IPARK 87 PLANS REVISED
National Resources scales back housing at former TechCity down to 448 units for workforce
TOWN OF ULSTER, N.Y. >> National Resources have scaled back the housing component of the TechCity site conversion to iPark 87 to take out 52 units of the initially planned 500 units, which developers said would be priced for middle-class families.
Company President Joseph Cotter said the buildout of industrial and commercial buildings on the sprawling complex will begin with housing that can accompany planned new businesses.
“The purpose of this housing is to provide what we call modern housing but it’s designed for basically workforce,” he said.
“It’s not luxury housing, it’s not what we call subsidized housing, it’s mid-housing which would accommodate a range of workers that could live here as well as other community members,” Cotter said. “The units are on the smaller side. There’s approximately one-third studios, one-third one-bedroom, and one-third two-bedrooms.”
Officials said there are two battery manufacturers vying for space at the complex, with Cotter saying that one of the companies has estimated about 100 units of housing would be needed for their employees and families.
“I think we would lead with some housing right out of the bat only because it’s chicken and egg,” Cotter said.
Under the revised plans, housing would be limited to the area along Boice’s Lane between the railroad tracks and halfway to the intersection with Enterprise Drive. Removed are housing units further along Boice’s Lane and on the west side of the intersection.
Officials expect that early build-to-suit construction will include a film studio for Stockade Works.
“We think it’s important to at least get some of the housing (built) just to demonstrate that it’s going to happen,” Cotter said.
After the meeting, Cotter said he does not expect National Resources to seek a payment-inlieu-of-taxes agreement for construction at iPark 87 but individual tenants could apply for tax breaks depending on the work they propose.
National Resources finalized the purchase of TechCity earlier this year in a deal that allow former owner Alan Ginsberg to be absolved of $10.82 million in unpaid taxes in exchange for 18 parcels. The property deeds were transferred to the Ulster County Economic Development Alliance and then sold to National Resources for $5 million cash that is to be paid over a five-year period as well as a commitment to cover a minimum of $7 million in environmental cleanup costs from removing debris piles that had been on the site for nearly seven years.