Titan Real Estate Development, which is based in Mineola, has begun site preparation work for its Park Square project in Yonkers and has set a formal groundbreaking ceremony to take place July 21.
“We didn’t buy an approved site — we built the approval,” Titan Principal Mitchell Del Gais said. “Five years of entitlement work, hand-in-hand with the city, is what created Park Square. This project exists because Yonkers wanted it to exist and we did the work to deliver it.”
The development is to have 340 residential units with 20,000 square feet of commercial space at ground level. The unit mix includes 198 studios and 142 one-bedroom units. There also would be a parking structure with 420 spaces. The six-story building is to have four residential floors over two stories of parking and commercial space. A landscaped plaza for residents is proposed on the first floor rooftop over the parking section. The project includes a green roof which will capture and direct stormwater into an underground detention system.
The 3.88-acre construction site is bounded by St. Joseph Place, the former Cavalli Circle paper street and Yineyard Avenue. The site originally was part of a larger piece of land to be used in the Mulford Gardens Hope VI Revitalization Project. The land originally was owned by the Municipal Housing Authority of the City of Yonkers. When it was no longer needed for the revitalization project it was transferred to the City of Yonkers in 2019. Titan entered into a contract to purchase the 3.88-acre parcel being used for Park Square from the city.
Site plan approval for the project was granted by the Yonkers Planning Board on December 13, 2023. Approval of the project as a Planned Urban Redevelopment was obtained from the Planning Board and the City Council. The City Council also approved modifications to the Ashburton Avenue Urban Renewal Plan and Ashburton Avenue Master Plan.
When it sought a $3,802,292 sales tax exemption, $1,677,870 mortgage recording tax exemption and a 20-year PILOT from the Yonkers Industrial Development Agency (YIDA), Titan said the project would be expected to create 200 construction jobs and eight full-time and part-time jobs. The YIDA concluded that the project would result in an approximately $117,646,371 investment in a distressed area of Yonkers. The project also would be expected to produce positive secondary economic impacts as local residents utilize the businesses in the commercial space.
