Starbucks the Latest Retailer To Share Space in Storage Development

A new self-storage facility in Yonkers is adding Starbucks to its growing list of retailers operating in its shared space. The five-story self-storage building was constructed on an approximately 1.32-acre parcel by 1969 Central Park Ave. LLC. It contains approximately 92,181 square feet of space. The ground floor retail units have a total of 5,815 square feet of space. In addition to the new Starbucks, the retail space includes a branch of Orange Bank & Trust Company and the hair salon Supercuts.

The $21 million project received financial incentives from the Yonkers Industrial Development Agency that included a PILOT (payment in lieu of taxes) agreement and sales and use tax exemptions of $948,294 along with a mortgage recording tax exemption of $236,520.

Mayor Mike Spano led a contingent of officials for a Jan. 26 ribbon-cutting ceremony for the new Starbucks outlet. During the ceremony, Spano thanked developer Mark Fonte for his perseverance in pursuing the development and noted that the Fonte family has a long history of community involvement in the city.

“This is a wonderful family with a great history here in Yonkers and they’ve chosen to stay here and to continue to develop here,” Spano said, adding about the current project, “Whatever Mark had to do he did and he did it right.”

Be sure to read MSM's story on Managing Mixed Use Property by Charlie Fritts.

Spano, left and Fonte, right.