A block in the Warburton Ravine Urban Renewal Area of Yonkers will soon see a significant overhaul thanks to the Yonkers Industrial Development Agency (IDA). On September 4, the IDA gave preliminary approval of financial incentives for a $72 million development known as Point & Ravine Apartments, developed through a public partnership between the City of Yonkers and developer Conifer Realty LLC. Construction costs are estimated at $43.4 million and land acquisition at $8.24 million.
The project consists of a mid-rise building that will yield approximately 120 income-restricted affordable housing rental units in one- and two-bedroom layouts, targeted to both senior and family housing. There will also be approximately 26 units of income-restricted rental townhouse apartments. Additionally, the project includes construction of new parking lots on land owned by the city as well as improvements to Irving Park.
The development site is located on a vacant block near the waterfront at Point Street and Ravine Avenue. Less than a five-minute walk north is the Glenwood Metro-North train on the Hudson Line.
No construction timetable or estimated completion date has been announced.