Project rendering
YONKERS – The Yonkers Industrial Development Agency gave its approval to an incentive plan that will see the development of a 442-unit high rise apartment building to the downtown area.
RXR Realty and Rising Development will be the lead partner in the project in Larkin Plaza, overlooking Van Der Donck Park and within walking distance of the Yonkers train station. RXR is entering into a joint venture with Rising Development, which has owned the properties for several years.
RXR plans to build 454,000 square feet of apartments plus 40,000 SF of ground floor retail and restaurant space. The company is in discussions with the city to set aside a portion of the apartments for affordable housing.
“This project is expected to provide roughly 250 permanent jobs when the stores and restaurant open along with the apartments,” said IDA President Kenneth Jenkins.
The site has already been designated a priority project by the state’s Mid-Hudson Regional Economic Development Council and has been awarded $1 million in assistance from the state’s Empire State Development Corporation.
