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.