- Arts, Entertainment & Recreation
- Construction & Utilities
- Financial Feasibility
- Funding & Grant Writing
- Real Estate
Securing the financing needed to redevelop a historic property can be a substantial challenge in getting a project off the ground. Even with community buy-in, an identified need in the market, and willing partners, grants from various sources are often needed to fill the financing gap and get shovels in the ground. Camoin Associates often works with developers to troubleshoot some of these challenges, from determining whether a project meets market demand and developing cash flow analyses to making the case for financing from traditional lenders or public/private/philanthropic grant sources.
Flach Development’s South River Street Redevelopment project in Coxsackie, NY, was facing just such a challenge. Known as The Wire, this adaptive reuse project will transform multiple historic buildings along the Hudson River waterfront into a 12,000-square-foot restaurant and event center, and will construct a new 40-room boutique hotel. The project is closely connected with local and regional goals to reinvigorate Coxsackie’s waterfront and create a lively environment area that supports local jobs and attracts visitors, all while maintaining the historic character of the site.
Flach Development hired Camoin Associates to prepare an application for grant funding from Empire State Development, the State of New York’s economic development agency. As part of the grant application, we also conducted a market analysis, which determined that there was a significant gap in the market for both accommodations and event space. Additionally, Camoin prepared a pro forma analysis that determined the funding gap for the project based on expenditures for construction and revenue projections.
Following the submission of the grant in summer 2019, New York’s Capital Region Economic Development Council identified the South River Street Redevelopment as one of its 12 priority projects. In December 2019, Empire State Development awarded Flach Development $2 million to complete their catalytic project.
Today, just over two years later, the project has advanced through construction and is nearing completion. From concept to execution, Flach Development has worked with strategic partners and used data to make a compelling case for their project. Camoin is excited to remain a part of this exciting project and work on administration of the $2 million grant.
For more information about South River Street Redevelopment project (The Wire), please visit https://www.wireeventcenter.com/
Watch https://regionalcouncils.ny.gov/ for information and updates on New York State’s 2022 Consolidated Funding Application (CFA) awards.