Together the projects will bring new life to empty or underused historic properties, as well as generate construction of a new hotel.
“Investor interest in Yonkers continues to be high and projects are moving ahead,” said Mayor Mike Spano who chairs the YIDA, “This is good for the future of local jobs, the tax base, and the City’s overall economy.”
In the first action, the YIDA adopted a final resolution to provide targeted tax incentives for The Plant Manor, which is a project of the Goren Group.
In this project, the former Alder Manor property in north Yonkers will be renovated as a meeting and event center. The $8.5 million plan will complement the proposal by the same owner, the Goren Group, to transform the nearby Glenwood Power Plant into a major conference facility and exhibition space.
Goren purchased the property from Tara Circle for $5.5 million and will now spend an estimated $3 million on renovations as well as $500,000 on furnishings.
“We are pleased this historic property will not only be preserved but will continue to provide jobs and revenues in Yonkers,” said Spano. The YIDA also gave final approval to a new hotel at 555 Tuckahoe Road, next to the POP Displays property. The 150 room Hampton Inn will contain 88,229 square feet of room and meeting space, and be five stories.
Finally, the YIDA reaffirmed its support for the Yonkers Rising project to rehabilitate several buildings in the Main Street and Warburton Avenue area into residential and commercial spaces.
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