"Depot District" Update

The "Depot District" has now been divided into three phases. Phase One, now complete, is the original train station, now the home of Upper Depot Brewing Co.; Phase Two is 76 North Seventh Street, the apartment building proposed for the east side of the street, intended for households with incomes between 80 and 130 percent of the area median income (AMI); Phase Three is 75 North Seventh Street, the apartment building proposed for the west side of the street, intended for households with incomes between 40 and 80 percent of the AMI. 

In July, Dan Kent told the Planning Board that 75 North Seven Street (Phase 3) had been "beat out" by other projects in the Capital Region for funding from NYS Homes and Community Renewal (HCR). He indicated they would try again in the next round, which is coming up in December.

At the Hudson Industrial Development Agency (IDA) meeting last week, Mike Tucker announced that the Galvan Foundation has contacted the IDA indicating they would like to close on their financing for 76 North Seventh Street (Phase 2), the building on the east side of the street.

The closing requires the IDA to take title to the project and enter into various legal agreements, all of which were approved last year. To initiate the process, Galvan is required to provide the IDA with a number of documents, among them a construction schedule and "existing and proposed lenders with commitment for funding and description of property subject to lien." Although Galvan is seeking government funding for 75 North Seventh Street, 76 North Seventh is being financed with private funding.

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