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September 21, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

$28M mixed-use development opens in downtown Peekskill

Cutting the ribbon in Peekskill, from left: George Latimer; Peekskill City Manager Richard Leins; Sean Kearney and Ken Kearney; Andre Rainey; Kathy Hochul; New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas; Rafael Cestero, President and CEO of Community Preservation Corporation; Peekskill Deputy Mayor Kathleen Talbot; and Peekskill Councilwoman Patricia Riley.

A ribbon-cutting to open Lofts on Main, a $28 million development at 922 Main St. in Peekskill’s downtown arts district, was held on May 1.

Consisting of 49 one-bedroom apartments and 26 two-bedroom loft-style apartments in two buildings, Lofts on Main also has 7,200 square feet of ground floor commercial space. Tenants include Ty’s Bread Basket BakeShop, The Evolution Gallery, Nourish Hair & Body Salon and Green’s Natural Foods.

Ken Kearney, a principal of Kearney Realty and Development of Baldwin Place, said that private funding and money from state programs provided the necessary financing. State and federal low-income housing tax credits generated $10.9 million in equity;  New York State Homes and Community Renewal provided a $5.2 million subsidy; the New York State Energy Research and Development Agency provided $187,500, and the New York State Department of Environmental Conservation provided brownfield tax credits that generated $3.7 million in equity.

In addition, The Community Preservation Corp. provided a $15.5 million construction loan and a $6.8 million SONYMA-insured permanent loan.

The development is intended to have special appeal for artists in search of affordable housing and is in keeping with recent efforts to establish Peekskill’s downtown as a regional destination for arts and entertainment. The development is not far from the Paramount Theatre and is within walking distance from City Hall, the public library and the Metro-North train station.

The portion of the project fronting on Main St.

New York’s Lt. Gov. Kathy Hochul attended the ribbon-cutting. “The new Lofts on Main is more than just a building – it is a recognition that painters, photographers, musicians and more enrich our society while driving tourism and economic vitality,” she said. “This investment in affordable housing and commercial space will further advance the momentum in the arts district and continue progress in the Mid-Hudson region.”

Lofts on Main is being presented as part of Gov. Andrew M. Cuomo’s $20 billion, five-year housing plan to build or preserve more than 100,000 affordable homes and 6,000 with supportive services.

Fifty of the apartments are targeted for households with incomes at or below 50% of the area’s median income with a preference for artists. Six apartments will be available for those with incomes at or below 90% of the area median income, and 18 will be designated for those at or below 100% of the area median income. One of the two-bedroom units is being set aside for the onsite superintendent.

Andre Rainey, Peekskill’s mayor, said, “Lofts on Main creates more high-quality housing options for local residents while also supporting economic growth and activity along Main Street here in downtown Peekskill. By providing live/work lofts in the heart of the city, the developer and the city are ensuring a vibrant city center.”

Westchester County Executive George Latimer also attended the ribbon-cutting. “Peekskill is growing stronger,” he said, “and when our downtowns thrive, our county thrives. By constructing a mixed-use development dedicated to our local artists and residents of all income levels, we are providing more opportunities for all people to call Westchester County home.”