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Hudson Partners Development has kicked off construction on an Opportunity Zone project in Schenectady, New York that will become a 4-building, 88-unit workforce housing property. The project is a joint venture between Hudson, Enterprise Community Partners, the Community Preservation Corp. and the County Metroplex Development Authority.
The development, which will be known as the Reserve at Towpath Trail, is about 20 miles northwest of Albany. More than half of the units will be reserved for residents earning 80% or less of the area median income.
“Reserve at Towpath Trail also underscores the positive social impact that Opportunity Zones can deliver when harnessed by, and paired with, committed impact investors,” said Seth Meltzer, principal of Hudson Partners Development in a statement.
Hudson purchased the vacant land for the project in 2016. Funding for the development is coming both from the Community Preservation Corp. and Enterprise Community Partners. The project is scheduled to be completed sometime in 2022.