RUPCO has partnered with Kearney Real Estate Development Group to bring to life an adaptive re-use project that will generate 250 residential units of mixed-income housing at the former site of the Schatz Federal Bearings Corporation in Poughkeepsie.
Neighboring MidHudson Regional Hospital of Westchester Medical Center, this Fairview Avenue site has a rich industrial history, both in manufacturing high-grade ball bearings and serving as a major employer in the Town of Poughkeepsie. The intent is to remediate and reactivate existing buildings to create new mixed-income housing for individuals and households earning from 60% to 120% of AMI; with a preference for veterans. We also envision a portion of the residential units serving as workforce housing and student housing.
The site’s location is strategic in being within walking distance to the City of Poughkeepsie, the waterfront, Walkway Over the Hudson, and College Hill Park. Additionally, there is sidewalk accessibility to the W.R.S. Dutchess Rail Trail south of the site and the Urban Trail goes right by the site – bordering the west side of the Schatz parcel.
The preservation and rehabilitation of existing buildings and structures will generate a Net Zero project with 100% Electrification. Based on the industrial use of the site historically and the intended residential use, environmental remediation is a critical part of the project’s redevelopment. The project will apply for HFA bond financing with as-of-right 4% LIHTCS, historic credits, and brownfield redevelopment tax credits with private construction and permanent debt.