Developers pitch a $120M mixed-use project in White Plains, opposite the Westchester mall
Two Westchester Avenue parcels in White Plains may be developed into “The Collection,” a complex containing retail, restaurants, 276 rental apartments and a parking garage. The 3.1-acre plot sits across the street from the Westchester mall. A zoning request, submitted by Saber White Plains LLC and Chauncey WP LLC is currently under review. The developers are near the completion of a $150 million project, Rivertowns Square in Dobbs Ferry. [Lohud]
Urstadt Biddle Properties plans greater investment in Stamford mall
Having initially invested $5.4 million in the High Ridge Shopping Center in Stamford, Greenwich-based Urstadt Biddle Properties is planning to issue stock to raise money to buy a larger stake in the popular mall. The shopping center, which currently houses a Trader Joe’s, Starbucks and several other vendors, recently generated about $3.5 million in revenue in its most recent quarter reports, according to Greenwich Time. Earlier this year, Urstadt Biddle also acquired Derby’s Pershing Square Shopping Center for $9 million. [Greenwich Time]
$1.5 million tax break sought by Stagg Group for Yonkers complexes
In an application submitted to the Yonkers Industrial Development Agency, Purchase-based firm the Stagg Group requested $1.5 million in tax breaks for the construction of two residential complexes in Yonkers. The developer’s projects would create a total of 204 units at 411 and 705 Bronx River Road. Both plots of land have gone unused for years, LoHud.com reported. A hearing is scheduled for June 21. [Lohud]
In a bid to increase competition, Rye Town Park eyes longer restaurant leases
Rye Town Park restaurants may soon be signing 20-year leases if the local commission manages to get two proposed state laws passed. Current standard contracts are three years and state law requires the commission to seek approval for anything beyond that. The park is jointly owned and funded by Rye City and Rye Town and is operated by the six-member Park Commission. “A longer term lease could encourage broader competition for restaurant tenants,” said a sponsor of the bill, Assemblyman Steve Otis, of Rye. [Lohud]
Affordable housing tax breaks weighed for Mount Vernon apartment complexes
The Pointe, a proposed $104.9 million mixed-use project with 350 units of affordable housing, is the largest of three new projects being considered for tax breaks by the city of Mount Vernon. The project’s developer, New York City-based MVP Realty Associates requested a $625,268 mortgage-tax exemption and a $3.6 million sales-tax break, LoHud.com reported. Greater Centennial Homes Housing Development Fund Company and ventilating contractor LTB Mechanical Corp also submitted requests. [Lohud]
Scarsdale parking garage redevelopment at center of community debate
Scarsdale’s Freightway Steering Committee is asking the local community to weigh in on potential redevelopment plans for the 2.38-acre parking lot and garage next to the Metro North station. “This site really lends itself to transit-oriented development that you’re seeing up and down the train lines … for mixed-use development as well as the parking,” village planner Elizabeth Marrinan told LoHud.com. She estimated that a new garage on the site, which currently accommodates 700 parking spaces, would cost $25,000 to $35,000 per space. [Lohud]