The Yonkers Industrial Development Agency has granted final approvals for a seven-story rental building at 56 Prospect Street. The incentives package is valued at $32.6 million and is awarded to Regency Apartment Ventures, LLC, the Long Island-based developer responsible for the project.
Known locally as the Yonkers IDA, the agency is responsible for undertaking projects and programmatic initiatives that foster economic, residential, and commercial development throughout the City of Yonkers.
The new rental property will eventually contain 126 units and is expected to create roughly 250 construction jobs as well as permanent building staff positions. The mix of units will include 90 studios, 18 one-bedrooms, and 18 two-bedrooms. This includes a total of 13 affordable housing units that will be priced below market rate.
Outdoor amenity space will include a private landscaped courtyard on the first floor with benches and picnic tables. Future occupants will also have access to an underground parking garage for 130 vehicles.
Agents representing the developer have declined to confirm the building’s design architect. An anticipated date of completion is also unconfirmed.