Westchester County’s Industrial Development Agency has approved financial incentives for Regeneron Pharmaceuticals’ $1.8 billion campus expansion project in Tarrytown. With the expansion, Regeneron expects to create more than 2,700 new construction jobs, around 1,000 permanent positions, and an estimated $357 million in economic activity for Westchester County.
Regeneron was founded in 1988 in New York City and is now the largest biotech company in New York State. The expansion project will add more than 900,000 square feet, which includes up to eight new buildings, labs for clinical practice and research, manufacturing and development suites, and administrative spaces.
Approved incentives include $3.67 million in sales tax exemptions and a PILOT real estate incentive of $307 million.
“We are thrilled to provide incentives to Regeneron, which is a major employer in Westchester with nearly 4,000 employees at its Tarrytown campus,” said Joan McDonald, chair of the Westchester County IDA. “With this expansion project, Regeneron will continue to grow as it invents life-transforming medicines for people with serious diseases.”
Construction will be completed in two phases over the next six years and is expected to wrap up by 2027.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Another Columbia University founded company.
Really fantastic news. Westchester County has still got its place in the Global community of science and pharmaceuticals.
While homelessgets homelessness rich gets richer again.. that’s America. MAGA