Mixed-Use Project Proposed on Lower South St. in Peekskill
The developer of a recently completed $28 million affordable housing project on Main Street in Peekskill is looking to build something similar on a city-owned property on Lower South Street.
Ken Kearney, principle of Kearney Realty and Development, appeared before the Peekskill Common Council last week to outline plans for an 11.8-acre site that the city has been actively seeking proposals for.
Dubbing the project “Solo,” Kearney envisions a multi-phase approach, with the first phase to include 150 mixed-income apartments in the center of the property. The second phase would feature 75 additional rental units, along the same line as the 75 loft-style apartments at the much-heralded Lofts on Main.
The southern part of the property would be utilized for commercial purposes, either office, warehouse or light manufacturing, with 50,000 square feet available. The corner of the property at Louisa Street, which is owned by Peekskill businessman Louie Lanza, is slated to house service or small retail to support the 225 residential units.
“We’re aiming high,” Kearney said. “There will be tremendous demand for this flex space. We’re ready to move forward here.”
Kearney emphasized the property is classified as a Brownfield site since it is contaminated, thus it will require substantial funding to deal with environmental issues and clean it up.
Deputy Mayor Kathy Talbot said she was “delighted” the property would be cleaned up.
“This parcel of land has been difficult,” Talbot said. “To have a mixture of residential and commercial I think is the best of both worlds.”
Mayor Andre Rainey called Kearney and his group “visionaries” and expressed confidence in the project as proposed.
“Everyone knows this is an area of Peekskill we have been trying to develop the right way,” Rainey said. “The city is definitely looking forward to working with you on this project.”
Lofts on Main features 75 loft-style apartments and more than 7,200 square feet of ground floor commercial space, and was one of the first developments to utilize New York State Homes and Community Renewal’s innovative Middle Income Housing Program.
Fifty of the apartments were made available to households with incomes at or below 50 percent of the area median income with a preference for artists. Six apartments were made available to households with incomes at or below 90% of the area median income and 18 apartments were available to households at or below 100% of the area median income.
The same type of approach and breakdown is being considered for Solo.
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