4 Developments Coming to Suburban NY
The developers announcing the Mount Vernon, N.Y., projects include The Alexander Group/Bluestone, Direct Investment Development, Enclave Equities and Simone Development Cos. The initiative aligns with the state's new $2.5 billion housing package aimed at attracting investment in market-rate housing statewide.
By Dees Stribling, Contributing Editor
Four major real estate development projects have been unveiled for Mount Vernon, NY, in suburban Westchester County, including market-rate and upper-income housing for artists, Millennials and seniors. The projects, which are all transit-oriented and situated near Mount Vernon’s three Metro-North stations, two MTA subway lines and six nearby highways, are slated to break ground within the coming months.
The developers announcing the projects include The Alexander Group/Bluestone, Direct Investment Development, Enclave Equities and Simone Development Cos. The initiative aligns with the state’s new $2.5 billion housing package signed by Gov. Andrew Cuomo May 18, whose goal is to attract investment statewide in more market-rate housing.
The Alexander Group/Bluestone Group plans a 16-story mixed-use retail and development with 249 market-rate units to 42 Broad St. It will be within walking distance to the city’s Fleetwood Metro-North station.
First Luxury Communities
“We are building the first planned luxury rental development in Mount Vernon in over 50 years,” said Mark Alexander of the Alexander Group. “It’s 100 percent market-rate, and will be the estimated highest property, we believe, in southern Westchester County, and one of the most energy-efficient buildings in North America.”
Direct Investment Development, a leader in the economic redevelopment of Harlem, is bringing its first building project to Mount Vernon. Library Square will be a $125 million, upper- to middle-income residential development downtown near the Mount Vernon East Metro-North station. It will include 320 units and 96 units set aside for the “creative class.”
Enclave Equities wants to develop 525 and 645 MacQuesten Parkway. The 179-unit TOD would consist of five five-story apartment buildings. Also, Simone Development wants to develop 7 and 11 MacQuesten Parkway into two 18-story buildings, each with 70 units.