TOWN OF WALLKILL – The Orange County Industrial Development Agency (OCIDA) has approved tax incentives for a proposed 124-unit apartment complex on Silverlake Scotchtown Road, marking the agency’s first housing project to receive an incentive package.
The OCIDA Board approved exemptions for sales and mortgage recording taxes during its Aug. 19 meeting for the proposed Silverlake Ridge Apartments in the Town of Wallkill.
The project is planned for a roughly 30-acre property that has remained undeveloped since 2004. The site was originally approved for 56 single-family home lots, but development was delayed by site-work requirements, infrastructure costs, financing challenges and the 2008 housing market crash, according to information provided to the OCIDA.
The property requires work involving the land, roads and sewer infrastructure. The site has generated limited tax revenue for the town while remaining undeveloped, according to the agency.
The approved project calls for 124 rental apartments, including an affordable housing component. Planned amenities include co-working and remote-work space, a meditation garden, dog park, outdoor fitness course and swimming pool.
According to the OCIDA application, the development is projected to generate more than $56 million in local economic activity and create an estimated 218 temporary construction jobs. At least 85% of the construction workforce would be required to come from local labor under the OCIDA’s local labor policy.
The tax exemptions are intended to help make the project financially feasible, according to the agency.
The project comes as Orange County and municipalities across the region face continued demand for additional housing. OCIDA officials said increasing the availability of housing is also important to attracting and retaining workers.
“Housing availability directly impacts economic development,” OCIDA CEO Bill Fioravanti said. “Businesses require a stable workforce that can live locally.”
The agency said it hopes the Silverlake Ridge project will provide a model for future residential developments seeking assistance from industrial development agencies.
The project still must proceed through applicable local and regulatory processes before construction can begin.
Comments