By Real State Weekly
April 16, 2015.- MacQuesten Development LLC and New York State Homes and Community Renewal have announced a new $31.5 million mixed use Transit-Oriented Development for downtown Mount Vernon.
The Modern, to be built on a former industrial area, will include 80 affordable rental apartments and approximately 9,400 s/f of commercial, possible medical use and office space on the first two floors. Construction began this past December. An opening is scheduled for fall 2016.
The 130 Mount Vernon Avenue site is at the southeast corner of MacQuesten Parkway, previously the site of businesses that had closed, including Avis Car Rental.
The site is within short walking distance of the Mount Vernon West Metro North Train Station, in an area of the city that is transitioning from industrial and commercial uses to mixed-use residential.
With the announced rehabilitation of the Mount Vernon West Metro North Train Station, which offers the shortest commute from Westchester County to Grand Central Station, The Modern is ideally positioned.
The site is within walking distance of the two other train stations in Mount Vernon, as well as the Gramatan Avenue shopping corridor, and is situated on a bus line for quick access to the Cross County Shopping Center and movie theatres in Yonkers.The Modern is expected to create more than 200 construction jobs and when complete more than 100 permanent jobs on site.
“We are particularly excited about this project because it will serve as a catalyst for the creation of a sustainable neighborhood in which people can live, work and have easy access to services and mass transit,” said Rella Fogliano, president, MacQuesten Development LLC.
“As a mixed-use project, The Modern will bring expanded activity and new focus to this strategically important area of the city.”
Financing for the project comes from a combination of sources, the largest being $6.9 million from New York State Homes & Community Renewal in permanent tax exempt mortgage.
Another $4.4 million comes from the New York State Office of Mental Health, made possible through MacQuesten’s not-for-profit partner, Community Housing Innovations (CHI) and $3.9 million in additional funding from The Bank of America’s Department of Justice Fund.
This is the largest amount to date that the Bank of America has invested in an individual project.
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