Westchester County’s Industrial Development Agency has approved two substantial multifamily rental properties in downtown White Plains. Referred to simply as the IDA, the agency works to facilitate diversification and urbanization of the county through the construction of vibrant mixed-use developments. Together these new properties will create 346 new apartments and represent $131 million in private investment.
The first development site is located at 51 South Broadway and will yield 134 apartments. The structure will top out at eight stories and is the latest project from Stamford-based developer RMS Companies. The existing property, which currently sits vacant, will soon be demolished.
The residential component will include a mix of 27 studio units, 59 one-bedrooms units, 48 two-bedrooms units. Amenities will include a fitness center, pet spa, bicycle storage, resident lounge, co-working spaces, and a conference room. Outdoor amenities will include a pool, a garden terrace, barbecue grills, a fireplace, and lounge-style seating. Residents will also have access to a two-level garage.
Total construction costs for this property hover around $48 million. The developer sought $1.5 million in sales tax exemptions and $350,000 in mortgage recording tax exemptions. Incentives for the project were approved at the IDA’s January 27 meeting.
Rendering of One Lyon
The IDA board also approved financial incentives for One Lyon, a two-building residential complex. Located at 1 Lyon Place and 10 Lyon Place, the complex features 212 rental units with a mix of studios, one-bedrooms, and two-bedroom homes. A total of 13 apartments will be designated as affordable housing units marketed to households at or below 60 percent area median income (AMI).
Residential amenities will include a gym with an outdoor yoga studio, a recreational garden, a business center, a pet spa, and a rooftop pool deck equipped with barbecue grills. Additional amenities include a game room with VR spaces, a flexible space for parties and events, communal lounge space, a coffee shop, a screening room, and roof-level outdoor space.
Beitel Group is the developer responsible for the One Lyon complex and requested $2.7 million in sales tax exemption, $664,000 mortgage recording tax exemption, and a 14-year PILOT agreement valued at approximately $14 million. Total project costs are estimated at $83 million.
“The IDA is proud to provide preliminary and final approval of incentives for these two important residential developments in downtown White Plains,” said Westchester County IDA chairperson Joan McDonald. “These projects are creating hundreds of new multi-family apartments with a portion being affordable units. In addition, they represent a significant private investment in our County’s economy.”
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