$28 Million Mixed-Use Housing Development in Peekskill Opens
Real Estate In-Depth | May 2019
PEEKSKILL—Governor Andrew M. Cuomo announced on May 1 the opening of Lofts on Main, a $28-million mixed-use housing development in Peekskill’s downtown arts district.
The newly constructed development features 75 apartments for local artists and residents with a variety of income levels, as well as 7,200 square feet of ground floor commercial space.
“New York’s $20-billion housing plan continues to create vibrant neighborhoods where New Yorkers want to live, work and play,” Gov. Cuomo said. “By combining affordable housing with new commercial space, Lofts on Main is revitalizing Peekskill’s Main Street and building a stronger local economy in the Mid-Hudson region for all to enjoy.”
Lofts on Main is comprised of two four-story buildings with 49 one-bedroom apartments and 26 two-bedroom loft-style apartments. Twelve apartments are reserved for persons with physical disabilities. The Housing Action Council will provide referrals and services for these residents with physical disabilities.
Fifty of the apartments will be available to households with incomes at or below 50% of the area median income with a preference for artists. Six apartments will be available to households with incomes at or below 90% of the area median income and 18 apartments will be available to households at or below 100% of the area median income. One two-bedroom apartment serves as an onsite superintendent’s unit.
Ken Kearney, principal of project developer Kearney Realty and Development, said, “The Lofts on Main was one of the first developments to utilize New York State Homes and Community Renewal innovative Middle-Income Housing Program. This funding combined with Housing and Brownfield credits as well as private financing from CPC provided the necessary funding to produce this impactful downtown revitalization project. We thank all of our partners who join with us today to celebrate the grand opening of The Lofts on Main.”
Lofts on Main has four commercial ground floor spaces occupied by Ty’s Bread Basket BakeShop, The Evolution Gallery, Nourish Hair & Body Salon and Green’s Natural Foods.
Building amenities include a gallery space in the lobby for resident artists to showcase their work and two studio/performance practice spaces. There is a large courtyard between the two buildings available as a performance and meeting space. Additional building amenities include a laundry room, fitness room, community room and rooftop terrace with views of the Hudson River. Lofts on Main was designed with numerous energy efficient features including EnergyStar appliances and highly efficient heating, cooling and ventilation systems.
Located on Main Street between Division and Nelson Streets, Lofts on Main is within walking distance from City Hall, the public library and the Metro North train station. Downtown Peekskill has undergone a revival over the past 15 years, becoming a hub and regional destination for arts and entertainment. Home to the Paramount Theatre, numerous cafes, art galleries, restaurants and music venues, the City of Peekskill fosters a thriving artist community in need of affordable housing.
State financing for the development included state and federal Low-Income Housing Tax Credits that generated $10.9 million in equity and $5.2 million in subsidy from New York State Homes and Community Renewal. 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. The Community Preservation Corporation provided a $15.5-million construction loan and a $6.8-million SONYMA-insured permanent loan.
Peekskill Mayor Andre Rainey 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. We are proud of Peekskill’s reputation as an inclusive and vibrant artistic community. We are grateful to all of our state and local partners for working with the City of Peekskill to deliver this beautiful new development. Congratulations to all.”
Rose Noonan, executive director, Housing Action Council, said, “The Housing Action Council is pleased to celebrate the opening of Lofts on Main which not only offers affordable housing for artists but also contributes to the growth and excitement of downtown Peekskill.”