Titan Real Estate Development recently received preliminary approval for financial incentives from the Yonkers IDA to support the construction of a $117.7 million residential development in Yonkers. The project, called Park Square, will be located on a vacant 3.88-acre site bounded by St. Joseph Place, Cavalli Circle, and Vineyard Avenue.
Park Square plans to feature a six-story building yielding 339 residential units in a mix of 198 studios and 141 one-bedroom layouts. It will also include 20,000 square feet of ground-level commercial space and a 420-space parking structure. Notably, a green roof will be installed to capture and direct stormwater into an underground storage system.
The property, originally part of the Mulford Gardens Hope VI Revitalization project, has remained undeveloped and was transferred to the city in 2019. It is expected to create 200 jobs throughout its construction, and eight full-time and part-time positions upon completion.
To support the project, Titan Real Estate Development has requested a financial incentive package which includes a $3,802,292 sales tax exemption, a $1,677,870 mortgage recording tax exemption, and a 20-year Payment in Lieu of Taxes (PILOT) agreement.
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Yonkers is a parking lot.
Yonkers also doesn’t have a subway.
Tax exemptions are a big draw, and everyone likes them including me: Thanks.
Interesting. What’s the rent for studio, etc?