900 new residential units planned for Mount Vernon

For years, the blue-collar town just north of the Bronx was fondly known as “Money earnin’ Mount Vernon.” Now, the tagline could change to “money spendin’” since four developers are planning to invest heavily there. Last week, they announced plans for 900 new market-rate rental apartments worth more than $300 million. One of the projects, put forward by Enclave Equities, calls for 179 units in a group of five, five-story apartment buildings, priced at $48 million. A 16-story, mixed-use building would hold 249 residential units in addition to retail space. Mayor Richard Thomas said that the four projects, which are in various stages of the approvals process, are a direct response to Gov. Cuomo’s $2.5 billion housing initiative. [LoHud]