Peekskill Mayor John Testa reported that CPC Resources, a for-profit development affiliate of Community Preservation Corp., a lending consortium on affordable housing projects, will now go before the City Council for approvals on the $7.9 million venture.
The plan calls for the development of a total of 29 residential units and initially about 12,500 sf of retail space during the first phase along Main and North Division streets. The residential units will consist of 18 art loft condominiums, four townhouses and seven art loft rental apartments.
Mayor Testa said, "Over the next 18 months more than 40 attractively designed live-work units and residential units paired with a total of over 20,000 sf of street-level retail spaces will enhance our central business district and improve two of our most important gateway corridors."
The units will be developed on a total of eight parcels that are either vacant or currently house dilapidated buildings.
Construction on the buildings that need to be rehabilitated could begin first, as early as the spring of 2004, with construction of new buildings beginning next summer, says CPC President Tom McGrath. Approvals for the project, which has been tabbed "Phase 2" of the city's Central Ave.-South St. Art-Tech Loft Program, could take longer than normal since the properties are located in a registered Historic District and are therefore required to pass more extensive environmental review.
CPC Resources was selected as the developer of the project after an RFP process. Commenting on the development, CPC's McGrath said that the plan will build upon the city's successful Phase 1 Art-Tech Loft project as well as the $1 million expansion of Westchester Community College's downtown satellite campus.
"We look forward to working with city officials on this new creative revitalization project and will produce an attractive, exciting and marketable retail/live-work development that enhances Peekskill's historic downtown," he said.
CPC Resources was also recently selected by the Village of Spring Valley in Rockland County, NY to develop approximately 75 units of housing and retail in is downtown district
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