GOING UP: Yonkers NY Development: Planned Teutonia Apartments Gets Tax Incentives

JOURNAL NEWS: The developer of the mixed-use Teutonia Hall – two 41-story luxury apartment towers – has notched preliminary approval for tax incentives from the Yonkers Industrial Development Agency.

YONKERS: Slated for the former Teutonia Hall site on Buena Vista Avenue, it’s planned to comprise a total of 906 apartments, 91 of which will be affordable housing, according to a news release issued Thursday.

Also planned are 2,900 square feet of commercial uses.

The lower six stories would serve as a parking area for residents, with about 907 spaces.

A proposed podium façade for the parking is eyed to emulate that of the former Teutonia Hall.

According to the release, the IDA’s board voted on Nov. 21 to give preliminary approval to developer AMS Acquisitions, which is requesting $12.9 million in sales tax exemptions and $4.4 million in mortgage recording tax exemptions.

The $458-million mixed-use development is planned to be carried out in two phases. Phase one is construction of the first tower and two-thirds of the parking podium, creating 510 of the units, plus amenity spaces, 544 parking spaces, and about 2,200 square feet of retail space.

Construction is anticipated to begin September 2024 and be completed in December 2027, the release said.

Phase two is the other residential tower and remaining third of the parking area/podium, creating 396 units, plus amenity spaces, 363 parking spaces, and about 700 square feet of retail.... 

https://www.facebook.com/groups/YonkersNewswire/posts/3670066859917532/

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