Poughkeepsie... Wednesday morning at Red Hook Village Hall, Dutchess County Executive William R. Steinhaus transferred ownership of the former Perx Property site owned by the County due to tax default in 1996 to Village of Red Hook Mayor David Cohen. The transaction, based on an Option Agreement initiated in 2004 by Steinhaus with the village, was made possible by the completion of a comprehensive environmental restoration of the 20+-acre “brownfield” property at 68 South Broadway in the Village.
County Executive Steinhaus stated, “This is a real turning point. We’re about to relieve the County of Dutchess of a long-term tax liability, at the same time triggering an opportunity for Red Hook to add to its commercial infrastructure and—most importantly—create a new affordable and walkable community of senior residents.”
The transfer of ownership marks the next step toward implementing the County Executive’s vision as well as the Mayor’s goal of transforming this derelict industrial site into a vital mixed-use neighborhood for senior citizens to be known as Red Hook Commons.
Village of Red Hook Mayor David Cohen stated, “This is one of the greatest things ever for the Village, for the Town, and for our seniors. As a result of this long-term effort, the redevelopment of the Perx property will be beneficial to the local environment and to our entire community.”
In a sequential transaction, the title to the property will be conveyed from the Village to the site’s future developers, Kearney Realty Group, Inc.
The much-anticipated construction of 96 units of affordable senior housing will occur in two phases. Construction of the first 48 units will begin shortly, with the second phase to begin in 2007. Funding for the senior housing, to be provided by the NYS Division of Housing and Community Renewal includes $1.4 million as well as $5.75 million in tax credits for Phase One. The State recently announced an additional award of $615,000 per year in federal tax credits over a ten year period for Phase Two.
County Executive Steinhaus has also supported the redevelopment of the Perx property by providing $538,266 for the construction from its HOME Investment Partnership Program. These funds, along with the financing from NYS, will enable the developer to charge rents that are affordable to seniors making 50-60% of the county median income.
According to Developer Kenneth Kearney, “This project represents the continuing efforts of both Dutchess County and the Village of Red Hook to provide affordable senior housing. I can’t say enough about the support of County Executive Steinhaus and his staff at the Department of Planning and Development, County Attorney’s Office and Department of Public Works to help make this project a reality. What was once a local eyesore will now be replaced with 96 units of housing for those residents who need it most – our senior citizens?”
The Red Hook Commons complex, located in the recently designated “Neighborhood Mixed Use District” on South Broadway, will also include limited neighborhood-scale commercial development designed to provide services that complement rather than compete with businesses in the Village Center.