YONKERS, N.Y. – A $14 million parking garage and “symbol of change” in downtown Yonkers will be christened Friday.
Mayor Mike Spano will join developers Friday to officially announce the completion of the Warburton Garage during a morning ribbon-cutting ceremony. The 300-space structure, near Philipse Manor Hall, is another part of a continuing revitalization effort to attract residential and small business investment in downtown Yonkers, Spano said.
“The revitalization of downtown Yonkers would not be complete without this newly constructed and efficient parking facility that now will house vehicles of those who choose to live, work and raise a family in Yonkers,” he said.
The newly completed garage will serve the downtown area’s small businesses, Yonkers Public Library visitors and tenants of the adjacent iPark complex. In addition, the garage will set aside 78 spaces for residents of a new workforce housing development, the adjacent Warburton Riverview Apartments.
The project was financed as a public-private partnership, with roughly $14 million in bonds, grants and tax credits.
Robert Davenport, president of the National Development Council, said his group has worked with the city in structuring more than $2.5 billion worth of projects, including the Warburton Garage, since 1999.
The parking garage is a vital part of the downtown’s redevelopment, he said.
“The city lacks adequate parking to support and sustain the downtown growth that has resulted from this investment,” he said.
As part of the redevelopment initiative, a small business incubator and complementary loan fund will be established.
The NDC, with the assistance of its affiliate The Grow America Fund, will create the $2 million loan fund to support both existing small businesses and new small businesses drawn to downtown Yonkers by the garage development.
City officials say they expect these funds to assist both manufacturing and emerging technology companies and create more than 75 new full-time jobs.