Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Elmsford-Based Developer Selected for Mount Pleasant IDA Project
MOUNT PLEASANT—Trinity Associates of Elmsford has been selected by the Mount Pleasant Industrial Development Agency to build a transit-oriented development project on a long-vacant parcel in the hamlet of Hawthorne.
The Mount Pleasant IDA announced on Jan. 24 it had approved its chair to enter negotiations to sell the property located at 408 Elwood Ave to Trinity Associates of Elmsford, which has proposed to build a 12-unit rental apartment building with 850 square feet of retail on the ground floor. The three-story building would include a mix of one- and two-bedroom apartments with 17 on-site parking spaces.
Previously, Trinity Associates has developed “The Washington” in Pleasantville, “The Flats” in Peekskill and “Ray Place” in Eastchester.
Monthly rents are expected to range from $2,550 for a one-bedroom to $3,600 for a two-bedroom unit. The building’s design will blend with the surrounding community while enhancing a downtown village streetscape,” IDA officials state.
“Our units will be designed with the empty-nester in mind,” said Trinity Associates president John Saraceno. “We believe our market at this property will be similar to our project in Pleasantville, which would include a mix of young business professionals; current and former town residents who recently sold their homes but wish to maintain a residence in the community; divorcees; and part-time residents who have primary residences out of state.”
The nearly half-acre lot was formerly the site the Bel Paese restaurant which closed more than 10 years ago and was subsequently demolished. After being abandoned for years, the property was acquired by the IDA from the Town of Mount Pleasant.
“The IDA board chose Trinity Associates because its plan respects the Hawthorne business corridor’s scale and low density,” said Mount Pleasant IDA chairman Carl Fulgenzi. “This proposal will not overwhelm the area with new residents or traffic, while delivering a reinvestment spark that we hope will trigger more building upgrades in the area.”
The Elwood Avenue business corridor includes a mix of multi-family, commercial, neighborhood retail and restaurant uses with the Hawthorne train station as its focal point.
Currently the IDA is developing a municipal parking lot for shoppers and visitors on the adjacent lot that it owns at 408 Elwood Ave.
Trinity Associates will next go before the Mount Pleasant Zoning Board for review of variances for height, density, and parking, after which the site plan will be reviewed for approval by the Mount Pleasant Planning Board.
The Trinity Associates proposal is the second redevelopment project recently approved by the MPIDA in this business corridor. A former restaurant at 500 Commerce St. has been demolished to make way for a three-story building with 16 apartments and underground parking in accordance with Mount Pleasant’s Comprehensive Plan.
Additionally, the town recently completed installation of sidewalks and other street scape improvements in the Hawthorne area that are a part of an ongoing plan to upgrade the pedestrian safety and access and improve the overall appearance of the business area.
“Enhancing the Elwood Avenue-Commerce Street corridor from Hawthorne to Thornwood is a priority for the town,” Fulgenzi said, “and we are committed to fostering further improvements that retain the scale of this important area of our community.”