Construction Starts on $51 Million Affordable Project in Peekskill
Real Estate In-Depth | September 2020
PEEKSKILL—Ground was officially broken on Sept. 9 at Wilder Balter Partners’ $51-million affordable housing project at 645 Main Street in Downtown Peekskill.
A host of state, county and city luminaries were on hand for the event signaling the ceremonial start of construction of the 82-unit development. The new affordable complex is reserved for households earning 40% to 80% of the area median income.
“Every New Yorker deserves a safe, decent and affordable place to call home,” Governor Cuomo said in a prepared statement. “This new, energy-efficient development builds upon our continued strategic investments in downtowns throughout the state and will provide more than 80 brand-new, affordable apartments for families and the community.” The 645 Main Street development is part of Governor Cuomo’s unprecedented $20 billion, five-year affordable Housing Plan administered by New York State Homes and Community Renewal.
When complete, 645 Main Street will feature 18 one-bedroom apartments, 50 two-bedroom apartments and 14 three-bedroom apartments. There will be one apartment for the property superintendent.
Amenities for residents include a landscaped courtyard, community room with kitchen, fitness center, laundry room, and an on-site management office. All apartments will have Energy Star appliances and individually-controlled heat and electric. The five-story development will be built on a two-acre remediated Brownfield site within Peekskill’s DRI area. It includes a 140-space parking garage that will feature a green roof with underground stormwater infiltration system that will retain surface water onsite to reduce the burden on the municipal system. Photovoltaic solar panels placed on the roof will offset energy costs. Other energy efficiency measures will include high-performance building envelope and heating and cooling conditioning systems, and low-flow plumbing fixtures.
The developer is Wilder Balter Partners Inc. and the architect is L&M Design Inc. The development is within the city of Peekskill’s Downtown Revitalization Initiative area and complements the Initiative’s goal of providing more diverse housing options. Peekskill was selected as the Mid-Hudson region’s $10-million DRI award winner in August 2019.
The project secured $21.9 million in construction and permanent tax-exempt Climate bonds from HCR; $12.1 million in federal Low-Income Housing Tax Credit equity and nearly $12.3 million in subsidy. Other state funding includes Brownfield Cleanup Program Syndication Proceeds in the amount of approximately $6 million from the New York State Department of Environmental Conservation and more than $270,000 through the New York State Energy Research and Development Authority’s Low-rise Residential New Construction program. The Westchester County Housing Implementation Fund and the Westchester County New Homes Land Acquisition Fund provided $5.7 million and $2.3 million, respectively.
William Balter, president of Wilder Balter Partners, Inc., said, “645 Main is a result of a collaborative public private relationship between WBP and our development team, local stakeholders, the City of Peekskill, Westchester County and New York State HCR. We could not be more pleased to be able to provide this needed affordable and workforce housing in such a walkable location in the downtown of the City of Peekskill.”
Westchester County Executive George Latimer said of the new project, “Affordable housing has long been one of the top priorities of my administration because it ultimately contributes to better-rounded, more vibrant communities. The COVID-19 pandemic has caused a tremendous financial strain, especially for those with low and moderate incomes, and I am thrilled that New York State Homes and Community Renewal is breaking ground on this $50.8 million development that will provide more than 80 units of essential workforce housing for Peekskill.”
Peekskill Mayor Andre Rainey added, “There are few things more impactful and important to the future health of a city than truly affordable housing. Still, 645 Main Street is more than a valuable new asset for Peekskill, it contributes to furthering our collaborative, visionary Downtown Revitalization Initiative Plan and secures our legacy as a community that cares and provides for the needs of all of our hardworking residents. Thank you to Governor Cuomo and our many partners on this exciting new development.”