The Yonkers Industrial Development Agency has given its final approval for financial incentives to support the construction of Warburton Avenue Apartments, a six-story senior affordable housing building at 322 Warburton Avenue in Warburton-Ravine, Yonkers. Developed in collaboration by local non-profit the Center for Urban Rehabilitation and Empowerment Inc., Conifer Realty LLC, and the City of Yonkers, the $53.3 million project will yield 93 units affordable senior housing units. The property is located at the intersection of Warburton Avenue and Point Street.
The rendering depicts the bulk of the structure consisting of a large rectangular volume with a façade composed of a mix of red and gray brick and beige EIFS paneling surrounding a grid of square windows. An extension of the building is shown in the rear capped with a pitched roof.
“The Yonkers IDA is off to a strong start in 2024 with approval of incentives for two exciting and innovative multifamily developments,” said Yonkers Mayor Mike Spano, who is also chair of the Yonkers IDA board. “These projects will create more than 500 construction jobs while adding to the vitality of our downtown with new luxury apartments as well as affordable housing for seniors. This is a great example of the diversity of housing that Yonkers has to offer.”
The developers are receiving a 30-year Payment in Lieu of Taxes agreement valued at approximately $2.63 million. The approval was issued at the Agency’s January 23 meeting.
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