Westchester IDA Announces Big Funding News
The IDA has approved sales and mortgage tax exemptions for four local development projects.
From left: Michael Murphy, new project development director; Chris Murphy, president; Laura Murphy, administrative assistant; Caitlin Murphy, administrative assistant, and Sean Murphy, vice president.
Four development projects in Westchester got a major boost last week when Westchester’s Industrial Development Agency (IDA) announced a financing and incentive bundle that will yield a total of $71.5 million in private investment. According to the IDA, the four projects—renovations to the Ritz-Carlton, Westchester hotel in downtown White Plains; a new condominium development in Bronxville; renovations to an office building in White Plains; and construction of a self-storage facility in Mamaroneck—will create more than 750 permanent and full-time jobs. The transaction fees paid to the IDA on the projects will generate more than $122,000, which will be used to support small businesses and stimulate job creation, says the IDA.
How does the funding break down? The IDA approved:
$297,500 in sales tax exemptions to the Capelli Organization for a $4 million renovation of the Ritz-Carlton, which includes new carpeting, wall coverings, draperies and seating. The project is expected to generate 40 construction jobs.
$1,328,400 in sales tax exemption and a mortgage tax exemption of $546,000 to Fareri Associates for the development of a $60 million condominium to be built at 15 Kensington Road, Bronxville. The development will feature 54 condo residences. The project, which will create a total of 500 construction jobs and 10 permanent jobs, requires extensive environmental remediation, which Fareri Associates will undertake.
$167,216 in sales tax exemptions to Onyx Equities for the renovation of a 326,307-square-foot office building located at 1311 Mamaroneck Avenue in White Plains. The $4 million renovation project includes upgrading the lobby, corridors, elevator cabs, cafeteria and other common areas inside the building as well as adding parking, signage and landscaping.
$110,625 in sales tax exemption to Murphy Brothers Contracting (pictured above) for the construction of a 40,000-square-foot self-storage facility at 426 Waverly Avenue in Mamaroneck. The new building will incorporate green building technologies including solar shingles, heat recovery ventilators, high efficiency VRF cooling and heating system and high performance windows. The $3.5 million project will create 200 construction jobs.
“The projects supported by the IDA today demonstrate the vitality of our local economy and the strength of our job market,” said Westchester County Executive Rob Astorino. “We are proud that these diverse, job-creating projects all have one thing in common: successful partnership with Westchester County.”