YONKERS, N.Y. – U.S. Senator Charles Schumer is pushing for millions of dollars in tax credits for the Glenwood Power Plant, hoping to jumpstart development that will turn the dilapidated building into a hotel and convention center.
Schumer, who was joined by developers and elected officials Wednesday in Yonkers as he toured the power facility, said the $250 million project would spur development along the waterfront while creating hundreds of jobs.
“The transformative plan to redevelop the century-old Glenwood Power Plant on Yonkers' waterfront will create hundreds of jobs, boost the local economy and honor the city’s legacy, and I’m urging the federal government to get on board,” he said. “The Glenwood Power Plant will now have the chance it deserves to be rehabilitated into a force for good as a mixed-use convention center, with restaurants, hotels and more on Yonkers’ waterfront.”
Late last year, developers unveiled their plans for the former power station. In their proposal, all three of the power plant's iconic buildings would be restored, with the southernmost smokestack room transformed into a restaurant and 72-room hotel.
Next to that, in the turbine room, would be an exhibition hall for conferences. In the third building, the switch room, a second small hotel would be placed, this one with 42 rooms.
Developer Lela Goren said they envision the power plant as a “destination for culture, business and leisure on the majestic shores of the Hudson River for all New Yorkers.”
On Wednesday, Schumer pledged to push for more than $20 million in federal tax credits from the Department of Treasury’s New Markets Tax Credit. He also urged support for the developer’s application to the National Park Service for historic tax credits, which could provide a 20 percent credit to the project’s investors.
Both these opportunities, if realized, could allow work on the project to begin this year, Schumer said.
“With these federal credits, the power plant can avoid the wrecking ball and help honor the city’s legacy by spurring development along the city’s waterfront and the creation of hundreds of jobs,” he said.