Mount Pleasant IDA Approves Incentives Packages for Residential Building at 500 Commerce Street in Westchester County

Rendering of 500 Commerce Street - Dimovski ArchitectureRendering of 500 Commerce Street - Dimovski Architecture

The Town of Mount Pleasant recently approved a financial incentives package to facilitate the completion of a new residential property at 500 Commerce Street. The project site is located in Hawthorne, New York, a small hamlet associated within Mount Pleasant and the surrounding Westchester County.

From local developer John Piazza, the three-story building will create 16 rental apartments and comprise approximately 36,275 square feet. The building will contain 12 two-bedroom homes at about 1,200 square feet apiece, as well as four one-bedroom units ranging from 700 to 1,000 square feet. Associated amenities include ground-floor parking and a fitness center.

The town’s Industrial Development Agency, or IDA, voted in support of the project, which is the latest effort to revitalize the Commerce Street corridor between Hawthorne and Thornwood hamlets. The package is structured as a sales tax exemption valued at approximately $290,000. When complete, the development is expected to generate significant tax revenue for the school district, enhance the surrounding streetscape with new sidewalks, and create roughly 40 construction jobs.

Total development costs are estimated at $7.3 million. Additional members of the project team include local design studio Dimovski Architecture and structural design by Charles A. Manganaro Consulting Engineers.

“This development perfectly aligns with our master plan for revitalizing the Commerce Street corridor,” said town supervisor Carl Fulgenzi, who serves as IDA chairman. “Now with this exciting new project, we are taking significant and meaningful steps toward making that a reality.”

At this time, the development team has not announced monthly rent targets for the building.

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