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HDC, CSX have agreement in principle for future of 1st Ward parcel

Feb 28, 2021 5:45 am

Aliya Schneider is reporting for Columbia-Greene Media the Hudson Development Corporation has struck a deal with CSX, reserving the right to purchase the train company’s portion of a parcel at Montgomery and South Front streets in the city, when it comes up for sale. HDC owns the 4.56-acre property, which includes the former Kaz warehouse parcel. The company maintains ownership of a one-third acre parcel where its crew house still sits. HDC President Robert Rasner says the deal makes the Kaz site more appealing to prospective developers by giving them control over the future of the neighboring property. CSX has shown no interest in selling its part of the one-third acre anytime soon, but with the right of first refusal agreement, the company will be required to offer the property to the owner of the adjoining parcel when the time comes to sell. The right will first go to HDC, but it will transfer to the future Kaz site owner, because the deal is attached to the property title, Rasner said. HDC board member, and attorney Steve Dunn arranged the deal. However, the agreement was verbal and is not yet in writing, Rasner said. The right of first refusal to the CSX crew house property is granted under the condition the corporation will not pursue legal action against CSX over a potential unidentified issue with a property it acquired in 1983. Read the full story at HudsonValley360 [dot] com.