New York suburbs embracing the luxury housing models

Atlantic Development Group LLC and Kenwood Equities LLC are building a “luxury housing” complex in Mount Vernon, a struggling city outside of New York City. The apartments will include oak floors, stone kitchen countertops, and washer and dryers; even though, the complex will be housing families who qualify for affordable housing. In this case, these families earn less than 60% of the area’s median income. Mount Vernon officials have high hopes for the future development of the city, and they believe the luxury housing project, 203 Gramatan (pictured above) will induce a resurgence of development in the decayed area.  Peter Fine, the CEO of Atlantic Development said, ‘We regard this project as an economic catalyst for the city.” Mr. Fine’s confidence in the city is demonstrated by his plans to build a market-rate apartment building located adjacent to 203 Gramatan. 

It should be mentioned that the city had to provide incentives to Atlantic Development Group LLC and Kenwood equities in order for the project to go through. The incentives included funds from state and federal low-income tax credits in addition to the $3 million subsidized loan used for public improvements.  

203 Gramatan is expected to house families making between $50,000 and $70,000. Mount Vernon is one of the most racially and economically diverse cities in the Westchester County. Right now, 203 Gramatan is the only construction project in the works; however its department of planning says $250 million worth of residential and commercial projects are in the pipeline. That number does not include the commuter rail, still in the early stages of planning, that is set to take passengers south to Manhattan and north to Samford. The commuter rail requires a master development that could also include a hotel, conference center, outlet mall, and more apartments. 

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Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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