By Ernie Garcia, Lohud
Developers broke ground Wednesday on a two-tower downtown Yonkers complex near the city’s exposed Saw Mill River.
RXR Realty and Rising Development are beginning construction of the $190 million Larkin Plaza mixed-use development project with 439 apartments, 35,000 square feet for retail and parking for 539 vehicles.
The two towers – one 25 stories and the other 17 stories – will sit at 38 Nepperhan St. across from Van der Donck Park, the exposed Saw Mill River project that city officials had hoped would spark a development renaissance.
“The rebirth of Yonkers that my grandfather always believed would occur is today well underway,” said RXR’s executive vice president Seth Pinsky, whose family ties to Yonkers go back to his immigrant great-grandparents.
Pinsky said that past investments like the uncovering of the Saw Mill River, the renovation of the Yonkers Pier and construction of apartment buildings at the waterfront created the opportunity for RXR to begin building its project.
“It not only benefits from the momentum created by those who came before, but I think it will create new momentum that will propel even more growth and even more opportunities for those who come next,” Pinsky said.
Mayor Mike Spano told the crowd that gathered for the groundbreaking that developers are coming to downtown Yonkers with new projects because they appreciate downtown’s proximity to New York City by rail.
“What’s great about Larkin Plaza is that it’s precisely the type of development we need here in Yonkers to meet the growing demand of people who want to live here: a diverse, urban environment while enjoying the beautiful Hudson River waterfront,” said Spano.
RXR’s towers are considered transit-oriented development because the site is one block from the Yonkers Station, which has service to Penn Station via Amtrak and Grand Central via Metro-North.
Demolition and site work have been underway for several months. Construction will begin now, with completion expected in the fourth quarter of 2018.
Spano noted that RXR’s investment has already created new opportunities for downtown in the form of new development proposals, including AvalonBay Communities’ proposal to build 609 apartments a few blocks away on Alexander Street and iPark Hudson’s proposal to build 197 apartments at 29, 43 and 57 Wells Ave.
Published: December 14, 2016
Filed Under: Redevelopment
The RXR platform manages 69 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.1 billion, comprising approximately 24.6 million square feet of commercial properties, inclusive of a multi-family residential portfolio of approximately 2,600 units under operation or development, and control of development rights for an additional approximately 3,600 multi-family and for sale units in the New York Metropolitan area. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.