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“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
MOUNT PLEASANT—The Town of Mount Pleasant Industrial Development Agency has issued a Request for Expression of Interest for developers for a nearly half-acre longtime vacant site approximately 200 feet from the Hawthorne Metro North station.
The IDA has set a deadline for May 17 and plans to review the submissions during May and June with presentations to be made by the developers to the agency during that time. The IDA reports it plans to announce its choice of concept/developer by June 30.
The IDA stated in the RFEI that it is looking for a mixed-use (residential and commercial) project at the site located at 408 Elwood Ave. (Route 141), a vacant site created by combining three adjacent IDA-owned lots. The property is in a Neighborhood Retail Zone (CN-R Zone) which can include street-front retail and market-rate and/or workforce housing options.
The .4-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 Elwood Avenue business corridor includes a mix of multi-family, commercial, neighborhood retail and restaurant uses.
The IDA is also in the process of taking by eminent domain a smaller, neighboring site at 388 Elwood Ave. where it proposes to develop a municipal parking lot for shoppers and visitors. The train station is being viewed as a focal point for the new development project.
“We envision anything built on this site serving as a model for the new improved downtown Hawthorne,” said Mount Pleasant IDA Chairman Carl Fulgenzi. “It should be a development that will deliver a contagious excitement about the possibilities for outdated properties in the vicinity. Our ultimate goal is to have a new development that will help transform downtown Hawthorne into a vibrant, walkable community with a variety of housing and employment options for younger adults and empty nesters.”
Once a developer is selected, the IDA plans to enter into exclusive negotiations for the disposition and development of the parcel. The RFEI states that the minimum purchase price will be based on the property’s appraised value. The sale agreement will be contingent on the selected development firm securing zoning, site plan and SEQRA approvals as well as project financing.
The developer will also be responsible for all costs associated with the sale agreement and development of the property, although the RFEI does state that the IDA intends to provide financial assistance to the development project.
“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
Most of the counties in the HGAR market area are considered “high-cost areas” by the FHFA.
NAR officials noted yesterday that the court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the court quickly ruled to grant final approval.
Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
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