Artist Live/Work Condo Project Breaks Ground

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PEEKSKILL, NY-Ground was broken on Tuesday for an $8.3-million project artist live/work condominium project here that is seen by many as critical to the city's ongoing Downtown redevelopment effort. Located about a stone's throw from City Hall, the project will entail the construction of three buildings and the rehab of two existing properties. In total, CPC Resources Inc., the development arm of Community Preservation Corp., a nonprofit multifamily mortgage lender, will develop 20 artist live/work loft condo units, four art loft rental units and approximately 13,500 sf of retail space.

"This comprehensive project is essential to the viability of the Downtown and the linchpin to the future plans and vision for Peekskill," Mayor John Testa said. "Three years of hard work and focus is now coming to fruition and with this project now becoming reality we will see even more interest and investment within our city." He noted that project will now put properties back on the tax rolls that have not been there for 30 to 40 years.

Thomas McGrath, senior vice president of CPC Resources, revealed that a letter of intent has been signed with the operators of a Guinness Irish Pub for approximately 4,000 sf of space on two levels at 13 North Division St., one of the two buildings that will be rehabilitated as part of the project. In addition, ITI Strategies, a local financial services firm, has agreed to lease approximately 1,800 sf of space at 994 Main St., the other existing vacant building to be improved. The four art loft rental units will be housed at the two buildings, along with some commercial space and a restaurant.

The three buildings to be constructed include: 922 Main St., which will feature five retail stores and 10 condo loft units; 974 Main St., which will have two retail stores and four condos; and 921 Diven St., which will contain six live-work condos. While no sale prices have been set for the live/work condo units, which will average about 1,300 sf, McGrath said his firm hopes to keep the prices between just under $200,000 to just over $200,000.

CPC and city officials also noted that the project will feature a geothermal heating and cooling system that is expected to save condo owners anywhere from 20% to 50% on their monthly heating bills. McGrath said that his firm hopes that the project will convince other property owners to invest in the City of Peekskill. "This project represents another important step forward in reinvigorating Main Street with new residential and retail activity."

The New York State Division of Housing and Community Renewal is contributing approximately $1.2 million to the project, while Westchester County is supplying approximately $300,000 to the venture. McGrath said that the project should be completed within the next two years.