The building at 2 S. Prospect St. in Kingston, N.Y., is shown on July 14, 2017. Photo by Tania Barricklo — Daily Freeman file

The building at 2 S. Prospect St. in Kingston, N.Y., is shown on July 14, 2017. Photo by Tania Barricklo — Daily Freeman file

By Paul Kirby, Daily Freeman

POSTED: 09/05/17, 3:39 PM EDT | UPDATED: 4 DAYS AGO

KINGSTON, N.Y. >> RUPCO’s proposed multiuse commercial development in a former Metropolitan Life building on South Prospect Street is to go before the city Planning Board this month.

The board will review the plan for The Metro when it meets at 6 p.m. Sept. 18 in City Hall.

The Metro is to house, among other things, a TV and film production center called Stockade Works that will be headed by actress and Dutchess County resident Mary Stuart Masterson.

Besides Stockade Works, The Metro is to have rent-paying tenants that RUPCO calls “makers,” which could include such craftspeople as chocolatiers, candle makers and handbag designers.

RUPCO, an affordable housing agency making its first foray into an all-commercial project, recently bought the former Metropolitan Life Hall of Records building at 2 S. Prospect St. for just under $2 million.

Stockade Works and other tenants are to occupy up to 70,000 square feet in the building. Already secured as tenants are local enterprises Chronogram and Steintex, according to RUPCO.

RUPCO has said The Metro will be a “community wealth-building” endeavor that “focuses on creating jobs while producing materials and value-added products/services within a community, instead of outsourcing those same products and sending hard-earned local dollars out of the region.”

“The opportunity to once again repurpose a fallow, vacant building — this time through a community wealth-building approach to bring a mix of creative uses, all with the purpose of creating local jobs and capturing local wealth — is very exciting,” Kevin O’Connor, RUPCO’s chief executive officer, said in a previous prepared statement.

RUPCO previously rehabilitated the Lace Mill building on Cornell Street in Midtown Kingston, creating living and working spaces for artists; and the former Kirkland Hotel at Main Street and Clinton Avenue in Uptown Kingston, which now has commercial and residential space.

The agency also plans to put up a residential/commercial building called Energy Square at the site of the shuttered Mid-City Lanes bowling alley on Cedar Street in Midtown Kingston. And it wants to turn the former Alms House building on Flatbush Avenue into apartments, though the agency has been denied the city zoning change that’s necessary for that project to move forward.

RUPCO purchased the South Prosect Street building through a mortgage issued by the Leviticus Fund. The total cost of creating The Metro is expected to be $14 million.

RUPCO plans to use a variety of funding sources, including federal New Market Tax Credits and state and federal historic tax credits.

The Metro was named a 2016 “signature priority project” by the Mid-Hudson Regional Economic Development Council, according to RUPCO.

 

Original story: http://bit.ly/2xZqkAD

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