New Housing Stock and Retail Space Set to Revitalize Downtown Yonkers
- Mar 20, 2012
By Keith Loria, Contributing Writer
Yonkers, N.Y. —L+M Development Partners Inc. has teamed with the Yonkers Industrial Development Agency on the construction of Warburton Lofts, a historic restoration of loft-style rental apartments and retail space located at 44-50 and 54 Warburton Avenue.
This $10 million mixed-use project is just the latest in a series of developments in the downtown Yonkers area that is designed to revitalize the area and create housing stock for all income levels.
“There is a little bit of history to this. The Greyston Foundation wanted to develop affordable housing and brought L+M in because they needed stronger expertise to deliver their mission,” Ellen Lynch, President of Yonkers Investors Development Agency, tells MHN. “There was a concern in the community because they were taking down houses with historic significance. The resolution was to build a tower of affordable housing at 49 North Broadway behind the houses going up, a modified version of what they had originally contemplated to do.”
Warburton Lofts represents the second phase of an innovative affordable housing development that includes the adjacent 92 unit, 12-story tower under construction at 49 North Broadway, which is projected to be completed by the fall.
“This innovative project is a wonderful opportunity to turn buildings that have been symbols of urban decay into vibrant active spaces, creating quality affordable housing for Yonkers families and viable retail opportunities for small businesses,” said Yonkers Mayor Mike Spano, who also serves as Chairman of the Yonkers IDA. “These historic buildings, with their newly restored facades will be another visible sign of our downtown’s transformation.”
When completed, the Warburton Lofts will offer 10 residential units, to be marketed to moderate-income households with incomes no higher than 80 percent of the Westchester County median income.
“Restoring these buildings serves as another important step in our work to bring economic vitality back to the heart of one of the largest municipalities in New York State,” said Ron Moelis, CEO and co-founder of L+M Development Partners. “We’re excited to be involved in a project, which also allows us to honor the city’s history while contributing to ongoing change.”
Warburton Lofts will feature restored 100-year old storefronts at street level with over 9,000 square feet of retail space and 10 loft-style apartments above two to four story buildings. Each structure will also be restored to its circa 1900 appearance.
“People are very passionate about the neighborhood and the historical integrity. It was a long process but I think the end result is accomplishing something that works for everybody,” Lynch says. “When you talk about bringing the downtown alive, what we need is people living in downtown supporting retail and being there. The 10 apartments don’t get you that much, but the tower with 77 units does. We are accomplishing both things.”