A groundbreaking ceremony was held Thursday for a $6.3 million mixed-use project in downtown Peekskill.
A longtime dilapidated structure on the corner of 216 South Division Street and Second Street is being torn down by Unicorn Contracting Corporation and replaced with a three-story, 27,000-square-foot building that will include 22 market rate rental apartments and 2,200 square feet of commercial space that can accommodate two tenants.
Of the 22 apartments, 20 will be two-bedroom and two will be one-bedroom. There will also be a parking garage under the building.
“The project will be a great place to live with modern designed apartments whose residents will add to the downtown’s customer base,” said Allan Rothman, project manager for Cold Spring-based Unicorn. “We are thankful for the support from the City of Peekskill throughout the approval process and the IDA for its financial support. We look forward to make this quite a beautiful building.”
Unicorn purchased the property for $240,000 in 2019. The Peekskill Industrial Development Agency (PIDA) provided sales tax and mortgage tax exemptions to help the project move along in the planning process.
“The Unicorn Contracting Corporation Project is a gateway to the City of Peekskill and is an important mixed use development project, beginning construction at the end of the COVID period of stalled development activity, providing an economic development boost with new retail space and housing development,” said Deborah Post, PIDA Chairperson.
“The project will be a full property tax paying ratable and the developer is providing an apprenticeship opportunity in connection with the construction.”
“This is an exciting project,” said Drew Claxton, a former city councilwoman and a member of the PIDA. “It is at the entrance of our downtown and will provide an economic boost to the City of Peekskill.”