Cold Spring Apartments

August 4, 2022

 

Tannersville

Inspired by the beautiful Adirondack and cottage style, RUPCO proposes the redevelopment of the former Cold Spring Hotel, located at 55 Spruce Street in Tannersville, to create 55 affordable homes with a workforce and senior preference. Cold Spring Apartments will be a $27M mixed-income, intergenerational, and energy-efficient campus with three buildings and a community space for residents to gather. The two double-story multifamily buildings will house (40) workforce apartments and (15) senior apartments for those 55 and over, respectively. The third building will be transformed into a Community Center with an onsite superintendent apartment on the second floor.

Cold Spring Apartments will be home to a diverse mixed-income community that can help enrich the fabric of Tannersville. The workforce homes will serve households earning 50% – 102% of the Area Median Income (AMI) with 11 units preferenced for Greene County employees, and the senior apartments will be affordable to households at 30% – 60% AMI. The project will also include nine homes preferenced for persons with a disability (6 units) and individuals with a visual and hearing impairment (3 units). This energy-efficient campus will employ passive house standards to achieve a LEED for Homes Silver status from the U.S. Green Building Council (USGBC) and a PHIUS certification. Building to these standards with the use of a geothermal heat pump system for heating, cooling, and domestic hot water production will reduce our carbon footprint and will provide savings to future residents.

Cold Spring Apartments will offer a wide range of resident amenities designed with “mountain lifestyle” needs in mind. The buildings will feature a convination of community, wellness, and laundry rooms, with trash and recycling rooms.
The community center will provide a multipurpose room with a kitchenette and bathroom facilities, ski and bicycle storage. Future residents will also benefit from free basic Wi-Fi provided by Spectrum, an electronic door entry system for tenant security, and ample parking spaces (90 total) with multiple EV charging stations. In addition, the campus will incorporate a playground, outdoor seating, and gardens that can boost mental health benefits to residents.

The timeline
The project was awarded funding from New York State Homes and Community Renewal in March 2024, RUPCO expects to reach a construction closing and commence construction in September 2024, with construction completion by the fall of 2026 and full lease up later that year.

The funding
This $27 Million project will be funded through a multitude of sources including a construction loan, equity from a combination of federal Low housing tax credits, state housing credits, geothermal tax credits, NYS Housing Trust Fund, Federal Housing Trust Fund program, NYS Downtown Revitalization Initiative funds, NYS Clean Energy Initiative, Greene County, NYS Clean Heat Incentives and a deferred developer fee.