Titan Real Estate Development is taking a significant step in reshaping the landscape of Yonkers with its ambitious $117.7 million residential development project, Park Square. This project has recently received preliminary approval from the Yonkers Industrial Development Agency (IDA) for financial incentives that will aid in its construction. Situated on a 3.88-acre vacant property, Park Square promises to bring new life to the area and provide substantial benefits to the community.
Project Details
Location and Size of the Property
Park Square will be located on a prime piece of real estate bounded by Vineyard Avenue, Cavalli Circle, and St. Joseph Place.
Description of the Planned Development
The development will feature a six-story building with a total of 339 residential units. These will include 198 studios and 141 one-bedroom flats, catering to a variety of housing needs. Additionally, the project will include 20,000 square feet of ground-level commercial space, providing a mix of retail and service options for residents and visitors alike. A parking deck with 420 spots will accommodate the needs of residents and commercial tenants.
Residential Units
Breakdown of Unit Types
Park Square will offer a diverse range of living spaces, with 198 studio apartments designed for individuals or couples seeking a compact, efficient living environment. The remaining 141 one-bedroom flats will provide more spacious accommodations, ideal for small families or professionals needing extra room.
Features and Amenities of the Units
Each unit will be designed with modern amenities and high-quality finishes to ensure comfort and convenience for residents. Features will include energy-efficient appliances, ample storage space, and contemporary interior designs that promote a comfortable living experience.
Commercial Space and Parking
Details about the Commercial Space
The ground-level commercial space will span 20,000 square feet, offering opportunities for a variety of businesses to establish themselves in the community. This space will likely house shops, cafes, and other services that will cater to the needs of residents and visitors.
Overview of the Parking Facilities
The development will include a parking deck with 420 spots, ensuring ample parking for both residents and commercial tenants. This facility will help alleviate parking concerns and contribute to the overall convenience of the development.
Environmental Features
Green Roof and Its Benefits
One of the standout features of Park Square is its green roof, which will play a crucial role in environmental sustainability. The green roof will help manage stormwater runoff, reducing the strain on local drainage systems and contributing to a healthier urban environment.
Runoff Collection and Underground Storage System
In addition to the green roof, the development will incorporate an underground storage system to collect and manage runoff. This system will ensure that excess water is stored and utilized effectively, further enhancing the project’s environmental credentials.
Historical Context
Background of the Mulford Gardens Hope VI Revitalization Project
The property that Park Square will occupy was once part of the Mulford Gardens Hope VI Revitalization project.
Transfer of the Property to the City in 2019
In 2019, the property was handed over to the City, paving the way for new development opportunities. Titan Real Estate Development’s Park Square project is the latest effort to revitalize this area and bring new life to the community.
Economic Impact
Job Creation During and After Construction
Once completed, the development will create eight full- and part-time positions, contributing to ongoing economic stability.
Long-Term Economic Benefits for the Community
The development will enhance property values and increase local tax revenues, benefiting the broader Yonkers community.
Financial Incentives
Details of the 20-Year PILOT Agreement
To finance the project, Titan Real Estate Development has requested a financial incentive package that includes a 20-year Payment in Lieu of Taxes (PILOT) agreement. This agreement will provide tax relief, making the project more financially viable.
Explanation of the Mortgage Recording Tax Exemption
The project also includes a $1,677,870 mortgage recording tax exemption. This exemption will reduce the upfront costs associated with financing, allowing Titan Real Estate Development to allocate more resources towards construction and development.
Overview of the Sales Tax Exemption
A $3,802,292 sales tax exemption has been requested to cover the purchase of construction materials. This exemption will help lower overall project costs, ensuring that the development can proceed smoothly and efficiently.
Approval and Support
Preliminary Approval from the Yonkers IDA
The Yonkers IDA has given preliminary approval for the financial incentives requested by Titan Real Estate Development. This support is crucial for the project’s success and demonstrates the City’s commitment to revitalizing the area.
Support from Local Authorities and Stakeholders
Local authorities and stakeholders have expressed strong support for the Park Square project. Their backing is essential for ensuring that the development moves forward and delivers the anticipated benefits to the community.
Construction Timeline
Projected Start and Completion Dates
Construction on Park Square is expected to begin in the near future. Along with a projected completion date within the next few years. The timeline includes key milestones that will track the project’s progress and ensure it stays on schedule.
Key Milestones During the Construction Process
Key milestones will include the commencement of construction, the completion of the building structure, the installation of the green roof, and the finalization of interior and exterior finishes. Each milestone will mark significant progress towards the project’s completion.
Community Benefits
How the Project Will Enhance the Local Area
Park Square is set to enhance the local area by providing modern, high-quality housing and commercial space. The development will attract new residents and businesses, creating a vibrant, thriving community.
