Titan Real Estate Breaks Ground on $185 Million Park Square Yonkers

• Address: 1 Loehr Place, Yonkers, New York, on a roughly 3.88-acre site that had remained undeveloped since its transfer to the city in 2019.
• Titan Real Estate Development has broken ground on Park Square Yonkers, a $185 million mixed-use development with 340 apartments and approximately 20,000 square feet of commercial space.
• The project will include 192 studios and 148 one-bedroom apartments, with 10% of the homes designated as affordable.
• Planned amenities include a 15,000-square-foot elevated outdoor courtyard, fitness center, business center, resident lounge, pet spa and resident storage, plus parking for 420 vehicles.
• Perkins Eastman is the architect, and construction is expected to take approximately 24 months, with completion targeted for 2028.

What Park Square Yonkers Will Bring

Titan Real Estate Development has officially broken ground on Park Square Yonkers, a new mixed-use residential project at 1 Loehr Place in Yonkers. The $185 million development will replace a long-vacant parcel with a new apartment building containing 340 residences and approximately 20,000 square feet of street-level commercial space. The project is being led by Titan Real Estate Development, headed by Mitchell Del Gais and Doron Pergament.

What The Residential Program Includes

Park Square Yonkers will offer a mix of studios and one-bedroom apartments. The latest project information calls for 192 studio units and 148 one-bedroom units. Ten percent of the apartments will be offered as affordable housing at reduced rents. The building will also include 420 parking spaces, serving the residential and commercial components of the development.

What The Amenities Will Offer Residents

The project is planned with a sizable collection of indoor and outdoor amenities. A major feature will be a 15,000-square-foot elevated outdoor courtyard. Residents will also have access to a fitness center, business center with workstations, resident lounge and pet spa. Several thousand square feet of dedicated resident storage will also be incorporated into the building.

What The Design Includes

Perkins Eastman is serving as the project architect. Project documents describe a mixed-use building designed around the existing topography of the site. The Yonkers Industrial Development Agency says the development includes residential floors above parking and commercial space, with retail planned at the intersection of Loehr Place and St. Joseph Avenue. The project will also include a landscaped resident plaza above the parking level and a green roof designed to capture and direct stormwater into an underground detention system.

What The Project Means For A Long-Vacant Site

The development is taking shape on property that had remained undeveloped following its transfer to the City of Yonkers in 2019. The site was originally associated with the Mulford Gardens HOPE VI Revitalization Project, making Park Square part of a larger effort to transform a previously underutilized portion of the city. The project also represents Titan's second major investment in Yonkers. The development team previously completed Hudson Blue, a nine-unit residential building at 70 Ashburton Avenue.

What The Yonkers Incentives Provide

The Yonkers Industrial Development Agency provided approximately $16 million in economic incentives to support the project. The package includes about $3.8 million in sales tax exemptions, $1.5 million in mortgage recording tax exemptions and a 20-year PILOT agreement valued at approximately $10.5 million. The incentives are intended to help make the large-scale residential and commercial development financially viable while bringing new housing and commercial activity to the site.

What The Developers Say About Park Square

For Titan Real Estate Development, the groundbreaking represents the realization of a project that has been in the works for several years.

“Park Square was my promise and commitment to Yonkers five years ago and today that promise is becoming reality through a $185 million investment in the city’s future,” said Mitchell Del Gais, senior executive at Titan Real Estate Development. “I firmly believe the best days for Titan and Yonkers are still ahead.”

Doron Pergament, Titan's development partner, said Park Square represents a new chapter for the joint venture with Del Gais.

“Park Square marks an exciting new chapter through Titan Real Estate Development, my joint venture with Mitchell Del Gais,” Pergament said, adding that the partnership aims to pursue “larger, more impactful projects” while maintaining its focus on quality and the communities it serves.

What The Construction Timeline Looks Like

Construction is now underway following the project's July groundbreaking. The development is expected to take approximately 24 months to complete, putting the anticipated delivery in 2028. Once finished, Park Square Yonkers will add hundreds of new apartments, affordable housing, retail space and new resident amenities to the southwest section of Yonkers.