4 Comments

Beautiful proposal. I appreciate the thought and detail you shared here. I'm envious of your per square foot cost of construction. It's much higher down here in the D.C. area. Not to complexify an already complex process, but have you looked into state incentives for energy efficient construction, appliances, and mechanical equipment? Here in Maryland, we also have an interesting program called C-PACE, where developers can leverage additional funds towards energy efficiency and renewable energy that count as equity, rather than debt. It's a bit complicated and not many banks get it, but can make a big difference in the pro forma. Most states also offer tax credits or other incentives for affordable housing, but I'm sure you're aware of how it works in New York.

Best of luck on your wonderful project. Kingston looks charming.

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I love this Coby. I've been focusing lately on the 35,700 different municipalities in the US, which have their own planning process (although usually somewhat consistent), their own land use plans (although usually somewhat consistent), and their own housing code (although usually somewhat consistent). This creates 35,700 different housing markets where developers with good ideas (...which yours is...) is unfortunately not scalable beyond one municipality at a time. I'm curious to know if you have had positive constructive conversations with the city of Kingston. The reason I ask is because municipalities that welcome and streamline their land use planning and housing codes will see a jump in economic development--which is ultimately in their best interest.

Good on you for getting after it! :)

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Interesting project. I'm assuming this is Frog Alley!

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