New York Ventures Inc. to Lead $16 Million Redevelopment of Watertown Correctional Facility
Real Estate | Jan 16, 2025 | New York Ventures Inc
Empire State Development (ESD) announced the availability of up to $16 million in funding via the NY-RUSH program for the redevelopment of the former Watertown Correctional Facility in Jefferson County, New York. The funding supports the transformation of state-owned properties into housing as part of a $500 million initiative introduced by Governor Kathy Hochul. The funding aims to foster public-private partnerships and promote the conversion of underutilized sites into residential communities, particularly in response to New York's housing crisis. The initiative is a key component of the Governor's vision to create 15,000 homes on state land, outlined in the FY2025 Enacted Budget. The project's request for proposals seeks diverse housing units and prioritizes affordability, with financial aid accessible to developers to cover eligible costs, urging a rejuvenation of the Northern New York region.
Sectors
- Real Estate Development
- Public Sector Infrastructure
Geography
- United States – The initiative and funding are part of a New York state-led effort, involving a correctional facility in Jefferson County, New York.
- New York – The initiative is directly linked to New York State, focusing on addressing its housing crisis through public property redevelopment.
Industry
- Real Estate Development – The article focuses on the redevelopment of state-owned property into residential housing, a common aspect of real estate development.
- Public Sector Infrastructure – Involvement of state-owned land and government support highlights the role of public infrastructure in revitalizing communities.
Financials
- $16 million – The amount of funding approved under the NY-RUSH program for redeveloping the Watertown Correctional Facility.
- $500 million – The total capital fund included in the FY2025 budget for broad redevelopment initiatives across various state properties in New York.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Empire State Development | Funding Organization | Government | A government entity providing funding and support for the redevelopment of state-owned properties for housing. |
| Watertown Correctional Facility | Target Redevelopment Site | Government | A former correctional facility in Jefferson County, New York, targeted for transformation into a residential area. |
| State of New York | Government Authority | Government | New York state administration leading the initiative to repurpose underutilized state-owned land for housing. |
| Governor Kathy Hochul | Government Leader | People | Governor of New York, advocating a comprehensive strategy for state property redevelopment and addressing housing issues. |