MOUNT VERNON, N.Y. - An agreement has been finalized between the merchants and developers of a proposed multi-million dollar housing development in Mount Vernon, allowing the proposal to move forward.
Last week, Mount Vernon Mayor Richard Thomas announced that local owners and merchants had reached an agreement with developers of an apartment building at 42 Broad St . to be built in the Fleetwood neighborhood.
The proposal to renovate a single-story retail building and parking garage at the location into a massive mixed-use commercial and residential space has been a divisive issue since it was announced two years ago, with some locals encouraged by the socioeconomic impacts of the high-end project, while others fear that the building will be out of shape in the area and irrevocably alter the up-and-coming Fleetwood neighborhood.
“We are pleased that the last remaining issues regarding 42 Broad St. have been satisfactorily resolved with our future neighbors, and they are now eager for us to begin construction,” developer Mark Alexander said. “Once construction commences, it will send a signal to potential investors that Mount Vernon is ready to build market-rate housing and understands that construction delays do not send the right signals to the investment community.”
Once completed, the 16-story development at 42 Broad St. is expected to include nearly 250 apartment units with more than 15,000-square-feet of retail space within walking distance of the Metro-North train station.
“Mount Vernon has the luxury of choosing investments wisely. We are not desperate for development,” Thomas said. “I’m pleased the parties involved in 42 Broad have recognized the unique location and economic possibilities of building in Mount Vernon. We worked together to come to an agreement on a plan to move the project forward wisely - with the health and quality of life of the community in mind.”