Construction Begins on $140 Million Ibex Residential Tower in Yonkers
Construction has officially begun on The Ibex at Ridge Hill, a new 17-story residential development planned for Yonkers, New York. The $140 million project is being developed through a joint venture between Saber-Hightower, Rafferty Real Estate and Eagle Realty Group, a subsidiary of Western & Southern Financial Group.
The new rental tower will bring 282 residential units to Ridge Hill, a major open-air lifestyle center offering shopping, dining and entertainment options. The development is expected to strengthen the residential component of the mixed-use destination while providing new housing opportunities in the Yonkers market.
Bank OZK is providing construction financing for the project. The building is expected to include 28 affordable housing units as part of the overall 282-unit residential program. The first apartments are currently expected to become available in late 2028.
Designed by architecture and planning firm Beyer Blinder Belle, The Ibex will occupy a prominent location directly adjacent to Whole Foods Market along Ridge Hill’s Main Street. The project will include approximately 5,000 square feet of ground-floor retail space, adding further commercial activity to the development and integrating the residential tower with the existing lifestyle center.
Residents will also have access to 423 parking spaces within Ridge Hill’s existing parking garage. The use of existing garage facilities is intended to provide convenient parking for residents while maintaining the pedestrian-oriented character of the surrounding mixed-use development.
Greg Belew, Managing Principal of Saber-Hightower, said the development team is pleased to bring the project to Ridge Hill and emphasized the benefits of its location within the established lifestyle center.
“We are excited to become an important part of this world-class mixed-use center,” Belew said. He noted that residents will be able to walk from their homes and access a broad selection of dining, shopping and entertainment destinations.
A major feature of The Ibex will be its views. The residential tower is planned to offer 360-degree views extending toward the Hudson River, the New York City skyline and northern Westchester. The elevated setting and location within Ridge Hill are expected to provide residents with a combination of metropolitan and suburban scenery.
The project will also offer approximately 20,000 square feet of residential amenities. These spaces are designed to provide residents with a range of options for recreation, wellness, work and social activities without leaving the property.
Among the planned amenities is a resort-style courtyard swimming pool and lounge located on the ground floor. The building will also feature a sky lounge on the 17th floor, providing indoor and outdoor entertainment areas and taking advantage of the tower’s elevated position and surrounding views.
Additional amenities will include a fitness center and yoga studio for health and wellness activities. A dog park will provide dedicated outdoor space for residents with pets, while a golf simulator and game room will offer indoor recreational options.
The building is also planned to include a demonstration kitchen and private dining room, creating spaces for cooking, entertaining and social gatherings. Co-working space will provide residents with an environment for professional activities and remote work, reflecting the continued demand for flexible residential amenities.
The development is the result of a long-term effort by Saber-Hightower to bring luxury rental housing to Ridge Hill. Belew said he had worked with two previous owners of the property over a period of approximately 12 years while seeking to advance the residential concept.
The partnership eventually found success through collaboration with Jamestown and its partners in the Ridge Hill ownership group. According to Belew, the ownership team has established a strong vision for the future of the mixed-use center and played an important role throughout the project’s predevelopment process.
Saber-Hightower, led by Marty Berger and Greg Belew, formed its development partnership with Rafferty Real Estate and Eagle Realty Group to move the project forward. The three organizations bring experience across real estate development, investment and financing, supporting the delivery of the large-scale residential project.
The project has also received support from the City of Yonkers, the Yonkers City Council and the Yonkers Industrial Development Agency. Such public-sector support has helped advance the development through its planning and preconstruction stages.
Rafferty Real Estate Managing Director Mike Daly said the company is pleased to partner with Saber-Hightower on the project. He highlighted the development team’s experience delivering prominent buildings across the Westchester and Fairfield County markets.
“We are proud to partner with Saber-Hightower on this project,” Daly said. He added that the development team expects The Ibex to become a strong competitor in the luxury residential market because of its location within one of the region’s leading walkable retail and lifestyle centers.
The combination of new rental housing, retail space and extensive amenities is expected to position The Ibex as an important addition to Ridge Hill. Its location near established restaurants, stores and entertainment venues will allow residents to access many everyday services and leisure activities within walking distance.
With construction now underway, the project represents a significant investment in Yonkers’ residential market. The 282-unit tower will introduce new rental housing, including affordable units, while adding a high-end residential offering to the broader Ridge Hill community.
As construction progresses, the development team will focus on delivering the tower and its extensive amenity spaces ahead of the planned late-2028 opening of the first units. Once completed, The Ibex is expected to become a prominent new residential landmark within Ridge Hill and further strengthen the mixed-use destination’s role as a major lifestyle center in the region.
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