RUPCO completed the next step in bringing community wealth-building to midtown. RUPCO closed on the former MetLife Hall of Records building last week, a 70,000-square-foot underutilized factory/warehouse at 2 South Prospect Street. RUPCO is proposing The Metro, a film & technology hub including Maker Spaces and other creative uses. Community wealth-building focuses on creating jobs while producing materials and value-added products/services within a community, instead of outsourcing those same products and sending hard-earned local dollars out of the region. RUPCO has entered a strategic partnership with Stockade Works, a nonprofit specializing in media attraction, production, and training based in the Hudson Valley and spearheaded by actor-producer Mary Stuart Masterson.
“The opportunity to once again repurpose a fallow, vacant building — this time through a community wealth-building approach to bring a mix of creative uses, all with the purpose of creating local jobs and capturing local wealth — is very exciting. This project is about creating opportunity for everyone,” says Kevin O’Connor, Chief Executive Officer at RUPCO. “The Metro is perhaps the last vacant factory building in Kingston. We’re combing our expertise in rehabilitating and managing old buildings with Stockade Works’ creative vison and drive. This is a new venture for all of us and we are not sure what the final mix of creative uses will be. The goal is to work collaboratively to build and keep the wealth, local. Already, the phone is ringing from Makers and small businesses who want to be a part of the scene at The Metro!”
Stockade Works is dedicated to fostering the further potential of film and technology in the Hudson Valley to increase economic growth and support local communities. As a driver of economic development in the region, Stockade Works attracts outside production and technology startups, connects regional media professionals, and trains the local workforce to create local crew and tech professionals. “Stockade Works is excited to partner with RUPCO to realize our vision for a community media hub to further education and innovation to ready the local workforce for jobs in film, television, and technology,” said Mary Stuart Masterson, Stockade Works Founder and Board President. “Stockade Works is dedicated to fostering the further potential of film and technology in the Hudson Valley to increase economic growth and support local communities. As a driver of economic development in the region, Stockade Works attracts outside production and technology start-ups, connects regional media professionals, and trains the local workforce to create local crew and tech professionals.”
It is our core belief that every individual should have access to fruitful economic opportunities, which includes access to well-paying jobs with avenues for growth. We believe in providing paths of entry to industries that suffer from a lack of diversity in order to transform the faces of entertainment and technology.
The $14-million development will generate a short-term, local economic impact during construction and long-term economic impact through job creation. RUPCO purchased the property with a private mortgage through the Leviticus Fund.
The Metro was named a 2016 “signature priority project” by the Mid-Hudson Regional Economic Development Council (MHREDC). Renovation, upgrades, and historic preservation will utilize a variety of funding sources including the federal dollars through New Market Tax Credits (NMTC). The project is also eligible for state and federal historic tax credits; RUPCO nominated the property for both state and federal historic registers. Empire State Development is supporting the development of The Metro with a grant of up to $1 million, which was recommended by the MHREDC in Round VI of the REDC initiative. “The Metro will be home to two of New York’s premier industries – manufacturing and film/TV,” said ESD President, CEO, and Commissioner Howard Zemsky. “This project highlights the strength and success of New York State’s community-based approach to economic development, by recognizing and responding to a growing need in the Mid-Hudson region for exactly this kind of innovative workspace. The Metro will generate local jobs for local residents and Empire State Development is proud to support this project’s growth and success.”
The Metro property includes the warehouse, parking area, and Barmann Park, which will continue serving the local community’s recreational needs. RUPCO honors the name tradition, Metro, a nickname local children have called the Barmann Park area for years. Along with Stockade Works, The Metro’s immediate tenant roll includes private, local enterprises Chronogram and Steintex.
“My administration fought long and hard to bring the Upstate Film Tax Credit Program to Ulster County, and we have already seen tremendous results with several multi-million dollar films being shot across our county. We are extremely excited about the future of the film industry in Ulster County and our many partners including Mary Stuart Masterson who is an integral part of this project. By locating Stockade Works at this sight, there is the potential to deliver meaningful high-quality jobs for our community, as well as industry-specific job training,” said Ulster County Executive Mike Hein.
“This is an exciting step forward for RUPCO, Stockade Works and for our community at large,” said City of Kingston Mayor Steve Noble. “This building in the heart of Midtown will no longer sit vacant. Instead, it will be bustling with innovation and purpose, empowering our local residents to access training, employment, and entrepreneurship. This isn’t just job creation, it’s community revitalization.”