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
P
otential 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
