Titan latest to test Yonkers multifamily market
Developer seeking approval for 340-unit project
The crowded Yonkers development scene could be on the verge of seeing hundreds of additional units under construction in the Westchester County city.
Long Island-based Titan Real Estate Development is seeking approval on its site plan in Yonkers, Westfair Business Journal reported. The four-acre parcel spans eight lots on St. Joseph Avenue, Cavalli Circle and Vineyard Avenue.
Titan aims to build a 340-unit building, divided between studio and one-bedroom apartments. There would be more than 400 parking spaces and 20,000 square feet of commercial space. The six-story building would have four stories of residences above the parking and commercial space.
The project would also include a landscaped plaza for residents on the roof of the first-floor parking garage.
Yonkers City Council approved a special permit for a Planned Urban Redevelopment last month. The ball is in the court of the Yonkers Planning Board.
Titan did not immediately respond to The Real Deal’s request for comment.
The land was once part of the Mulford Gardens public housing project and slated for development in the complex’s Hope VI Revitalization Project. It was transferred to the city in 2019; Titan has a letter of intent to purchase the land for its mixed-use project, a deal likely contingent on the development’s approval.
In the past decade, there has been a dramatic spike in multifamily development in several Westchester cities, including White Plains, New Rochelle and Yonkers. Those cities encouraged growth opportunities around their commuter rail stations.
Growth exploded in Yonkers in 2018. More than 600 multifamily building permits were filed that year and activity has remained around those levels ever since. Between 2014 and 2022, annual multifamily building permits in Westchester grew six-fold to more than 3,000 by the end of last year.
This year, Trinity Associates subsidiary Verus Development received financial incentives for a 12-story, 105-unit senior housing complex on McLean Avenue in Yonkers. Designated for affordable households, amenities at the development will include a community room with computers, library, recreational space, supportive housing office, a laundry room and bike storage.
— Holden Walter-Warner