The Rivertowns Square mix-use commercial complex in Dobbs Ferry, Tuckahoe Marriott Springhill Suites and the office building at 101 East Post Road in White Plains will all receive a portion of the funding.
As a result of the projects, more than 1,600 construction and permanent jobs are expected to be created, according to Astorino.
“These businesses have said ‘Yes’ to Westchester and chose to invest here because we are committed to creating an environment that allows them to thrive and succeed,” said Astorino in a statement. “Job creation is how we move Westchester forward.”
Below is the full press release from Astorino's office:
County Executive Robert P. Astorino today announced that Westchester’s Industrial Development Agency (IDA) has approved a series of incentives that will enable three major economic development projects to move forward: a Marriott Springhill Suites in the Village of Tuckahoe; a mixed-used shopping, entertainment, hotel and housing complex in the Village of Dobbs Ferry; and an office building in downtown White Plains. With a total of $83 million in private investment, the projects will create more than 940 new permanent positions as well as 725 construction jobs.
“These businesses have said ‘Yes’ to Westchester and chose to invest here because we are committed to creating an environment that allows them to thrive and succeed,” said Astorino. “Job creation is how we move Westchester forward.”
Dobbs Ferry Mixed-Use Complex
The Rivertowns Square commercial mixed-used complex, proposed by locally-based Saber Dobbs Ferry, LLC, is a $52 million project, which will receive $1,609,402 million in tax incentives through the IDA ($1,062,180 in sales tax exemption, $547,222 in mortgage recording tax exemption). The project will create 660 full and part-time jobs and 475 construction jobs.
“This $52 million project promises to provide a diverse retail alternative and create good-paying jobs for the Dobbs Ferry community and the county,” said Martin Berger, principal of Saber Dobbs Ferry, LLC. “It would not have been economically viable without the help of the IDA.”
The project will revitalize 17.7 acres located off the Saw Mill River Parkway at Lawrence Street, which have remained vacant since 2005. The development will include a specialty cinema, a Mrs. Green’s natural grocery market, an Ulta Cosmetics store, a Chipotle Mexican Grill restaurant, a Chop't Creative Salads and The Learning Experience, a child care facility. Seventy-five percent of the commercial space is preleased. In addition, the development will include a 123-room Hilton Garden Inn and a 202-unit residential building. The project will utilize “green building” technologies, including the use of Energy Star rated equipment and materials made from recycled content or renewable sources where possible. Construction will begin in October and is expected to last 18 to 24 months.
Tuckahoe Marriott Springhill Suites
The Tuckahoe Marriott Springhill Suites, proposed by Eastchester-based Bilwin Development Affiliates, LLC, is a $25 million project, which will receive $1.4 million in tax incentives through the IDA ($1.2 million in sales tax exemption, $200,000 in mortgage recording tax exemption). The project will create 80 permanent jobs (30 hotel and 50 restaurant) and 200 construction jobs.
“This $25 million hotel project will provide family members of area college students or hospital patients, as well as business travelers, a quality hotel option at an economical rate,” said Bill Weinberg, principal of Bilwin Development Affiliates, LLC. “County Executive Astorino’s economic development team has been a great partner in helping to navigate the process and getting this project moving faster than we thought possible.”
The 91,000 square-foot building will be located on 3.5 acres of land at 109-125 Marbledale Road in Tuckahoe. The 163-room facility will include 1,000 square-feet of meeting space, a restaurant, an indoor pool, an indoor whirlpool, an exercise room, a business center, a gift shop and guest laundry room. The project will utilize “green building” technologies, including solar photovoltaic, geothermal heating and cooling, foam insulation, a green roof, rain water retention and reuse and LED lighting. Construction will begin in November and the project is expected to take about one year
White Plains Downtown Office Building
The renovation of 101 East Post Road in downtown White Plains, proposed by Post Road Associates, LLC, is a $6 million project, which will receive $329,250 in tax incentives through the IDA ($251,250 in sales tax exemption, $78,000 in mortgage recording tax exemption). This project will create approximately 200 permanent jobs and 50 construction jobs.
“This $6 million renovation project will breathe new life into this building and commercial district,” said Paul Guillaro, president and CEO of Unicorn Contracting and general partner of Post Road Associates, LLC. “Thanks to County Executive Rob Astorino and his IDA team, this project was made feasible and will attract quality commercial tenants as well as high-paying jobs that will support the Mamaroneck Avenue retail and restaurant district.”
Construction on the 50,000 square-foot building is expected to begin this fall and will be completed by the spring of 2015.
About the IDA
The IDA is a public benefit corporation created in 1976 for promoting and encouraging economic development in the county primarily through assisting in the creation or retention of jobs.
The IDA is also empowered to issue taxable and tax-exempt bonds for organizations meeting federal and state guidelines. There is no financial risk to the county or to county taxpayers. The obligation for repaying the debt rests solely with the organizations.
Any corporation or small company looking to access the low-cost and tax-exempt project financing made available through the IDA should contact Jim Coleman, executive director of the IDA, at (914) 995-2963 or firstname.lastname@example.org.
Above photograph, from left: Paul Guillaro, president and CEO of Unicorn Contracting; Bill Weinberg, principal of Bilwin Development Affiliates, LLC; Martin Berger, principal of Saber Dobbs Ferry, LLC; Westchester County Executive Robert P. Astorino; Jim Coleman, executive director of the Westchester County Industrial Development Agency; William M. Mooney III, director of economic development for Westchester County.