Barrel Factory Apartments: A New Era in Kingston's Real Estate Landscape

Deal News | Nov 14, 2024 | New York Ventures Inc

Empire State Development (ESD) has commenced the next phase of the Barrel Factory Apartments project in Kingston, New York, an ambitious $26.2 million development aided by Governor Hochul’s Mid-Hudson Momentum Fund. This initiative focuses on restoring historic sites and providing mixed-income housing options, with 20% earmarked as affordable housing. The construction, in collaboration with MHV Development, includes renovating the historic Kingston Barrel Factory into a community hub in the first phase, which features commercial spaces and 12 residential units. The second phase will add 80 market-rate and 20 affordable housing units, complete with commercial space and manufacturing facilities. The project aligns with regional development goals, addressing pressing housing shortages exacerbated by a population influx near 33,000 over two years. The project is supported by multiple funding sources, including the state’s Historic Preservation Tax Credits and the Community Preservation Corporation. Local government leaders have praised the initiative for its potential to stimulate economic growth and meet housing needs.

Sectors

Real Estate Development
Affordable Housing
Historic Preservation

Geography

United States - New York – The article focuses on a development project in Kingston, New York, and is backed by New York State's economic initiatives.
Mid-Hudson Region – The project is part of initiatives aimed at stimulating economic development in the Mid-Hudson Region of New York state.

Industry

Real Estate Development – The article discusses a real estate development project involving the construction of mixed-use, mixed-income housing with a focus on historical renovation.
Affordable Housing – The project includes a significant percentage of affordable housing units, addressing housing affordability issues in the region.
Historic Preservation – Involves the adaptive reuse of the historic Kingston Barrel Factory, revitalizing historical infrastructure.

Financials

$26.2 million – Total cost of the mixed-use, mixed-income development project.
$4.78 million – Contribution from the Mid-Hudson Momentum Fund for Phase II of the project.
$4.6 million – Cost of Phase I of the project, focusing on the renovation of the Kingston Barrel Factory.
$840,000 – Restore NY funding (Round 6) received for Phase I.
$1.8 million – Construction and permanent financing provided by The Community Preservation Corporation for Phase I.
$1.4 million – Equity from Federal and State Historic Rehabilitation Tax Credits.

Participants

Name	Role	Type	Description
Empire State Development (ESD)	Investor/Developer	Government	New York's chief economic development agency involved in the project.
MHV Development	Developer	Company	A partner in executing the Barrel Factory Apartments project.
Governor Hochul	Policy Support	Person	Governor of New York supporting state-funded development initiatives.
The Community Preservation Corporation	Financier	Company	Provided financing for Phase I of the project.
New York State Office of Parks, Recreation and Historic Preservation	Advisor	Government	Facilitated the use of Historic Rehabilitation Tax Credits for the project.