Frank Ferrara, Chairman FFerrara@portchesterida.com
February 15, 2018
PORT CHESTER IDA AWARDS FINANCIAL INCENTIVES TOWARDS THE REVITALIZATION AND REDEVELOPMENT OF 16-18 NORTH MAIN STREET
On January 10, 2018, the Village of Port Chester Industrial Development Agency awarded financial incentives in the form of a PILOT towards the revitalization and redevelopment of 16-18 North Main Street, owned by Post Road Iron Works, as a mixed-use project.
The project in the heart of downtown Port Chester, would convert the buildings with a mix of six market-rate units above ground-floor restaurant space, highlighted with the renovation of the former Mutual Trust Bank Building into a two-level restaurant. The project has already received site plan approval and it anticipated to be completed in 2019.
Scott Gance, spokesman for the project, explained that “The principals of Post Road Iron Works are very excited that this project can proceed into the construction phase. The support and assistance received from the IDA was paramount to the project’s success. Post Road Iron Works is very optimistic about the future of Port Chester, and the owner looks forward to participating in the revitalization of the Village.”
Frank Ferrara, Chairman of the Port Chester Industrial Development Agency stated, “At the IDA, even as we welcome investment in our Village, we want to insure we retain what makes Port Chester special. Here we had an incumbent property owner that feared he had no choice but to raze an historic part of our downtown. IDA assistance essentially enabled the owner to retain the iconic Mutual Trust Bank Building, while welcoming millions of dollars in development into our downtown. I’m proud to have been a small part of this.”
The Port Chester Industrial Development Agency is a public benefit corporation that actively seeks out economic development opportunities that advance job opportunities, and improve the health, general prosperity and economic welfare of the community.
For additional press information please contact:
Christopher Steers, Administrative Director
Village of Port Chester, NY