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Developer looking to buy former school building in Hudson

Mar 24, 2021 4:00 pm

Aliya Schneider is reporting for Columbia-Greene Media the Hudson Board of Education Tue., Mar. 23, unanimously approved the sale of the former John L. Edwards Primary School at 360 State Street for $3 million to Adirondack Community Development, a New York City-based affordable housing developer. The sale must be approved by district voters. The full market value for the 5.3-acre property is $6.3 million, according to property records. Adirondack Community Development has been in contact with the city about creating an affordable housing development at the property, Common Council President Thomas DePietro said. DePietro and Mayor Kamal Johnson made it clear that the city would prefer to help with potential zoning issues instead of making a payment in lieu of taxes deal, DePietro said. “By that I mean, if they can build higher, they claim they wouldn’t need a PILOT, but we have to see the consequences of that understanding,” he said. The agreement gives the purchaser the option to extend the closing of the property an additional year to secure low-income housing tax credits. Adirondack Community Development specializes in developing high-quality affordable and workforce housing nationwide, according to its LinkedIn page. Read the full story at HudsonValley360 [dot] com.