Proposed Name: The Metro

Support Materials:  Floor plan, Site Plan

Property: 2 South Prospect Avenue, Kingston, NY 12401
Acres: 
Square feet: 70,000
Amenities: 

Also known as: The MetLife Building (Hall of Records), The Pilgrim Furniture Factory

Concept:  Community wealth building through historic preservation and adaptive reuse similar to Cleveland Model Approach of creating/manufacturing what a community needs within the community boundaries.

Application: Conversion of underutilized factory space into two TV/film sound stages, post-production studio & film industry job training center and seven “Maker’s Spaces” for light industrial/artistic endeavors

Key partners:  Stockade Works and actor/director Mary Stuart Masterson

Estimated Total Development Cost (as of 4/18/17):   $11.8 million includes soft costs and pre-construction development expenses

Taxes to be paid upon completion: PILOT TBD

Property specifics:

Residents served:  By job creation and establishment and expansion of visual & creative arts-industry in midtown Kingston

Staffing:  Sound stage & training center personnel (StockadeWorks), part-time property manager (RUPCO)

Historical significance:  NYS Historic Application, Architect Albert Milliken, The Home Office MetLife newsletter October 1953

Potential job creation:  57 jobs during construction, 10-12 permanent jobs upon opening, 581 indirect permanent^ (per Stockade Works business plan); Multiplier Effect (1.5x) impact on local economy: $17.7 million

Funding sources (secured):  NYS Empire State Development Grant $1-million (December 2016)

Potential funding sources:  Mortgage debt, private equity,  Federal & NYS Historic Tax Credits, Federal New Market Tax Credits, and other potential sources

Frequently Asked Questions & Answers:  

Last updated 4/18/17