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Developer outlines 65-unit Beach Knot plan and asks county for $2.5M in infrastructure funds
Summary
A Penrose representative presented a plan for a 65-unit, two-phase housing development at the former Beach Knot site, said an HCR application is planned for Sept. 10, and requested $2.5 million in county-directed infrastructure funds to make the site shovel-ready; the developer also discussed possible inclusion of 10 supportive housing units.
Angela Eicholt of Penrose presented a multi-slide update to the Economic Development Planning Committee outlining changes to the former Beach Knot proposal, financing options, and a county funding request.
"We're looking at 65 residential units ranging, from units targeting 30 to 60% of area and median income," Eicholt said, describing a revised two-phase plan focused on a phase 1 shovel-ready pad. She told the committee that the project team had secured additional funding; they plan to file an HCR funding application by Sept. 10. Eicholt said Penrose is "in current conversation with Captain about providing 10 of the 65 units to young adults" under Empire State Supportive Housing Initiative (ESHI) funding, and that those units would include on-site staff and operating funds.
Eicholt outlined a strategy to use certain federal funds with local county action to avoid construction-cost premiums tied to local-purchase requirements: county-prepared infrastructure would be funded first and the county would then sell the prepared pad to the developer. "We are looking for the $2,500,000 to of the, congressionally directed funds to be put towards the infrastructure improvements prior to us purchasing the site," Eicholt said. Committee members raised questions about where tenants would come from, school-capacity impacts, tax-abatement strategies and how adding mostly one-bedroom units would change predicted pupil counts; Eicholt said the design changes reduce probable school-age occupancy and that the project would place the site on the tax rolls for the first time.
Penrose said it would finalize phase boundaries and the PDD application once the county infrastructure funds and predevelopment work are secured. The committee heard the presentation and sponsors later moved related resolutions on to the full board.
