HDC accepts offer for Kaz site from an unknown developer for an undisclosed amount
Aliya Schneider is reporting for Columbia-Greene Media the Hudson Development Corporation voted unanimously June 1, to accept a letter of intent for the sale of the Kaz warehouse site in Hudson's waterfront district to a developer. However, the agency continues to withhold the identity of the developer as well as the purchase price for the parcel. HDC board president Robert Rasner did say the offer made is greater than a recent $2.3 million appraisal, and the transaction will be one of the largest real estate transfers in the city's recent history. The unidentified developer is forecasting a $30 million investment in the project. More than $487,000 of Downtown Revitalization Initiative funds are attached to the property for a mixed-use transit-oriented development such as housing for students and young professionals, a job readiness pipeline program and community college programming. The prospective buyer is planning to use the grant money and has been in contact with Empire State Development, Rasner said. The 3.7-acre Montgomery Street property where the Kaz manufacturing warehouses formerly operated has been off the tax rolls since it was acquired by HDC in a December 2010, arrangement between the city and former owner Lawrence Katzman. The details of the pending purchase will be disclosed by the buyer to the public when the deed is filed with the Columbia County Clerk, Rasner said. The sale is expected to close in 90 days. City officials will approve details of the site development and HDC will likely partner with the developer. Read the full story at HudsonValley360 [dot] com.