Spring-Summer 2001 Published by the CITY OF City of Yonkers Office of Economic Development VISION YONKERSPROGRAMS AND SERVICES THAT BENEFIT BUSINESSES IN YONKERS Yonkers IDA Leases nValley Technology Cranes And Hard-Hats Take Center Over Downtown & Waterfront Last year the Yonkers Industrial Development Have you been in the downtown district lately? Agency purchased the 116,000 square foot former Well if you haven’t you should plan on doing so. Purdue Building (now the nValley Technology The entire skyline of downtown Yonkers is start- Center) in Nepperhan Valley for one dollar. After ing to change and you have seen nothing yet. The receiving a number of proposals to develop the following is an overview of the various activities property, the IDA entered into an agreement with in progress or scheduled to begin soon: a local Yonkers developer, the Alfred Weissman Realty Corp. The Weissman’s will lease the facili- Construction of the $53 million Board of ty from the YIDA for four years and at the end of Education / Public Library is NOW underway four years they have an option of purchasing the Development of the $5 million Gateway Loft building or renewing their lease. The Weissman’s project is now in progress will upgrade the building and market it to high Rehabilitation of $35 million Yonkers Train technology/bio technology companies. The building Station will commence in July 2001 is wired with fiber optics to the ATM switch in Redevelopment of the $3.5 million Gazette Downtown Yonkers and this makes it very attrac- Building is in final stages tive to the high technology industry. Redevelopment of the $10 million Trolley Barn into live/work lofts and retail beginning soon Alfred Weissman, Principal of Weissman Realty Construction of the $53 million Collins Corp. stated,” this is what we do best. We have caption taken possession of a number of vacant buildings in the City of Yonkers down through the years and Continued on page 4, first column. were able to attract some major businesses to the city”. Last year Weissman Realty purchased the former Saks Fifth Avenue 500,000 square foot dis- tribution center on Tuckahoe Road and within a Yonkers IDA Takes Control of short period of time negotiated a 25 year lease with the telecommunications giant Qwest Ridge Hill Site Communications. “ The nValley Technology Center is located between the Qwest Cybercenter on Tuckahoe Road and the Verizon ATM switch downtown Yonkers”, stated Alan Weissman, “this is the spark that will ignite the entire Valley into the world of high tech” remarked Weissman. Mayor John Spencer, Chairman, Yonkers Industrial Development Agency applauded the deal. “This is wonderful deal for the City”, stated the Mayor, “through our proactive business approach, we have taken an abandoned building and through working with the private sector will be able to redevelop this property into a high tech facility which will bring new jobs and new rev- enues to the City of Yonkers” Ridg Hill Site offers great infrastructure. Fifteen years ago Lockheed Martin leased 84 and the remaining 77 years remaining on the Redevelopment of the building is expected to acres of property on Ridge Hill, in Yonkers, from lease for $15 million. The IDA formed the Ridge commence in late Spring 2001 and will be com- New York State for 99 years. Lockheed built a Hill Development Corporation, a not for profit pleted before year end. I 240,000 square foot Class A office building on entity to handle the transaction. Lockheed the site at a cost of $39 million. At one point, agreed to sublease 107,000 square foot from Lockheed had over 900 people employed on the Ridge Hill Development Corporation for 5 years Yonkers Business Week Ridge Hill site, but in recent years this number with an option to renew. had dropped to less than 300. When negotiations 2001 Planned broke down to sublease the undeveloped area of Ridge Hill Development Corporation is cur- the site to a private enterprise, Yonkers rently showing the remaining 130,000 square If you attended Yonkers Business Week 2000, Industrial Development Agency and Yonkers feet of office space to interested parties. At the chances are you will also be attending this year’s Office of Economic Development stepped in. An same item, Ridge Hill Development Corporation event. If you did not attend last years event, you did agreement was reached with Lockheed to pur- is in discussion with a number of entities that miss a treat, but not to worry, Yonkers Business chase the 240,000 square foot office complex are interested in developing on the site. “We Week 2001 is an event you do not want to miss. Continued on page 2, Continued on page 4, second column. YONKERS CITY OF VISION – Spring/Summer 2001• 1 Mayor Spencer Goes to New Home For Yonkers Library Washington And Board Of Education Mayor Spencer was one of four mayors requested to address the Council for Urban Economic Development’s (CUED) 3,000 mem- bership at its 2001 Annual Summit in Washington, DC. The Mayor spoke on how he expects the Bush Administration to deal with cities on issues related to Economic Development. The Mayor stressed the need for less Federal Government and more autonomy for smaller cities. I US Conference Of Mayors/Partner America Host Seminar In Yonkers Yonkers is currently studying a number of The City of Yonkers Office of Economic Development in partnership with US Conference of caption Mayors/Partner America recently hosted a semi- nar at the Grinton Will Library Branch in Yonkers. Mayor Spencer kicked off the conference where After decades of waiting the main branch of needs of our children in an efficient and respon- 200 attendees heard how they could do business Yonkers Public Library and Yonkers Board of sive manner.” with Local, State and Federal Agencies. They Education will soon have a new home. The “To turn an old factory building into a new were informed of the various government pro- Yonkers Industrial Development Agency (IDA) library and Board of Education building is sym- curement programs that are available to small recently purchased the former Otis building in bolic of what we are doing in the city,” stated Dr. business and how they can take advantage of Downtown Yonkers. The $53 million redevelop- William Sheerin, President of the Yonkers Public I these opportunities. ment was financed by bonds sold through the Library Board, “which is changing from an IDA. industrial age to an information age.” “This is the largest development in our “Need quote from Joseph Farmer, Mayor Spencer Lures Downtown District” stated Mayor Spencer, Superintendent, Yonkers Public Schools.” Chairman of the YIDA. Finally the main branch “Need quote from Robert Ferrito, President, Businesses of our public library will have a building that will Board of Education.” Yonkers Day in New York meet the needs of our community. Our Board of The project is managed by National Education will consolidate all its entities into one Development Council and construction by Mayor Spencer hosted a facility. This will help the Boards the Yonkers Whiting-Turner Contracting Company will be luncheon for 50 prominent Public School team of professionals meet the completed by July 2002. I business people in Manhattan recently. The Mayor gave the business people a complete overview of all the economic activities in the City of Yonkers. He stressed Yonkers’ envied Yonkers Business Week location, its ability to respond to the high tech- nology industry and Yonkers business friendly better market your business, selling technology or attitude a proactive approach. simply trying to see how the age of technology can increase your bottom line, these are a sampling of As a result of the Mayors luncheon the Office the dozens of topics offered at Yonkers Business of Economic Development has shown property to Week 2001” stated Mayor John Spencer. seven developers during a thirty day period. I Yonkers Business Week 2001 will kick off with a breakfast on Monday, April 23rd and conclude on Saturday, April 28th. Breakfasts, luncheons, din- ners, seminars, workshops, expo events, network- RIVERFEST AN OVER- ing, marketing, advertising, promotion, prizes, WHELMING SUCCESS awards and much more will be held all around the city from the Lower East Side to the Upper East The City of Yonkers Riverfest was an over- side, from the Lower West Side to the Upper West whelming success .The two-day event attracted Side, and areas in between, Yonkers Businesses over 30,000 people to the downtown/waterfront will be able to hear how their business can com- district. ABC 7’s Good Morning America attract- pete and be more profitable in the technology age. ed over 500 people, including a large number of “Yonkers is a great place to do business. Yonkers school children to the airing of it’s Live Yonkers Business Week 2001 will provide busi- weather report from 6 a.m. to 9a.m. nesses with tools and insight to help businesses generate more revenue and increase their bottom (Continued from page 1) “This year we plan on For more details of the upcoming 2001 line”, stated Events Coordinator Suzanne D’Amato having something for everyone, large and small Riverfest please call Richard Halevy at (914) 377- For additional information please call Ms. business, well established or establishing a new 6053. D’Amato at (914) 377-6797, email us at business, offering finance or looking for finance, [email protected] or visit the web at marketing your business or seeking methods to www.yonkersbusinessweek.com.I 2•YONKERS CITY OF VISION – Spring/Summer 2001 Yonkers Business Yonkers Center For Leaders Take Performing Arts Action The City of Yonkers Office of Economic study recently conducted by the Chamber of Business leaders in Yonkers Downtown Development, Sarah Lawrence College and Yonkers Commerce indicates a performing arts center will Business District and South Broadway Chamber of Commerce have developed a partner- have a significant impact on the Downtown Business District have been observing and ship to redevelop the former 900 seat Proctor District”, stated Gottschall.