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Developer Treadway outlines $5.5M rehab and seeks multi-decade Peekskill pilot
Summary
Treadway proposed acquiring and rehabilitating the 168-unit Peekskill Plaza at 901 Main Street, asking the IDA for mortgage-recording and sales-tax exemptions and a long-term pilot tied to $150,000/year in social services and enhanced security. Board asked for a detailed cost-benefit analysis before any commitment.
Will Belodgett, founder and CEO of Treadway, told the Peekskill Industrial Development Agency on Sept. 30 that his firm intends to buy and rehabilitate the 168-unit Peekskill Plaza at 901 Main Street and would privately finance the work without low-income housing tax credits or a developer fee. "The building is in real need of work right now," Belodgett said, and he pledged to add a full-time property manager and about $150,000 per year for resident social services.
Adam Sasse, a partner with the applicant team, said the proposal would also focus on security and façade repairs that affect retail and the surrounding community. The applicant asked the IDA to assign or extend a pilot that would include mortgage-recording and sales-tax exemptions; the team described providing on-site services (food distribution, health outreach and security) as an offset to lost tax revenue. "Right now with the commercial pilot and 6% shelter rent, they're paying something like 200,000 a year," IDA counsel Justin said during the meeting.
Board members pressed for clarification of the pilot term and financial assumptions. Counsel and staff quantified a rough range of tax impacts: a fully taxable property could generate about $600,000 annually, compared with roughly $200,000 now under the existing pilot—implying about $400,000/year in current pilot savings. Board members asked the applicant to provide a detailed cost‑benefit analysis, clearer unit‑renovation budgets (applicants referenced an $800,000 figure), and a clearer schedule for closing and construction if a pilot were approved. Next steps: staff will summarize open issues and work with the city manager and assessor before returning recommendations to the council and pursuing negotiations with the applicant.
The IDA did not vote on the application at the meeting; members said they will review the submitted application and a staff-prepared analysis before any assignment, extension or modification of a pilot.
