Building in Android: Java Out Of Memory Error

I recently upgraded to OSX Yosemite, and now when building in Android, the build just hangs at the middle of the progress bar and I get a java.outOfMemoryError in the end. Here is the whole stack:

/Library/Frameworks/Mono.framework/External/xbuild/Xamarin/Android/Xamarin.Android.Common.targets: Error: Tool exited with code: 3. Output:
UNEXPECTED TOP-LEVEL ERROR:
java.lang.OutOfMemoryError: Java heap space
    at com.android.dx.ssa.back.FirstFitLocalCombiningAllocator.<init>(FirstFitLocalCombiningAllocator.java:112)
    at com.android.dx.ssa.back.SsaToRop.convert(SsaToRop.java:100)
    at com.android.dx.ssa.back.SsaToRop.convertToRopMethod(SsaToRop.java:69)
    at com.android.dx.ssa.Optimizer.optimize(Optimizer.java:101)
    at com.android.dx.ssa.Optimizer.optimize(Optimizer.java:72)
    at com.android.dx.dex.cf.CfTranslator.processMethods(CfTranslator.java:299)
    at com.android.dx.dex.cf.CfTranslator.translate0(CfTranslator.java:139)
    at com.android.dx.dex.cf.CfTranslator.translate(CfTranslator.java:94)
    at com.android.dx.command.dexer.Main.processClass(Main.java:682)
    at com.android.dx.command.dexer.Main.processFileBytes(Main.java:634)
    at com.android.dx.command.dexer.Main.access$600(Main.java:78)
    at com.android.dx.command.dexer.Main$1.processFileBytes(Main.java:572)
    at com.android.dx.cf.direct.ClassPathOpener.processArchive(ClassPathOpener.java:284)
    at com.android.dx.cf.direct.ClassPathOpener.processOne(ClassPathOpener.java:166)
    at com.android.dx.cf.direct.ClassPathOpener.process(ClassPathOpener.java:144)
    at com.android.dx.command.dexer.Main.processOne(Main.java:596)
    at com.android.dx.command.dexer.Main.processAllFiles(Main.java:498)
    at com.android.dx.command.dexer.Main.runMonoDex(Main.java:264)
    at com.android.dx.command.dexer.Main.run(Main.java:230)
    at com.android.dx.command.dexer.Main.main(Main.java:199)
    at com.android.dx.command.Main.main(Main.java:103)
 (MetlivingApp.Android)

Now I am really lost with this; I haven't been able to either build or even open the android SDK Manager (I keep getting a white window and the process just hangs on me).

How can I re-install the android modules without having to reinstall the whole XStudio again??