Historic neighborhood gets boost with new housing

Real Estate Weekly, Oct 24, 2001

The revitalization of Beacon's historic West End neighborhood took a major step forward on Sept. 24, as local officials joined with New York State comptroller H. Carl McCall and representatives from the Community Preservation Corporation to celebrate the completion of the Dondero Block Artist Building, a once vacant building that now houses affordable residential apartments, art galleries, and professional studios.

Financing for the project was made possible by a public/private partnership involving CPC, the New York State Common Retirement Fund, the Dutchess county, and the City of Beacon. CPC provided $330,000 in construction financing, with additional financing of $300,000 coming from Dutchess County HOME funds and a $16,250 loan from the City of Beacon. The permanent loan will be sold to the New York State Common Retirement Fund.

"Affordable housing is fundamental to the State's economic health and economic growth.

These investments have created tremendous opportunities for countless people. Our renewed commitment to their good work will help New York for years to come," said McCall at the ribbon-cutting ceremony.

McCall, who is the sole trustee of the $112 billion New York State Common Retirement Fund, also announced that he has committed an additional $100 million from the Common Retirement Fund for financing affordable housing in New York State.

"Our partnership with The Community Preservation Corporation has been extremely fruitful for New Yorkers, and we look forward to many more years of working together to create affordable housing," he said.

The Dondero Block Artist Building is the third gut rehab project in Beacon financed by CPC in partnership with the Common Retirement Fund. The other projects include 446-464 Main St. and 468-476 Main St. CPC, through its partnership with the Common Retirement Fund, has invested $115 million in affordable housing projects in New York State, with $65 million in additional commitments and an increased credit line of $100 million.

"Thanks to our partnership with the Common Retirement Fund, CPC is able to finance more affordable housing and help revitalize neighborhoods such as Beacon's historic West End," said Sadie McKeown, senior vice president of CPC's Hudson Valley regional office.

Located at 174-179 Main St., the Dondero Block Artist Building is a three-story, 19th century brick building that has been gut rehabilitated into seven affordable loft-style apartments and four ground-level commercial spaces. The renovation work included all new systems, windows, roof, kitchens, baths, sheet rock, and flooring. Site work included a rear parking lot and landscaping. Tenants include Highland Studio, a fine art printer; Susan English, a fine art and decorative painter; Concentric, an artist gallery; and the offices of Jeff Wilkinson, architect, who is also the developer of the project.

The Dondero Block Artist Building is being developed by West End Development LLC.

"This project is all about restoring neighborhoods and returning to the idea of small town living," said Wilkinson. "This building is pivotal to the rebirth of the West End of Main St. Once we began construction, many of the other nearby buildings sold quickly.

Now that we are fully leased, we have a waiting list of people who want to be in our building."

The completion of the Dondero Block Artist Building is the first major project completed in the West End of Main St., which is becoming a haven for artists. Many of the vacant buildings in the neighborhood have been acquired for future development, including the Lewis Tompkins House firehouse, which the city recently sold to AGI, Inc., a producer of architectural glass. One of the most significant developments in the area is a plan by the Dia Center for the Arts to open next year, a 292,000 SF modem art museum in a former factory at the riverfront.