The Yonkers Industrial Development Agency (YIDA) has recently approved large financial incentives for two major projects: Teutonia Hall and the Champlain Hudson Power Express (CHPE).
Not Taxing the Towers
Teutonia Hall, a colossal $458 million mixed-use residential complex, secured final approval from the YIDA on Feb. 29. This ambitious project located at 4 Buena Vista Avenue stands to become one of the largest developments in recent memory. Featuring two luxurious 41-story towers, it promises to reshape Yonkers’ skyline. The complex’s blueprint includes 906 apartments, with the minimal 91 units earmarked as affordable housing. Additionally, Teutonia Hall boasts 2,900 square feet of street level commercial space. The lower six stories house a parking facility accommodating up to 907 vehicles.
Phase 1 construction is slated to commence in September 2024, with an expected completion date of December 2027. Phase 2 follows suit starting in December 2028 and finishing by December 2031.
The project’s developer, AMS Acquisitions, received substantial financial backing from the YIDA. This included $12,924,830 in sales tax exemptions and $4,549,646 in mortgage recording tax exemptions. Furthermore, AMS Acquisitions is seeking a 20-year payment in lieu of taxes (PILOT) arrangement.
Greenbacks for Green Energy
In a separate decision, the YIDA granted preliminary approval for financial incentives to the Champlain Hudson Power Express (CHPE) project. This initiative plans to install a 1,250MW electric transmission line beneath 4.3 miles of the Hudson River in Yonkers. Estimated at $22.5 million, this underwater installation is part of a broader endeavor to transport hydroelectric power from Quebec to New York City.
Scheduled for installation in September 2025, the CHPE cable installation seeks a sales tax exemption of $1,996,875 from the YIDA.
These decisions from the Yonkers Industrial Development Agency (YIDA) continue to reshape the landscape of Yonkers. The financial incentives awarded for Teutonia Hall and proposed for CHPE herald the ambitious nature of development in the city.
