MOUNT VERNON, NY — June 27, 2018 — MacQuesten Development LLC President & CEO Rella Fogliano was joined by Westchester County and Mount Vernon officials today at the groundbreaking of a new $100M, mixed-income housing development called 22 South West. The mixed-use/mixed income project is immediately adjacent to the Mount Vernon West Metro-North Station and will feature 189 affordable housing units and 4,200 square feet of street level retail space. It will be designed to LEED Silver standards or greater.
“I’m proud to be leading this transformative project that will continue our company’s long tradition of investing in Mount Vernon,” said MacQuesten Development President & CEO Rella Fogliano. “22 South West Street” will have it all: Four tiers of affordability and as short as 18 minutes from Manhattan! Contemporary amenities of luxury developments.
Along with our partners in the private and public sectors, we’re helping to prove that Mount Vernon’s best days are still in front of it.”
All 189 residential units in the 17-story building will be affordable to families making up to 110% of the Area Median Income (AMI). Of those, 131 of the units will be reserved for families making up to 60% of AMI. In addition, the building will include a number of significant amenities, including sweeping views of the Manhattan skyline for apartments on higher floors, a spacious outdoor terrace area on the 17th Floor with views of the NYC Skyline and Hudson River, beautifully furnished indoor lounge area on the 17th Floor, a fitness facility, and a spacious central laundry room on the 3rd Floor with a children’s playroom adjacent to it. All units include modern kitchens with dishwashers and microwaves as well as large walk-in closets.
“It’s great to be see Westchester County helping facilitate projects like this one again,” said Deputy County Executive Ken Jenkins. “This project really has it all: affordable housing that’s environmentally friendly and centrally located. This is the model for how Westchester should be growing and investing in its future.”
“This project is going to contribute to a renaissance in Mount Vernon,” said Mount Vernon Mayor Richard Thomas. “Bringing new jobs, new residents, and transit oriented development to our city is going to improve the quality of life for every Mount Vernon resident. We’re proud to see people taking advantage of the incredible opportunities that we have here in Mount Vernon, particularly our new Transit Oriented Zoning District.”
“Bank of America Merrill Lynch is proud to help fund this affordable, transit-oriented and environmentally friendly project,” said Todd Gomez, Market Executive in the Community Development Banking Group. “The bank is committed to building strong communities and supporting sustainable developments that can help address climate change. When we have a chance to invest in a project like 22 South West that does both, it’s really a win-win for us and the communities that we serve.”
The total development cost of $95.4M is split as follows:
- State of New York Housing Finance Agency 30-year tax exempt bond mortgage: $26M
- State of New York Homes and Community Renewal (HCR) New Capital Program:
- HCR Middle Income Housing Program: $8.7M
- Proceeds from the Sale of 4% Federal Low Income Housing Tax Credits $27.1M
- Proceeds from the Sale of New York State Low Income Housing Tax Credits $4.9M
- NYSERDA: $.3M
- Developer Equity: $8.5M
22 South West is central to the Mount Vernon Revitalization Plan, which is transforming the city’s downtown into a 24-hour, walkable community by mixing transit-oriented higher-density housing with retail and other commercial activity. The development will be built on the site of a former auto mechanic and gasoline station, and is participating in the New York State Brownfield Clean-up Program to remediate the environmental hazards left behind.