News & Events> A New Purpose Awaits Historic Warehouse
A $445,000 predevelopment loan from the Leviticus Fund is bolstering the planned redevelopment of a turn of the century vacant warehouse into affordable and mixed--income rental housing in Troy, New York.
The project, Tapestry on the Hudson, is being developed by The Community Builders (TCB), a nonprofit development corporation with offices in Boston, Chicago and Washington, D.C. The $22.8 million project proposed by TCB will generate 67 one-bedroom and two-bedroom units and incorporate energy saving features such as solar panels and geothermal heating and cooling systems.
The project sets aside 46 of the total housing units for tenants with income levels between 30% and 60% of area median income, and will provide access to supportive services through a partnership with a Troy-based nonprofit, Unity Housing. The building’s redesign will also include a community room with a full kitchen, on-site laundry and an exercise facility and a green deck.
The site of the former Wilbur, Campbell and Stephens Company factory, the seven-story, red brick riverfront building at 599 River Street dates back to 1899. The building has been vacant for more than eight years and was used as a furniture store and warehouse from 1972 to 2006 by Mooradian Furniture.
Tapestry on the Hudson is the latest in a series of projects proposed to re-energize the downtown area of Troy, which at one time was a dynamic steel and textile manufacturing hub within the Hudson Valley’s industrial corridor.
Two examples of redevelopment efforts underway in Troy include projects adjacent to the Tapestry on the Hudson site. One is an abutting property that is currently being developed into 80 units of artist loft housing. Another project across the street opened in 2014 and serves as the headquarters for the nonprofit Capital Roots, which promotes healthy food access through nutritional and horticultural education and community gardens in Troy and the surrounding Capital District area.
“The Tapestry on the Hudson project will bring back to life a historic physical asset of Troy and add to concentrated investment occurring within a marginalized area along the riverfront,” explained Greg Maher, Executive Director of the Leviticus Fund. “Through the work of The Community Builders, this vacant building will be adaptively reused to address the area’s critical shortfall for quality affordable and supportive housing. Leviticus is happy to provide capital to assist the project at such an early stage.”
The Troy project is the second loan that Leviticus has made to TCB. In 2014, Leviticus provided $1.1 million in acquisition financing for a site in Yonkers, New York that is part of a comprehensive, multi-phase public housing redevelopment plan.
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