$12M County IDA Financing for Ferris Avenue Project
The Westchester County Industrial Development Agency (IDA) board voted Thursday, Sept. 12 to approve $12 million in tax-exempt bond financing for Marathon Development Group to renovate the Madison House, a 99-unit affordable housing complex located at 70 Ferris Avenue in White Plains.
Construction is scheduled to begin in November and the project is expected to take no more than 18 months.
Before the IDA board voted to approve the project, Mark Soja, Marathon’s chairman and chief executive officer, presented the project to the IDA board and shared the scope of the plan. The project will renovate and refurbish the eight-story building including the heat and hot water system, select interior walls, ceiling and floors, bathrooms, kitchens, landscaping, parking garage, elevators and the fire alarm, carbon monoxide and security systems.
According to Soja, Marathon is committed to working in conjunction with the New York State Energy Research and Development Authority and the New York State Weatherization program to execute a full energy audit and maximize energy efficiency.
Some of the “Green building” measures outlined in Marathon’s plan include: All interior lighting will be replaced with Energy Star or equivalent fluorescent lights. Occupancy sensors will be installed in basements, common areas and laundry rooms for lighting control. Various “smart” individual motion-sensor-controlled fixtures will also be included. Original inefficient refrigerators will be replaced with Energy Star models in every apartment. Energy efficient windows will be installed with Low-E, glass and thermal broken frames. Low flow showerheads will be installed in all bathrooms (1.75 GPM max). High performance, 1.28 max gallons-per-flush (GPF) toilets will be installed in all bathrooms.
In a separate vote, the IDA approved a resolution to provide Rye Manor LLC $12 million in tax-exempt bond financing to renovate a 100-unit affordable housing complex for seniors located in the City of Rye. The total cost of this project is $23 million and will create 75 construction jobs.
Adam has worked in the local news industry for the past two decades in Westchester County and the broader Hudson Valley. Read more from Adam’s author bio here.
