The Yonkers Industrial Development Agency Board of Directors recently granted preliminary approval of financial incentives for the development of 56 Prospect St

YONKERS—The Yonkers Industrial Development Agency Board of Directors recently granted preliminary approval of financial incentives for the development of 56 Prospect St., a $32.6 million, seven-story residential building featuring 126 rental units.

The project, which received preliminary approval at the IDA’s Oct. 28 meeting, is estimated to create 250 construction jobs and six permanent full-time jobs.

The property will feature 13 units that will be designated as affordable under the city’s Affordable Housing Program. The developer of the project is Regency Apartment Ventures, LLC o of Melville, NY.

Located on several vacant properties on the corners of Prospect Street, Buena Vista Avenue and Hawthorne Avenue, the project will be comprised of 90 studios, 18 one-bedroom units and 18 two-bedroom units with a rooftop terrace overlooking the Hudson River. The units will have full-sized kitchens, large fully accessible bathrooms and individual laundry facilities.

Other features include a private landscaped courtyard on the first-floor residential level with benches and picnic tables. The building will have an underground parking garage for 130 cars. Security for the building will be provided by a decorative fence around the perimeter and security-controlled access gates. The building will utilize a “green roof” and other sustainable features.

In other business, the Yonkers IDA Board also approved a resolution authorizing grants and loans under the city’s State Disaster Emergency (SDE) Award Program. A total of $442,500 in grants and loans were approved for 28 Yonkers businesses and not-for profits.