Sentinel Affordable Housing Project and Ground Lease
Mount Vernon
Summary
A 99-year ground lease would let a developer combine five IDA-owned and four city-owned parcels near South Fourth and South Third Streets into a project with about 188 affordable units, with help from New York State and Westchester County. The committee's joint public hearing is a step toward a final city council vote.
At a glance
- Total mentions
- 6
- Last 30 days
- 0
Discussed at 1 meeting in the last 60 days; most recently Sep 25, 2026.
Impact analysis
The city would collect ground-lease payments over 99 years while offloading maintenance costs on nine vacant properties.
Residents in need of affordable housing and neighborhoods near South Fourth and South Third Streets where vacant problem properties would be redeveloped.
Tying up municipal parcels for two years limits alternative near-term land uses.
Mentions & discussions (5)
Real Estate Committee - Sep 25, 2026
A 99-year ground lease would let a developer combine five IDA-owned and four city-owned parcels near South Fourth and South Third Streets into a project with about 188 affordable units, with help from New York State and Westchester County. The committee's joint public hearing is a step toward a final city council vote.
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Industrial Development Agency (Regular) - Apr 9, 2026
The executive director proposed negotiating a two-year lease option to allow a major developer to assemble parcels and plan a 188-unit affordable housing and light industrial project.
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