The Westchester Industrial Development Agency (IDA) has approved a $9 million financial incentives package for a warehouse-to-residential conversion project at 39 Westmoreland Avenue in White Plains. Led by Florida-based developer Mill Creek Residential Trust, the vacant century-old warehouse will yield 163,000 square feet and debut at Modera White Plains.
The property will contain 189 rental apartments in studio to three-bedroom units. Twelve percent of the units will be provided at or below 80 percent area median income. Amenities will include a fitness center, a recreational garden, co-working space, a pet spa, grilling stations, a lounge, and a roof deck.
The property will also include a small public park.
“Through innovative renovations and adaptive reuse, we have found creative solutions to address the pressing need for accessible housing,” said Westchester County executive George Latimer. “The County’s IDA has granted final and preliminary approval of financial incentives for these crucial projects, marking a significant milestone in our efforts to uplift our community.”
Before construction can break ground, Mill Creek will need to complete a remediation of the site to remove asbestos in the existing warehouse, as well as soil and ground water contaminants, which could include fuel and oil.
The incentives package included a sales tax exemption of $3,34 million, a mortgage recording tax exemption of nearly $596,000, and a PILOT valued at $5.09 million. Total project costs are estimated at $89.2 million
The project is expected to create 56 construction jobs.
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garage must have EV charging