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October 16, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Westchester IDA supports two White Plains apartment projects

The County of Westchester Industrial Development Agency granted final authorizations today for public support for two proposed White Plains apartment complexes.

The board unanimously approved lease-sublease deals with Westmoreland Lofts LLC and Saber Chauncey WP LLC. Both IDA resolutions authorize payment in lieu of taxes agreements that the developers have been negotiating with the city of White Plains. The amounts were not disclosed at the IDA meeting.

Westmoreland Lofts will consist of 62 apartments at 138-158 Westmoreland Ave.

A rendering of Westmoreland Lofts.

The building will also have ground-level space for light industrial and retail uses. The developer has said previously that a microbrewery and a green grocer could fill those spaces.

The site is a vacant lot in an industrial neighborhood, near Kittrel Park and the Bronx River and about seven-tenths of a mile from the White Plains train station.

It is across the street from Norden Lofts, a 65-unit apartment building that opened this month.

The project is a joint venture of HayMax Capital of Aspen, Colorado, and Red Starr Investments of Harrison.

The $136.2 million Saber Chauncey project will include 276 apartments, nearly 25,000 square feet of space for restaurants and retail, and a parking garage with 716 spaces. The site is at 80-100 Westchester Ave., across the street from The Westchester mall.

The developer will receive an estimated $2.4 million sales tax exemption and $953,340 mortgage tax exemption.