Westchester IDA Marks Banner Year in 2023 With $2B, Propelled by Regeneron Expansion
By JOHN JORDAN – February 2024
WHITE PLAINS—The $1.8-billion expansion of Regeneron Pharmaceuticals has once again put economic development activity incentivized by the Westchester County Industrial Development Agency in the billions of dollars.
The agency reported that 2023 was another record year as it finished the year with final and preliminary approvals of financial assistance for private investment development projects valued at approximately $2.2 billion. This follows up the 2022 calendar year, which saw the IDA provide financial incentives for projects with an estimated value of $1.84 billion.
In 2022, the IDA provided incentives for the first phase of Regeneron’s expansion at its facilities in Greenburgh and Tarrytown. Last year, the agency once again approved incentives for the pharmaceutical firm’s larger expansion of its corporate headquarters complex.
Like 2022, the Regeneron project was the IDA’s largest by far in 2023. The expansion project is expected to create more than 2,700 construction jobs, including 1,867 direct jobs resulting in more than $273 million in worker earnings and $357 million in economic activity in Westchester County, the IDA reported.
Westchester County Director of Operations Joan McDonald, who chairs the IDA, pointed to many strategic initiatives that are ongoing and successful. These include the Regeneron’s expansion, biotech, advanced manufacturing and clean energy sectors. She noted the wide range of projects that received incentives was “truly impressive.”
She also listed transit-oriented developments, affordable senior housing, research labs, adaptive reuse housing and energy storage facilities.
Ms. McDonald noted that while the $10-million projects in Ossining and Yorktown will not involve significant job creation, it does “send a message that we are committed to alternative energy.”
“In addition to local developers, we are also seeing national real estate companies that are attracted to the highly educated workforce and excellent quality of life that Westchester has to offer,” Ms. McDonald added.
Among the larger projects receiving preliminary or final approvals for financial assistance last year were:
20 Haarlem Ave., 27 Holland Ave. and 7-11 Holland Ave., White Plains
Development cost: $169 million
Project developer: NW Plains Venture LLC, an entity of BRP Companies
Project description: Adaptive reuse, transit-oriented residential development featuring two, six-story buildings consisting of 296 apartments. Project will include five affordable units. The developer will buy out a portion of its 24-unit affordable housing obligation to the City of White Plains Affordable Housing Fund for a total of $2,028,125. BRP Companies, which is a Minority and Women Owned Business Enterprise (MWBE), has pledged that 30% of the project would be awarded to minority-owned businesses. Construction jobs to be created: 172.
Modera 39 Westmoreland Ave. White Plains
Development cost: $89.2 million
Project developer: Mill Creek Residential Trust
Project description: Adaptive reuse of a vacant light manufacturing facility into a 189-unit multifamily rental building with 12% of the units to be affordable at or below 80% AMI (Area Median Income). Construction jobs to be created: 56.
Crescent Manor Ossining 136-140 Croton Ave. Ossining
Development cost: $44.5 million
Project developer: Macquesten Development.
Project description: 74-unit, 100% affordable housing project for seniors 62 and older. Construction jobs to be created: 159.
Armory Plaza 35 South Broadway White Plains
Development cost: $32.3 million renovation of Armory Plaza
Project developer: The Related Companies
Project description: Renovation of four-story, 52-unit castlelike property into 100% affordable apartments for seniors. Construction jobs to be created: 18.