Yonkers IDA Provides Preliminary Approval for Titan Real Estate's 6-story Residential Project

Titan Real Estate Development has secured preliminary approval for financial incentives from the Yonkers Industrial Development Agency (IDA) to aid in constructing a $117.7 million residential development named Park Square in Yonkers.

Project Details

Park Square will be situated on a 3.88-acre vacant lot bordered by St. Joseph Place, Cavalli Circle, and Vineyard Avenue. The development will include a six-story building with 339 residential units, comprising 198 studios and 141 one-bedroom apartments. Additionally, the project will feature 20,000 square feet of commercial space at ground level and a parking structure accommodating 420 vehicles. A notable aspect of the design is a green roof intended to capture and direct stormwater into an underground storage system.

Historical Context and Job Creation

The site, once part of the Mulford Gardens Hope VI Revitalization project, has been undeveloped and was transferred to the city in 2019. The construction of Park Square is expected to generate 200 jobs and will provide eight full-time and part-time positions once completed.

Financial Incentives and Support

To facilitate the development, Titan Real Estate Development has applied for a financial incentive package. This includes a sales tax exemption of $3,802,292, a mortgage recording tax exemption of $1,677,870, and a 20-year Payment in Lieu of Taxes (PILOT) agreement.