Amid Housing Crisis, Edgewater Place will Create 246 New Rental Units, Including 25 Affordable Units
Edgewater Place Designed With Sustainable and Energy Efficient Systems and Features
Beacon, NY (July 28, 2022) – Scenic Beacon Developments, The Community Preservation Corporation (CPC), Beacon Mayor Lee Kyriacou, Salisbury Bank and Trust, Orange Bank and Trust, and other development partners and supporters broke ground on the 22 Edgewater Place development project today. The largest residential rental property to break ground in Beacon in decades, 22 Edgewater Place will be a 246-unit multifamily rental community consisting of seven buildings and a community building, and will include 25 units of affordable housing. The development is located on a 12-acre waterfront site within walking distance of the Metro-North Train Station, with easy access to major highways, retail, and dining and entertainment venues.
“The Edgewater Project is about meeting the needs of today’ and tomorrow’s families, with homes that bring people closer to nature; and allow them to be refreshed by the beauty of our Hudson Valley,” said Rodney Weber, Founder, Weber Projects LLC and principal partner in Scenic Beacon Developments.
“Edgewater Place and its new housing will be an anchor of stability and opportunity for the Beacon community. The transformation of this site into a beautiful, energy efficient development that addresses the city’s need for housing while preserving as much of its green space as possible is something we should all be proud of,” said Sadie McKeown, President of The Community Preservation Corporation. “CPC and the Beacon community have a special bond going back decades to our work together to revitalize the downtown area, and we are proud to continue that commitment with our partners at Scenic Beacon Developments and the Edgewater Place project. My thanks to our funding partners Salisbury Bank and Orange Bank and Trust, and to Mayor Kyriacou and all of our local stakeholders.”
“We would like to thank The Community Preservation Corporation for inviting Salisbury Bank and Trust Company to participate in the construction of this local project. The Edgewater Place project will provide much needed housing in the greater Beacon market and will require an affordability component. In addition, we applaud Scenic Beacon Developments for their focus on the use of sustainable construction materials and high efficiency operating systems,” said Todd Rubino, Executive Vice President, Chief Commercial Lending Officer, Salisbury Bank.
“We at Orange Bank & Trust Company are excited to participate in the Edgewater Project. Now in our 130th year, we believe our involvement in the project demonstrates our continued commitment to the Hudson Valley and the City of Beacon. We congratulate all involved for turning this vision into a reality,” said Michael Gilfeather, President and CEO, Orange Bank & Trust Company.
The construction of this development comes at a critical time when Beacon and other cities across New York are experiencing a crisis of housing availability and affordability. The most recent Dutchess County Housing Survey from 2020 reported market rate vacancy for the county at 0.9 percent and Beacon at zero percent, while county wide there was 0.5 percent vacancy for affordable units.
There will be a mix of studio, one-, two-, and three-bedroom units. The project’s 25 affordable units will be below market-rate at 70 percent of area median income. Planned amenities will include both surface and garage parking, tenant storage areas, roof top deck, outdoor seating, a library/co-working space, fitness center and walking trails. 22 Edgewater Place will be constructed with sustainability and resilience as a focus, including employing high efficiency systems that eliminate fossil fuels for heating and cooling which will provide a healthier indoor environment for tenants.
CPC is providing $50.3 million in construction financing with its partners Salisbury Bank and Trust and Orange Bank and Trust. CPC has a long history of investing in the revitalization of Beacon’s housing stock in the downtown area, particularly along the Main Street and East Main Street corridors. Beginning in the early 1990’s CPC began working with the local government, property owners, and developers to invest in the area, which at the time was experiencing significant distress, including a high number of vacant properties. Including Edgewater Place, the company has provided approximately $118 million in financing for 28 multifamily projects in Beacon, with a total of 623 residential units.
About Scenic Beacon Developments
Established in 2015 to address the growing need for housing opportunities in Beacon NY, Scenic Beacon Developments worked closely with the community and the City Planning Board of the City in creating the plans to transform the Edgewater site from a vacant lot into a world class destination to live, work and play. Building magnet communities with an emphasis on walkability and quality of life, Scenic Beacon Developments mission is to create distinct living experiences that foster community and pride in the Hudson Valley.
About The Community Preservation Corporation (CPC)
CPC is a nonprofit multifamily finance company that was founded in 1974 to provide financial resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable housing and drive down the costs of housing production, advance diversity and equity within the development industry, and impact the effects of climate change in our communities through the financing of sustainable housing. Since its founding, CPC has invested over $13 billion to finance the creation and preservation of more than 220,000 units of housing through its lending and investing platforms. CPC is a carbon-neutral company and has been rated AA- by S&P. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.