PENN YAN — Birkett Landing, the upscale apartment development on Water Street, received a $4 million boost from the Community Preservation Corporation.
The project was completed last year, but the corporation only announced that the loans had closed Dec. 30. Developer Chris Iversen said they were a significant factor in making Birkett Landing possible.
“The Birkett Mills project is a great example of CPC’s continued commitment to help neighborhoods in distress transform into neighborhoods of opportunity,” Nicholas Petragnani, senior vice president and regional director of Central & Western New York for the Community Preservation Corporation, said in a press release. “Thanks to our dedicated public and private partners, not only will 13 families have access to quality housing, but two commercial units will also be available for local businesses. CPC believes that innovative financing — such as the Historic Tax Credit equity and RESTORE NY grant used in this project — combined with public-private partnerships are instrumental in revitalizing neighborhoods, and we are proud to be part of a unified effort to support a local community.”
Birkett Landing is at 120-130 Water St. Iversen gutted the long-vacant structure and installed modern amenities such as granite counter tops, but he also preserved many original features, including wooden beams.
The historic structures were built in the late 1800s and used as warehouses. They overlook the Keuka Outlet.
The total project cost just under $6 million. A $2.5 million Restore New York Grant paid for part of that, and the project also benefited from $1.475 million in historic tax credit equity and a 10-year payment-in-lieu-of-taxes agreement with Yates County.
The Community Preservation Corporation is providing a $2.695 million construction loan to cover purchase and rehabilitation costs, along with a $1.3 million permanent loan. The corporation is based in New York City.