Westchester LDC Approves $52M Bond Financing for NY Blood Center’s $108M Project

The Westchester County Local Development Corporation (LDC) has given preliminary approval for $52 million in tax-exempt bond financing to assist the New York Blood Center Inc. in redeveloping the former Avon headquarters at at 601 Midland Avenue in Rye. The approval, which was granted October 20, will facilitate the transformation of the old headquarters into a 187,000-square-foot facility, entirely leased to the New York Blood Center for offices, testing and research laboratories, along with processing, storage, and distribution of blood and related supplies.

County Executive George Latimer expressed optimism regarding the initiative, citing it as a testament to the robustness and continued growth of Westchester‘s economy. Similarly, LDC chair Joan McDonald shared the corporation’s enthusiasm in supporting one of the nation’s largest community-based, non-profit blood collection and distribution entities, underscoring the fiscal advantages and job creation prospects this project entails for the county.

The property is set to undergo comprehensive rehabilitation including upgrades to HVAC, electrical systems, plumbing, new windows, roof, façade repairs, landscaping, and construction of clinical and research laboratories, among others, all conforming to or exceeding current energy and environmental standards. The $108 million rehabilitation project, expected to span 12 to 18 months, will inject approximately $9.96 million into the local economy. This figure includes estimated sales tax revenue from construction earnings, on-site employee spending over 30 years, and fees collected by the LDC based on bond sale proceeds.

Early estimates predict the project will create 124 construction jobs and 686 on-site operational jobs. The move is a significant milestone for the New York Blood Center, a cornerstone in community-based blood centers since 1964, and for Westchester County, facilitating significant economic and employment benefits.