$28 million Mixed-Use Artist Lofts Open In Peekskill

PEEKSKILL, NY — A new $28 million mixed-use housing development in Peekskill's downtown arts district is offering 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. Lofts on Main was built on a vacant, former brownfield site.

Located on Main Street between Division and Nelson Streets, the development is an example of what state environmental officials hope to achieve through the Brownfield Cleanup Program, which is bringing formerly contaminated sites back into productive use across the state.

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. Above, it is comprised of two four-story buildings with 49 one-bedroom apartments and 26 two-bedroom loft-style apartments.

"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," said Peekskill Mayor Andre Rainey in the announcement. "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."

• Fifty of the apartments will be available to households with incomes at or below 50 percent 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.
• Eighteen 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.
• Twelve apartments are reserved for persons with physical disabilities. Peekskill's Housing Action Council will provide referrals and services for those residents.

The median income in Peekskill is $54,839, according to the U.S. Census Bureau.

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.

Also, Lofts on Main was designed with numerous energy efficient features — including EnergyStar appliances and highly efficient heating, cooling and ventilation systems — as part of the state's clean energy and climate agenda.

The project developer is Kearney Realty and Development.

"The Lofts on Main was one of the first developments to utilize NY State Homes and Community Renewal innovative Middle Income Housing Program," Ken Kearney, Principle, Kearney Realty and Development, said. "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."

The development is part of the administration's $20 billion, five-year housing plan to make housing accessible and combat homelessness by building or preserving more than 100,000 affordable homes and 6,000 with supportive services. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing and community development.

Since 2011, HCR has invested nearly $846 million in the Mid-Hudson region that has created or preserved affordable housing for nearly 28,800 residents. Peekskill was a target area because it 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 officials said.

"Lofts on Main is the kind of mixed use affordable housing project that will help continue to revitalize Peekskill's city center, while ensuring that lower income residents and the physically disabled aren't displaced from the area," Senator Pete Harckham said. "By providing live/work lofts in the heart of the city, the developer and the city are ensuring a vibrant city center. This is what great planning and state financing can help achieve."

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 has become a destination for artists who have transformed the downtown experience for more than a decade," said Lieutenant Governor Kathy Hochul, who made the announcement. "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. 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."