Fort Hill Peekskill LLC

• For Hill Apartments, The Abbey Inn and Spa, Apropos Restaurant
• Applicant: Fort Hill Peekskill LLC, 100 Summit Lake Drive, Valhalla, New York 10595
• Project Location: 17 acres of real property located on and adjacent to Saint Mary's Street, Peekskill, New York 10566
• Project Type: Commercial market-rate apartment complex, hotel facility, spa, and restaurant facility
• Financial Assistance: Mortgage recording tax and sales tax exemption, payment-in-lieu of tax agreement
• Projected Project Cost: $65,538,000
• Supplemental Project Information (PDF)

Summary

The project consists of renovations to existing buildings and new construction for the development of an approximately 41-room hotel facility, spa and restaurant facility, and the construction of 178 residential apartment units. The Agency approved this project on December 20, 2016. The Applicant and the Agency entered into an Agent Agreement on December 30, 2016, for sales tax purposes. The Applicant secured a $45,445,000 loan from Santander Bank, NA to construct the initial apartment phase of the project, which entails 178 apartments within 3 mid-rise buildings on 8.931 acres of land. As part of this closing that occurred on 06//29/2017, the Agency provided mortgage recording tax exemptions and a PILOT Agreement. The apartments began leasing in 2018. Closing was held on September 11, 2018, for mortgage tax exemptions and a PILOT Agreement for the second phase of this project. The second phase includes the adaptive reuse of the former St. Mary's Convent and Chapel into an approximately 41-room hotel (The Abby at Fort Hill Inn), restaurant, and spa. The project is complete.