Sentinel on Third: developers present mixed-use, workforce-focused plan; board asks for economic-impact analysis and site-control steps

Developers presented an update on the Sentinel on Third development to the Mount Vernon Industrial Development Agency on Jan. 9, describing a mixed-use project that the team said would combine workforce training and light-industrial space with residential units and retail. Board members and developers agreed that a formal economic-impact analysis and clear, contingent site-control arrangements must be completed before the Agency would consider incentives such as a PILOT or a long-term ground lease involving city and IDA-owned parcels.

Will Bell of Penrose, the development partner, described the project as a hybrid: “We really feel like the heart of this project is the ground floor,” he said, referring to job creation and on-site workforce training. Developers said the plan includes approximately 180 residential units across multiple AMI tiers, about 10,000 square feet of light-industrial/workforce space, a 5,000-square-foot training facility and retail/assembly space for a tenant identified as Royal Power Energy (also referred to in the meeting as RPE). The team said Royal Power Energy would relocate operations into the light-industrial component and that the project aims to couple manufacturing and distribution with vocational training and local hiring.

Board members repeatedly requested a formal economic-impact analysis that would quantify effects on city revenues and the school district, and they asked that the analysis factor in the proposed assemblage of IDA, city and private parcels as well as any long-term ground-lease structure. One board member summarized the board’s position: the economic modeling should be done early so developers and the public understand whether a project will require financial assistance from the IDA before incurring extensive soft costs.

IDA staff said an appraisal process and legal work are already underway for parcels in the project area and that an initial escrow (originally set at $15,000) has paid appraisals and legal fees; staff noted additional funds may be needed to complete a full economic analysis. Developers said they need contingent site-control documentation to satisfy financing partners (notably New York State HFA) and requested that the board and staff move the appraisal, escrow and economic-analysis steps forward in parallel.

Board members emphasized the project must demonstrably benefit the single tax base shared by the city and school district. No formal approvals or incentive commitments were made at the meeting. The development team offered to top up escrow funds as needed to allow the city’s consultant to prepare the economic-impact analysis quickly; staff and counsel said they would proceed to coordinate appraisals, legal review and an impact study and return to the board with findings and recommendations.