TOWN OF POUGHKEEPSIE, N.Y., July 13, 2016 /PRNewswire/ -- It has been more than 15 years since the site of the former Hudson River State Hospital closed its doors. Today, state, county and local officials joined executives from EFG/DRA Heritage LLC., a joint venture between the EnviroFinance Group and Diversified Realty Advisors, to kick off the redevelopment of the former hospital site with the first demolition of buildings.
Hudson Heritage is a $250 million redevelopment project that will transform the long-dormant state hospital property into a planned mixed-use community, consisting of 750 residential units including multifamily apartments, townhomes, and detached single-family homes with 350,000 ft2 of neighborhood retail and approximately 80,000 ft2 of hotel/hospitality space. The project will feature preservation and adaptive reuse of key structures of Hudson River State Hospital – transforming the site into a vibrant new community located on the original 156-acre property in the Town of Poughkeepsie, New York.
"We are excited to begin the redevelopment process with this kick-off ceremony, marking a new beginning for the Hudson Valley," stated Nicholas Minoia, Managing Partner of Diversified Realty Advisors. "Our vision is for Hudson Heritage to become the cornerstone of the community – providing luxury accommodations, world class shopping and adaptive reuse of historical structures that are connected to the rest of the Hudson Valley."
The kick-off event, which was held on location, featured speakers from the New York State Senate, New York State Assembly, Dutchess County and local officials, in addition to members of the higher education community from the area.
"Transforming abandoned state properties into workable businesses has significant potential to breathe new life into our area and reinvigorate our local economy which is why I was proud to fight for language in our state budget that will move this project forward," said State Senator Sue Serino. "I am thrilled to see demolition underway here today as it signals the start of significant economic development that will benefit our local taxpayers and improve quality of life here in our local area. I commend Hudson Heritage for their tireless commitment to this project and to our community."
The proposed community will be nestled in the center of the Hudson Valley, located near the midpoint of the Interstate 87 corridor connecting New York City and Albany, and will be in close proximity to Interstate 84. The property is less than two miles from the Poughkeepsie Metro North Railroad station, connecting the site with Manhattan's Grand Central Terminal – making Hudson Heritage location ideal for commuters.
"As the former Hudson River Psychiatric Hospital begins the process of being transformed into Hudson Heritage -- bringing life back to a long dormant corner of the community, creating local jobs and putting property onto the tax rolls -- I am especially pleased that key elements of the old site will be adapted, reused or otherwise embraced, maintaining a link with the site's important past, even as it creates a brand new future." – Assemblymember Didi Barrett (D, I-106)
Dutchess County Executive Marcus J. Molinaro, who also was on hand for the event commented, "Hudson Heritage is an exciting development for the Town of Poughkeepsie, Dutchess County and region. This $250 million redevelopment will transform a prime location, left vacant for far too long - blending residential and commercial development with open space, connections to the Walkway Over the Hudson, Marist College, Quiet Cove Riverfront Park, the Fallkill Creek and Hudson River. By bringing new life to this property and development to our community, Hudson Heritage will be a catalyst for quality growth in Dutchess."
According to Nickholas Minoia, the completed project will create over 870 new jobs within the community based on estimates. An additional 297 jobs will be created during the construction phase.
In addition to retail and dining, the location will feature more than 2.6 miles of a multi-use trail system, linking to the Walkway Over the Hudson, Quiet Cove Park and the Marist College Campus. The former Administration building, which is listed on the National Register of Historic Places, will be rehabilitated to its original architectural beauty and repurposed into a hotel/spa/restaurant/catering facility. Additional buildings that will be preserved include the original library, theater, chapel and Director's residence.
"This event is the culmination of years of planning, imagination and forward vision for the Hudson Valley – and we are thrilled to be a part of that change," added Edward Elanjian, CEO of the EnviroFinance Group.
EFG/DRA Heritage, LLC, which purchased the long dormant site after completion of the State Environmental Quality Review (SEQR) process in late 2013, plans to continue phased demolition throughout 2016. Construction will begin in 2017, with project completion anticipated within the next 8-10 years.
About Diversified Realty Advisors (DRA)
Diversified Realty Advisors is a full-service real estate company with core strengths in residential and commercial development and construction. Diversified's fully integrated team is involved in all real estate services, including those related to acquisitions, architectural and engineering design, construction, entitlements, leasing, sales and management. Diversified's existing portfolio and acquisition/development pipeline includes the operation and development of over 6,000 residential units and 750,000 square feet of commercial space across New York, New Jersey, Pennsylvania, Maryland and Connecticut. Visit www.diversifiedra.com for more information.
About EnviroFinance Group, LLC (EFG)
The environmental investigation and remediation partner, is a nationally-prominent land reuse and redevelopment company with a track record for successfully remediating and repositioning environmentally challenged properties for productive reuse.
The firm is unique in its ability to combine significant capital resources, regulatory and technical know-how, risk management, land planning and development expertise to promote socially responsible, sustainable land reuse.
Recent EFG projects have involved the abatement of asbestos and regulated building materials and demolition of over three million square feet of industrial and commercial buildings, often in concert with significant recycling and reuse. Visit www.envirofinancegroup.com for more information
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SOURCE EFG/DRA Heritage, LLC