September 30, 2020
| Mount Vernon, NY
Governor Andrew M. Cuomo today announced the completion of 22 South West Street in downtown Mount Vernon, a nearly $95 million, 189-apartment mixed-use development with ground floor retail space that is immediately adjacent to the Mount Vernon West Metro-North Station.
"For many New Yorkers, the economic recovery from the pandemic is tied directly to the availability of quality affordable homes with easy access to transit, jobs and services," Governor Cuomo said. "This new supportive housing development continues our commitment to investing in communities across the state have access to safe, new and affordable housing."
"Now more than ever, we want to ensure that all New Yorkers have access to affordable housing and a good roof over their heads," Lieutenant Governor Kathy Hochul said. "The completion of the $95 million apartment complex in Mount Vernon, which is easily accessible to the Metro-North Station, is helping to transform the city's downtown and provide units for individuals and families with mixed incomes. The development is part of our ambitious five-year, $20 billion housing plan to add affordable housing across the state and help combat homelessness to build back better and enhance quality of life in our communities."
22 South West Street is part of Governor Cuomo's unprecedented $20 billion, five-year affordable Housing Plan administered by New York State Homes and Community Renewal. The $20 billion plan reflects a commitment to providing all New Yorkers with access to safe, affordable housing, making housing more accessible and combating homelessness by building and preserving more than 100,000 affordable apartments and 6,000 units of supportive housing.
22 South West Street is central to the Mount Vernon Revitalization Plan, which is transforming the city's downtown into a vibrant, walkable community that mixes transit-oriented higher-density housing with retail and other commercial activity. The development is adjacent to the Mount Vernon West Metro-North Station which offers a quick commute to Grand Central Terminal in New York City.
The 17-story building has a shared outdoor terrace and indoor recreation area, a fitness center, washer/dryers in all units, plus a shared laundry facility and a children's playroom. There are 149 below-grade parking spaces and more than 4,000 square feet of ground floor retail space along South West Street.
The mixed-income apartments are reserved for households within a range of incomes: 32 are for households earning 50 percent or less of the Area Median Income (AMI); 99 are for households earning 60 percent or less of the AMI; 27 are for households earning 80 percent or less of the AMI; and 30 are for households earning up to 110 percent of AMI. One apartment is set aside for the superintendent.
The development reclaimed a former auto mechanic and gasoline station thanks to the New York State Department of Environmental Conservation's Brownfield Clean-up Program which remediates man-made environmental hazards. The building was designed to achieve LEED Silver certification.
HCR's financing for the project included $26 million in permanent tax-exempt bonds, state and federal Low-Income Housing Tax Credits that generated nearly $32 million in equity and approximately $26 million in subsidy. The New York State Energy Research and Development Authority provided over $133,000 through its New Construction Program and nearly $180,000 through its Combined Heat and Power Program. Other funding includes a payment in lieu of taxes agreement with the city. The developer for 22 South West Street is MacQuesten Development, LLC.
Since 2011, HCR has invested more than $1 billion in 130 developments to create or preserve nearly 13,000 affordable homes and apartments in the Mid-Hudson Region, including nearly $800 million in Westchester County to support nearly 7,500 homes for more than 20,000 people. The State investment has leveraged nearly $1.9 billion in other funds for these Mid-Hudson Region developments.
HCR Commissioner RuthAnne Visnauskas said, "Thanks to Governor Cuomo's commitment to affordable housing and to the health, safety and economic endurance of New York State, HCR maintained our momentum throughout the pandemic crisis. The completion of 22 South West Street is evidence of that commitment, and the vision and hard work on the part of the state, the city of Mount Vernon and our development partners. This once environmentally-damaged property in the heart of Mount Vernon has been transformed into 189 affordable, energy-efficient homes that will bring lasting, beneficial change to the heart of the city."
DEC Commissioner Basil Seggos said, "New York's Brownfield Cleanup Program is advancing the restoration of former industrial sites in communities across the state and putting hundreds of underutilized properties back into productive use. The cleanup of brownfield properties like the former Repetti Service Station site in Mt. Vernon is critical to safeguarding public health, protecting the environment, and redeveloping community assets. The 22 South West Street project will bring critically needed quality affordable housing opportunities to downtown Mt. Vernon, helping to energize the local economy and improve quality of life."
Acting President and CEO, NYSERDA Doreen M. Harris said, "Affordable and energy efficient residential projects such as this one are critical to achieving Governor Cuomo's goals of ensuring that all New Yorkers are able to participate in our state's transition to a carbon-neutral economy. Through this project, former industrial sites have been turned into clean, safe and efficient buildings that improve residents' ability to travel, work and shop and unlock the hidden potential in New York's communities."
Senate Majority Leader Andrea Stewart-Cousins said "Affordable housing is crucial for any community that wants to truly thrive. The opening of 22 South West Street is welcome news and further proof of the continuing rebirth of Mt. Vernon. These amazing affordable units will attract more and more people into this great community and make us all stronger."
Assemblyman J. Gary Pretlow said, "I am delighted to usher in a new chapter for the City of Mount Vernon. The affordable housing on 22 South West Street will provide quality apartments for our citizens and will kick off the process for Mount Vernon's Revitalization plan."
Westchester County Executive George Latimer said, "22 South West Street is an example of the partnerships that county, local government and private investment should help facilitate. Having grown up in the great city of Mt. Vernon, I know the importance of bringing together the community to achieve a project of this nature. 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."
Mount Vernon Mayor Shawyn Patterson-Howard said, "I am so proud of our city that we can shepherd a project of this nature into existence and truly begin the revitalization that Mount Vernon deserves. Bringing new jobs, new residents, and transit-oriented development to our city is going to transform the quality of life for every Mount Vernon resident. We are proud to see people securing incredible opportunities that we have here, particularly our new Transit Oriented Zoning District."
MacQuesten Development President & CEO Rella Fogliano said, "I am proud to be leading transit-oriented development and transformational projects that will continue our company's long tradition of investing in Mount Vernon. 22 South West Street has it all: affordability, luxury, and easy commuting! Along with the State of New York our other indispensable partners in government and the private sector, we are helping to prove that Mount Vernon's best days are still ahead."
Todd Gomez, Market Executive in the Community Development Banking Group, Bank of America, said, "22 South West Street is tangible evidence of the important impact that affordable, transit-oriented housing can have on cities like Mount Vernon. Rella Fogliano and the team at Macquesten Development had a vision to create a unique housing experience for residents while contributing to the growing, vibrant community along Mount Vernon Avenue. We are delighted that Bank of America's $85M construction loan and investment could help make MacQuesten's vision for 22 South West Street a reality."