron was approved for sales tax exemption of $91,940,300 and a mortgage recording tax exemption of $7,700,000. The project is anticipated to create 1,624 construction jobs and support 505 new jobs on-site. It is estimated that 75 percent of the $155 million in labor costs will utilize Westchester labor.
The Westchester IDA also voted in August final approval of financial incentives for the Gateway II mixed-use complex, a $275 million project slated for downtown White Plains. The building would feature 500 apartments, 19,000 square feet of ground-level retail space and parking for 755 cars. The project was approved for $5,360,000 in sales tax exemptions and $1,650,000 in mortgage recording tax exemptions. The project is estimated to create 600 construction jobs and 20 full-time jobs.
The 804,000-square-foot complex, which is located at 25 North Lexington Avenue on a site currently used as a parking lot, includes a 25-story tower paralleling North Lexington Avenue to the east and an intersecting 16-story tower running westerly from North Lexington to Ferris Avenue. The lobby will be located with access on both Lexington Avenue and Hamilton Avenue. The building will also include both indoor and outdoor amenities serving the residential tenants.
The plan calls for a mix of 167 studio units, 208 one-bedroom units, 117 two-bedroom units, and eight three-bedroom units. Fifteen units will be classified as affordable in compliance with the city’s Affordable Rental Housing Program. The ground-level retail will be designed to activate Hamilton Avenue and provide amenities for the Metro-North train station with service-oriented retail tenants including a signature restaurant.
Rick has more than 40 years’ experience covering local news in Westchester and Putnam counties, running the gamut from politics and crime to sports and human interest. He has been an editor at Examiner Media since 2012. Read more from Rick’s editor-author bio here. Read Rick’s work here: https://www.theexaminernews.com/author/pezzullo_rick-writer/
