As Chairman of the Yonkers Industrial Development Agency (IDA), Mayor Mike Spano has overseen a record number of development projects receiving IDA incentives. In 2024, the IDA approved financial incentives for residential projects representing a total private investment of approximately $1 billion. The developments are projected to create approximately 2,100 new residential units and approximately 2,400 construction jobs.
Since 2018, the Yonkers IDA has provided financial incentives for development projects representing a total private investment of approximately $4.1 billion. The developments are projected to create approximately 9,000 new residential units and more than 9,300 construction jobs. Ten percent of all new residential units are set aside for affordable housing.
Among the major residential projects approved for incentives by the IDA since 2018 were Teutonia Hall, a $458 million mixed-use residential complex featuring over 900 units in two luxury 41-story towers; 18 North Broadway, a $306.7 million residential development featuring 650 apartments and Extell’s $502 million waterfront residential complex with 1,400 units. Under Mayor Spano, the IDA has been a driving force in the revitalization of the Yonkers waterfront with national developers building new residential apartments both affordable and market rate. Mayor Spano recently attended a ribbon-cutting event to celebrate the grand opening of Extell’s project.