Developer ‘Tops Out’ Mount Vernon Project
Real Estate In-Depth | July 2016
MOUNT VERNON—The Atlantic Development Group, LLC and To Better Days Construction held a topping out celebration on June 30th for their 203 Gramatan Ave. mixed-use project, the first of three major Atlantic Development projects in Downtown Mount Vernon.
203 Gramatan Avenue is a $40-million ground-up quality workforce housing development that includes 159 units of workforce housing—30% of which are reserved for Mount Vernon residents—and 20,000 square feet of retail space. Local companies have been awarded 32% of the project cost to date and the project has created 43 full-time jobs for Mount Vernon residents, Atlantic Development stated in an announcement.
Peter Fine, CEO of Atlantic Development said, “We are really proud of our role in the revitalization of downtown Mount Vernon and of this project—our first of three and the first major stride in bringing Downtown Mount Vernon back.”
He added, “We have made real investments in this community, its residents, its businesses and its workforce and we look forward to carrying the momentum, excitement and support from this project into Hartley Park Towers, our next major milestone in Mount Vernon’s comeback. Hartley Park Towers would not be possible without the success and public improvements of the first building at 203 Gramatan Avenue.”
Other notable facets of the 203 Gramatan Ave. development include improvements to the Sidney Avenue Garage: structural repairs, new elevators, new lighting, signage, painting, and pedestrian walkways; as well as Gramatan Avenue streetscape improvements: new sidewalks, trees, benches and street lights.
Atlantic Development’s second major investment in the revitalization of downtown Mount Vernon is Hartley Park Towers, which will create an additional 190 jobs. Located at 30 Oakley Ave.—around the block from the 203 Gramatan project—the 10-story building will feature 109 units of luxury rental housing. The finishes and amenities will be built to a luxury standard, but the housing will be 60/40 market/affordable. The development will feature 4,000 square feet of amenity space that will include a state of the art gym, media center, lounge and children play area. There will be an additional 4,000 square feet of landscaped outdoor terraces with views of Hartley Parkland. Hartley Park Towers will be the first market rate rentals built in downtown Mount Vernon in 40 years.
Atlantic Development estimates that there will be approximately $6 million in construction and labor contracts that will be awarded to local Mount Vernon businesses. Atlantic Development is ready to break ground in September, pending final approvals from the City of Mount Vernon, company officials note.
New York City-based Atlantic Development Group, founded in 1995, develops, owns, and manages residential and mixed-use properties, housing units, and retail and community space.