Grand Opening Of Transit-Oriented Development in Mount Vernon

MOUNT VERNON, NY - From MacQuesten Development: Continuing its commitment to the revitalization of the Mount Vernon West Transit District, MacQuesten Development joined with State, County and City officials on September 28 for the grand opening of The Modern, a $31.5 million affordable housing development featuring 81 rental apartments and 9,300 square feet of ground-level office and community space.

Located at 130 Mount Vernon Avenue in what was once a struggling commercial corridor, The Modern is the centerpiece of a transit-oriented renewal of the city’s West corridor. The building is a short walk from the Mount Vernon West Metro North Train Station which is shortest distance from any Westchester train station to Grand Central Station.

The 11-story building, which features a bold multi-colored Equitone exterior, is designed to conform to a Green Building Initiative. The Modern has also been approved for certification under NYSERDA’s Energy Star and Multi Family Performance Program. The one- and two-bedroom apartments range in size from 654 square feet to 906 square feet. The apartments feature high quality Italian kitchen cabinetry, sustainable luxury vinyl flooring and Energy Star appliances. All two-bedroom units include 2 bathrooms.

Amenities include a secure laundry facility, an indoor recreation space and a spectacular rooftop recreation area with outdoor furniture and panoramic views of Westchester County and the New York City skyline. There is also a secure indoor and outdoor parking garage for 89 vehicles.

The Modern is part of the State’s initiative to develop supportive housing for high-needs New Yorkers. Twenty-two units will provide permanent housing for individuals with special needs who will receive supportive client services from Community Housing Innovations (CHI). The remaining units will be rented to eligible households with incomes at or below 60% of the Area Median Income, which is $64,740 for a family of four. An additional unit is occupied by a full time live-in building Superintendent.

“The completion of The Modern is the first step toward ushering in our vision of transforming the Mount Vernon West-MacQuesten Parkway corridor into a thriving transit-oriented residential neighborhood with new sustainable, affordable housing and easy access to the Metro North train station,” said Rella Fogliano, Founder and CEO of MacQuesten Development. “We knew the Mount Vernon West area had great potential for residential and this is the first step towards turning that into a reality.”

HCR Commissioner RuthAnne Visnauskas said, “Transit-oriented, sustainable developments like the Modern, revitalize communities from the ground-up, expanding affordable housing opportunities and retail options, creating vibrant residential and commercial hubs. HCR is committed to creating thriving corridors in Mount Vernon and around this state that strengthen and empower communities.”

"Developments like The Modern are why the New York Times called Mount Vernon the ‘best bet’ in Westchester County. The Modern is an artistic statement. It expresses that new ideas are welcome. It confirms new opportunities are real. And it provides quality living for middle-class families who desire a new, affordable future. This is the first of many projects leading the transformation of Mount Vernon West,” said Mount Vernon Mayor Richard Thomas. “The Modern's location, character, and amenities make it viable, exciting, and attractive to people looking to live somewhere unique and close to everything. Mount Vernon is proud to welcome The Modern to our new community and we look forward to their continued partnership and impact on our revitalization," he added.

“Thanks to MacQuesten Development and everyone who has made the revitalization of the Mount Vernon West Transit District a reality,” said Westchester County Executive Robert P. Astorino. “Developments like these are being built all over Westchester and prove that our county is a top tier location to live, work, go to school, and raise a family.”

Financing for the development comes from a combination of public and private sources including New York State Homes and Community Renewal; New York State Community Investment Fund; New York State Medicaid Redesign Team and New York State Office of Mental Health through MacQuesten’s not-for-profit partner, Community Housing Innovations (CHI). The project also received financing from Bank of America and the City of Mount Vernon federal HOME Funds.

"Supporting the development of safe, affordable housing in underserved communities like Mount Vernon is vitally important to Bank of America Merrill Lynch,” said Todd Gomez, Northeast Regional Executive, Bank of America Merrill Lynch. “MacQuesten’s experience with and passion for community development made this an ideal project to finance. In addition to $27 million of debt financing and equity investment, the Bank also provided $3.9 million of deeply subordinate financing targeted to family housing throughout New York, which reduced The Modern’s reliance on state subsidy.”

The Modern is a key component of MacQuesten Development’s plan to transform a former industrial corridor in Mount Vernon into a thriving residential and retail community. The company is planning to renovate the Mount Vernon West Metro North Train Station which it acquired in July 2016 and create a mixed-use retail facility. MacQuesten has also proposed plans to build a 17-story, mixed-use apartment tower next to the train station known as 22 S. West Street Tower. The building with feature 189 units priced for varying income levels, as well as nearly 5,000 square feet of retail space.

About MacQuesten Development

Based in Pelham, New York, MacQuesten Development specializes in financing, designing and construction management of multi-family, affordable housing and commercial properties, which are then privately held by affiliated companies. The company has developed 11 buildings and over 1,500 units of affordable housing in New York City and Westchester County since 1992. MacQuesten has current development projects in excess of $400 million throughout the five boroughs and Westchester.

Image via MAcQuesten Development