Affordable apartments and commercial space in downtown Saranac Lake
What is it? A new two-building, 70-unit apartment and commercial-space project, including a 63-unit apartment building and a seven-unit building that includes commercial space.
Where is it located? Between Broadway and Depot Street in Saranac Lake on 1.1 acres previously used over the past century as an automotive repair shop and filling station, a woodworking shop and tire store.
Who is the developer? Parkview Development and Construction of Baldwin Place, New York and the Kearney Realty & Development Group, a real estate development and property management firm located in Somers, New York.
Who will it serve? Just over half of the apartments are designated for artists who meet certain eligibility requirements. Others would be targeted to people making less than 60% of Franklin County’s Area Median Income, with some going to people earning up to 130% of AMI. Franklin County’s median income is roughly $53,000.
What financial assistance is making the project possible? A mix of local and state grants and a tax agreement with the village board calling for an annual payment in lieu of taxes for 30 years.
What was key to the project? A $6.5 million grant from the state’s Division of Homes and Community Renewal for affordable housing.
— Tim Rowland
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