Downtown might soon have artist / middle income loft apartments if a deal is struck between a Poughkeepsie company and Greater Lockport Development Corporation.
Ken Kearney of Baldwin Place, N.Y.-based Kearney Realty & Development Group said his company is interested in Building 3 at Harrison Place because the atrium in the building lends itself to a "dynamic redevelopment of that space."
"We have extended our footprint to Upstate New York. We were made aware of the opportunity at Harrison Place and it’s designation as a DRI community. We reached out to the folks at the GLDC, and they’ve shown their support in allowing us time to negotiate a fair and equitable purchase arrangement," Kearney said.
Kearney is seeking to combine historic rehabilitation tax credits, brownfield tax credits and housing tax credits to help finance the project, which he estimated will cost $25 million overall.
"I think we’re very close on terms," Kearney said. "We’ve begun the process of applying for historic credits and the feasibility of brownfield credits as well. We expect significant movement in the next few months."
The second and third floors of the three-story building would be turned into middle income / artist lofts and the ground level is being eyed for a brewery or restaurant.
Kearney pointed to his company's Queen City Lofts project in Poughkeepsie, where the Zeus brewery was just opened inside the building. Another recent project done by Kearney Realty is Lofts on Main in Peekskill.
Harrison Place, the original home of Harrison Radiator Division in Lockport, has been under GLDC ownership since 2007. Managed by Mancuso Management Group, the old radiator factory now hosts 60 tenants including manufacturing / assembly and warehouse enterprises and offices. Combined, those businesses employ 250 people.
Building 3 would work well as a residential space, says GLDC president Brian Smith.
"If you've got vision for real estate development you can see the potential there. It’s your typical vacant industrial building. It kind of naturally sets up for there a cool industrial apartment loft," he said.
Smith noted there is demand for apartments in the downtown area.
"We are a great walkable community with a lot of great things to do downtown," he said.