Developer Treadway outlines $5.5M rehab and seeks multi-decade Peekskill pilot
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.
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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.
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