Major apartment complex receives funding

TICONDEROGA | A major development in the continued revitalization of the Town of Ticonderoga and the quest to bring more affordable workforce housing to the area has been announced by Gov. Kathy Hochul. $9.7 million has been awarded for the construction of a 60-unit apartment complex that will also include a childcare facility, and will be developed by Regan Development Corporation, which has over 30 years of experience developing residential, commercial, and affordable housing real estate developments. "This development will be transformative for our community," remarked North Country Rural Development Coalition's President & CEO, Nicole Justice Green. The complex will be classified as Workforce Housing/Subsidized Housing under New York State HCR's program, where rent is determined by household income level based on a county-wide assessment; it's a sliding scale system, but the key is that there must be a household income. "This housing is designed to serve 80 percent of the incomes of our local workforce, including teachers, service industry workers, town employees, mill workers, and entry-level medical professionals," explained Green. "This is not public HUD housing, nor is it Section 8 project-based housing, this is subsidized by a Federal tax credit to a private developer and it lowers the cost of the overall construction, in return, they have to keep the rents affordable for our area specifically." The funding is part of Governor Hochul's $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide. More than $240 million in tax credits and subsidies was awarded to create and preserve 1,800 affordable, modern homes in 27 housing developments across New York. "I am happy to hear that the Governor is thinking about the needs of the North Country and investing monies here," said Ti Town Supervisor Jim O'Bryan. "Hopefully, we can rely on further support from Albany with other upcoming projects." According to O'Bryan, the company Bright Sand is currently studying coming to Ticonderoga. "If they do, housing in the area will be an important aspect," he said, adding that the business would bring 200 jobs to town. The 31,000 square foot, three-story residential and commercial apartment complex will be located in the old vacant Fireman's Field, touted for its central location behind Walmart fronting NYS Routes 22 and 74, and also to the west of Park Avenue. Access would be from the state highway, alleviating concerns about potential residential traffic disruptions. "The entrance into the development is off of 22, they already have the permit and variance from the DOT," Green assured. "One of the reasons this costs more money is because the developers are making the necessary water and wastewater improvements needed for this in the town, and a lot of developers don't do that. But Regan recognizes Ticonderoga is getting close to being at capacity and want to be good partners and are putting their money where their mouths are and will make less money overall on this development to do those overall improvements and help our town." The apartments will be aimed towards working single parents, seniors and others who would benefit from options for renting below market rate. That means the older population within our community who don't desire to own a home anymore and want to sell and downsize will now have an option. A life of having elevator access and having shopping convenience, and most importantly, being able to stay in town close to family as opposed to moving to find an affordable apartment complex, will be a realistic option. "The good thing is that the quality of the apartments being built are the same high quality that you would be paying $2,000 a month for, but you won't be because of this tax credit," Green explained. "Regan Development has done this already in Essex County in North Elba behind the Olympic Village in Lake Placid. It is beautiful. We have no good, safe, large-scale apartments in it, and the few that we do go like hot cakes. This development will help us get new teachers, and get new people at the hospital and the mill who may not be ready to buy a house yet." According to Green, this was the second funding attempt for the project, and is also the only North Country project funded in this round. The project has been in the works for the past four years by the Town, with former Ti Town Supervisor Mark Wright contacting developer Larry Regan in 2022, inviting his company to consider a potential development. Wright cited the project as critical to bringing drastically needed housing to the community in his final State of the Town Report this past December. And with potential businesses looking to invest in the area, the complex with its future available housing, couldn't have come at a better time. "Housing and childcare are key building blocks towards successfully revitalizing Ticonderoga, stabilizing our economy, and helping us grow," remarked Wright. "This project will provide critically needed housing for working-class individuals, including healthcare professionals, Sylvamo engineering and other technical skills, seniors, and many others. This is a positive for Ticonderoga." North Country Development Coalition (NRDC)and the Essex County Land Bank are the nonprofit partners for this development. According to Green, the Essex County Land Bank provided essential leverage to bridge the funding gap for the application. "However, none of this would have been possible if it were not for Larry and Gabe Regan's persistence, dedication, and belief in Ticonderoga," Green praised. Green said several steps must be completed before breaking ground, the biggest being the environmental review as well as closing on the loan and the property now that construction funding is in place. "We should be able to break ground within about six months as the final closing process takes a while to close with New York State and our construction and permanent lenders," shared Larry Regan of Regan Development Corporation. Regan added that once underway, the construction process should take between 15 to 18 months, with work will only occurring during regular business hours, and we will abide by all local law and code requirements. "The amount of money this is going to bring in to our area and our town and tax revenue that the Town is going to get is probably the second biggest generator of tax revenue next to the mill," Green said. "We need development to keep improving, otherwise the taxpayers are going to pick up that bill because our population won't increase. This helps on so many levels… If we want to grow as a community, this is the way we do it."

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