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September 23, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

AvalonBay’s $76.8M Harrison project receives $1.35M IDA sales tax exemption

 

Rendering of AvalonBay Harrison.

AvalonBay Communities will receive $1.35 million in sales tax exemptions from the Westchester County Industrial Development Agency for its estimated $76.8 million residential development near the Harrison train station.

The IDA announced Dec. 4 it has approved a letter of intent to support the construction project along Halstead Avenue in the village. AvalonBay plans to build 143 rental units, along with 27,000 square feet of ground-floor retail space, on grounds currently used for Metro-North Railroad parking.

The site will have 758 total parking spaces, including a new parking garage that will have 475 spaces owned by the Metropolitan Transportation Association for commuters, 77 spaces for apartment residents and 46 spaces for shoppers and visitors of the retailers.

Monthly rents for the apartments are expected to range $2,500 for one bedroom and $3,000 for two bedrooms, according to the IDA announcement. The development includes seven affordable units.

AvalonBay won a bid in 2014 to buy the 3.3-acre Harrison site from the MTA, following decades of speculation and a three-year bidding process. The company will build the apartments in two phases over a 30-month period. The IDA expects the effort to create 410 construction jobs and 8 permanent jobs.