Penrose and Sentinel representatives told the Mount Vernon Real Estate Committee on July 31 they want the committee to recommend that the city transfer several public parcels to the city’s Industrial Development Agency to allow the development team to secure site control and move toward construction.

The developers said the project would create mixed‑income housing over ground‑floor retail, a 5,000‑square‑foot workforce development center, and a roughly 10,000‑square‑foot light‑industrial area for equipment assembly and support. The team described corporate partners who they say have committed to space and training roles, and they asked the committee to refer a resolution to city council on Aug. 13 to transfer the city parcels to the IDA so the IDA can issue a conditional designation to the developers.

The committee was presented with the developers’ rationale and a step‑by‑step plan the presenters said would move the parcels from city and IDA ownership into a commonly owned block controlled by the IDA, which would then grant a long‑term ground lease to the development team. The developers said that conditional designation and an accompanying access agreement would allow on‑site environmental testing, including evaluation for the state brownfield cleanup program, and would unlock financing conversations with the State Office of Homes and Community Renewal.

“We want to build something new, something beautiful that’s gonna transform this corner of town,” Will Develle of the development team said while outlining the project’s mixed‑use vision and ground‑floor retail and community uses. Terrence Wardley, identified as CEO of Sentinel, said the project’s combination of housing, education and industrial space would change the corridor’s long history of disinvestment.

The presenters detailed workforce and technology partners they said are committed to the site. They named McKissick and McKissick as a construction partner, said a firm called Royal Power Energy would bring equipment tied to a Con Edison contract, and described BERT (bertbrain.com) as a strategic partner that would host a showroom and help develop curriculum for the vocational component. The development team said the project will create construction jobs and permanent positions after build‑out and that some onsite assembly and sales would generate local sales tax revenue.

Committee members pressed presenters on specifics the city will require before transferring public property. A member identified in the transcript as the comptroller asked repeatedly about the “long term fiscal benefit to the city” and whether the city would forgo recurring revenue by transferring property to the IDA rather than keeping an ownership stake or using ground leases. The comptroller said the city is seeking consistent, recurring revenue streams and asked for clarity on how a transfer to the IDA would protect those interests.

The presenters said the ground‑lease arrangement would include performance milestones and conditions, and that the project team intends to pay the appraised value of the public parcels at construction closing as part of the ground‑lease economics. They also emphasized the anticipated eligibility for state brownfield funding and the need for an access agreement so testing can begin.

No formal committee vote was recorded on July 31. The presenters asked the committee to forward a recommendation to the city council on Aug. 13; committee members discussed scheduling and said the council’s summer meeting cadence could require a special meeting if the parties want a faster timeline. The presenters and committee agreed to coordinate with city law and IDA counsel on transfer mechanics and the ground‑lease terms that would preserve the city’s interests.

If the committee refers a recommendation and the council approves a resolution transferring parcels to the IDA, the IDA could issue a conditional designation to the Penrose/Sentinel team, the presenters said. That conditional designation would be time‑limited, include performance milestones and likely be paired with an access agreement for environmental testing.

The committee recessed discussion after asking the development team to provide written backup — including appraisals and any offers tied to the public parcels — and to coordinate next steps with city and IDA counsel. The presenters remained available to meet with council and IDA representatives if the committee and council choose to accelerate the timeline.