The Yonkers Industrial Development Agency has approved a financial incentives package for Ginsburg Development Companies to complete Ludlow Point, a new, multi-phase rental property. Located at 150 Downing Street near Yonkers‘ waterfront edge, the first phase of development includes a seven-story building with 208 apartments and a 229-vehicle parking garage on two lower levels.
Amenities will include 24/7 concierge services, a fitness center, a resident lounge, and a roof deck.
As part of the incentives package, the developer will designate 10 percent of the units as affordable housing and complete several off-site improvements, including the restoration of O’Boyle Park located north of the project site, an extension of Bridge Street from Knowles Street to Downing Street, and the creation of a new Bridge Street Park and Promenade that will connect the train station area to O’Boyle Park.
Total construction costs for the project are estimated at $96 million, up from the $65 million sum reported earlier this year. The project team also expects to create roughly 250 construction jobs through phase one.
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Garage must have EV charging !