Yonkers Lionsgate Film Studios gets OK for tax incentives and financing
http://thebcw.org/wp-content/uploads/2020/04/lionsgate.jpg
Yonkers Lionsgate Film Studios project in Yonkers has secured the tax incentives and bank financing necessary to begin construction.
Real estate development firm National Resources of Connecticut and U.K.-based asset management firm Great Point Capital Management have secured financing for the first phase of the studio complex estimated to cost $60 million.
Construction of the complex will consist of a $100 million investment across two phases, and the investment is slated to create up to 420 new jobs in Yonkers, according to National Resources.
Robert Halmi, the founder of Hallmark Channel and manager of Great Point Capital, said the loan closed on March 31. Financing for the first phase of the project includes $10 million in federal Opportunity Zone financing and an additional $10 million in equity financing.
“We are hoping to break ground in four weeks,” Halmi said. “But if we have to delay another two weeks from there or another four weeks from there, we will add crew and work overtime to make sure the first phase still opens around the end of this year.”
Plans for the development call for the construction of 70,000 square feet of studio space and 38,600 square feet of additional space next to the former Otis Elevator Company building in Yonkers’ iPark Hudson in Getty Square.
Business Council of Westchester President and CEO Marsha Gordon said the news provided a bright spot on the economic development horizon.
“We are due for some good news, and we are glad to hear that Lionsgate is proceeding as planned,’’ said Dr. Gordon. This is a very important project for Yonkers and for all of Westchester County, which will create jobs and attract similar industries to our area.”
Similar News Items
The BCW and BCW Member Feeding Westchester recently held an important and timely community hunger and budget discussion with Westchester’s State Delegation. The senior team at Feeding Westchester provided the delegation members with an update on the work they did to provide services during the recent government shutdown. With nearly 3 million New […]
Approximately 50 Westchester school officials gathered at Southern Westchester BOCES on November 14 for the School Energy Saving Seminar hosted by the Business Council of Westchester’s (BCW) Clean Energy Action Coalition (CEAC). The morning event presented a deep dive into the energy efficiency programs and funding opportunities available from key state partners: Con Edison, the […]
The complexities of business mergers took center stage on Monday at the Business Council of Westchester’s (BCW) Valley Bank Leadership Conversation. Moderated by BCW President Marsha Gordon, Mergers in Motion: Transforming Organizations through Business Combination invited regional business leaders to share insights drawn from their experiences as strategic acquirers, owner-sellers, and trusted advisors. The event […]
Become A Member
Join the county’s largest and most influential business organization today.
JOIN NOW!
Leave a Comment
You must be logged in to post a comment.