Governor Cuomo Announces Opening of $28 Million Mixed-Use Housing Development In Peekskill

Lofts on Main Pairs 75 New Affordable Homes with Ground Floor Commercial Space to Revitalize Peekskill's Downtown Arts District

Governor Andrew M. Cuomo today announced the opening of Lofts on Main, a $28 million mixed-use housing development in Peekskill's downtown arts district. The newly constructed development offers 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," Governor 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."

"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 today's 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."

Lofts on Main is part of the Governor's unprecedented $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.

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 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 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.

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. The project developer is Kearney Realty and Development.

Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Governor Cuomo understands that when we pair affordable housing with ground floor retail space, we reactivate Main Street commercial corridors to create vibrant, walkable neighborhoods. By providing affordable housing and artist workspaces, Lofts on Main is building Peekskill's reputation as a regional artistic hub and boosting the local economy. This is a win-win for everyone involved. Congratulations to all of our partners for the completion of this beautiful new development."

Alicia Barton, President and CEO, NYSERDA, said, "Lofts on Main demonstrates the key role energy efficiency can play in creating mixed use spaces that provide quality and comfort for residents who live and work there while reducing harmful emissions and moving us closer to achieving the New York's aggressive clean energy goals. As part of Governor Cuomo's nation-leading clean energy and climate agenda New Yorkers statewide are seeing tangible benefits that improve their lifestyle and lower their energy bills."

New York State Department of Environmental Conservation (DEC) Commissioner Basil Seggos said,"The development of Lofts on Main is a shining example of what DEC hopes to achieve through our rigorous oversight of the Brownfield Cleanup Program, which is bringing formerly contaminated sites back into productive use across the state. We are proud to see that the Brownfield Cleanup Program is protecting public health and the environment and benefiting the Peekskill community in the process."

Senator Pete Harckham 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. 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."

Assemblymember Sandy Galef said, "Having state dollars allocated towards affordable housing is very important to the communities in my district. This significant project will help facilitate the artist community in Peekskill, which has contributed a very special component to life in the city."

Westchester County Executive George Latimer said, "Peekskill is growing stronger, 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."

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."

Rafael E. Cestero, President and CEO of CPC, said, "Housing is the backbone of strong, vibrant communities and we've seen that put into action here in Peekskill. For years, CPC has partnered with the community to finance mixed-use housing projects that have helped to spur its revitalization as a thriving center for the arts. We're excited to have had the opportunity to help transform this formerly vacant lot into a resource of affordable housing and active artist space for the Peekskill community. My thanks to Governor Cuomo, HCR, Kearney Realty, and our partners at Wespath Benefits and Investments."

Ken Kearney, Principle, Kearney Realty and Development, said, "The Lofts on Main was one of the first developments to utilize NY 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."

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."

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