Groundbreaking for $60M MacQuesten building in Yonkers
New York’s Gov. Kathy Hochul was in Yonkers on the morning of Sept 27 to attend the groundbreaking that marked the start of construction on MacQuesten Development’s building known as The St. Clair at 34 Main St. in Yonkers
The $60 million development is a partnership with the State of New York’s Homes and Community Renewal Program, Westchester County and the City of Yonkers. The development site has been vacant and consists of approximately 10,198 square feet on the southwest corner of Riverdale Avenue and Main Street, and is located in the D-MX Mixed-Use Downtown Zoning District.
The 10-story building is to be 100% affordable with a total of 76 rental dwelling units. The mix of apartments includes 12 studios, 36 one-bedrooms, 23 two-bedrooms and 5 three-bedroom units. The project requires 77 parking spaces, approximately 28 of which will be provided at the on-site garage. A fee in lieu of parking is being paid for parking spaces not being provided as permitted in the D-MX District.
The property encompasses approximately 10,198 square feet. The building will include nine residential floors. The construction will also include a parking structure designed to accommodate the parking needs of residents and shoppers. There will be 3,260 square feet of commercial space on the ground floor. The project is within walking distance of the Metro-North train station.
State financing for the $60 million development includes $8.4 million in permanent tax-exempt bonds, $25.2 million in Federal and State Low-Income Housing Tax Credits and $10.6 million in subsidy from New York State Homes and Community Renewal. The construction fulfilled the requirements of the New York State Department of Environmental Conservation’s Brownfield Cleanup Program, which is expected to result in $9.7 million in tax credits issued by the New York State Department of Tax and Finance. The City of Yonkers awarded $1.1 million in HOME funds and the Westchester County Department of Planning awarded $1.5 million in American Rescue Plan Act funds. Wells Fargo’s Community Lending and Investment group provided debt and equity financing to MacQuesten Development for the project.
Rella Fogliano, CEO of MacQuesten Development LLC and Joe Apicella, executive vice president of MacQuesten, welcomed dignitaries to the groundbreaking event including Assembly Members Gary Pretlow and Nader Sayegh. Commissioner Ruthanne Visnauskas of New York State Homes and Community Renewal, Westchester County Executive George Latimer, Yonkers Mayor Mike Spano and State Senate Majority Leader Andrea Stewart-Cousins.
Fogliano credited Apicella with helping move the MacQuesten from market rate housing into developing affordable housing projects shortly after he joined the firm. She said she was feeling somewhat emotional as the event was taking place and explained that an attempt to build affordable housing in Yonkers many years ago ran into resistance. She contrasted that experience with the way the current project has come to fruition. She thanked the Spano administration for supporting the project.
Gov. Hochul said, “I’m supportive of housing that’s affordable, but also market rate and also luxury because people need a chance to move up to make space for others. Today, we break ground on what is known as a transit oriented development. In some communities, those are scary words. But, come to Yonkers; see what we’re talking about here. This is going to be good for the community, to strengthen it. Community pride, when they see this corner came back to life.”
Hochul emphasized that her administration has made developing new housing a priority and said that Connecticut and New Jersey both have done better jobs in the past in building new housing in the suburbs than has New York. She said an important goal of hers is to change that.
“If we don’t build more housing, if we keep the status quo, New Yorkers will suffer,” Hochul said. “They’ll suffer directly. The cost of living is getting too high. That’s the number one issue people talk about, is the high cost of living. And we can do something about it if we can take on the most expensive cost of living driver for them. That is their rent or their mortgages. It’s simple – supply and demand. You build more, the prices will come down. You have less, the prices go up. That’s what New Yorkers are experiencing right now.”