YONKERS — The Yonkers Industrial Development Agency is considering forcibly buying a Ravine Avenue property from its owner to turn it over to an affordable housing developer.
The YIDA will hold a public hearing on Nov. 18 on 67 Ravine Ave., a property the agency may acquire through the state’s Eminent Domain Procedure Law.
Eminent domain allows a city to force an owner to sell private property for a public use, such as a park.
In this case, the YIDA argues that the public use will be the creation of approximately 64 units of affordable housing.
The $20 million, six-story building is proposed to be built at 47-75 Ravine Ave. by Ravine Rental Associates LLC, a partnership between the Yonkers-based CURE Development and the Larchmont-based L&M Development Partners.
CURE Development is finishing work on a 12-unit, $3 million development at 304 Warburton Ave., while L&M Development Partners is working on a $51 million, 170-unit building at 314-40 Riverdale Ave.
Both projects are affordable-housing developments.
The property at 67 Ravine Ave. is currently owned by the estate of Anthony Fraioli.
Rental apartments in the proposed complex would be restricted to households earning less than 60 percent of Westchester County’s median income, which in 2010 is $73,300 for a one-person household.
The YIDA’s public hearing will be held at 6 p.m. in the Mayor’s Reception Room in City Hall, 40 S.
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