GLOVERSVILLE — A mixed-income housing development in Gloversville is finally fully funded.
Kearney Development Group has received $7 million in tax credits and program funding from the state for Glove City Lofts, the Fulton County Center for Regional Growth announced on Monday.
Newly awarded sources range from $2,550,000 to $300,000, fully funding a $21.2 million capital investment, which includes demolition of an existing building across from City Hall. The project had already been partially funded by a $1.25 million grant from the state’s Downtown Revitalization Initiative, as well as private coffers.
“You get fully funded, you have financing sources, and then it’s a matter of now getting the financing sources closed,” said FCCRG President Ronald Peters. “And that takes time.”
Should plans proceed uninterrupted, demolition could begin by the end of 2023, and construction starting in 2024.
By the time of completion, the four-story facility is expected to hold a blend of middle-income units, workforce housing units and income-eligible artist units. The site will also include greenspace and an art gallery managed by Glove City Arts Alliance.
Kearney Development Group entered a $200,000 purchase agreement with FCCRG back in May of 2021, hoping to breathe life into a long-abandoned property. The developer closed on the three-parcel land in March of 2022.
Long ago, the site was home to a former Great American supermarket. Preceding more than a decade of neglect, the building was used as a Frontier Communications call center in 2009.
“These apartments will be beautiful,” Gloversville Mayor Vincent DeSantis said. “I’ve seen the ones that he’s done in other cities, and they’re really, really beautiful, comfortable places to live.”
For the last six years, the downstate-based Kearney Realty Group has built other mixed-income artist housing units in Otsego County, Westchester County and Oneida County.
Of 12 DRI initiatives totaling $10 million in Gloversville, the Church St. apartment building is the third-highest allotted project. The Glove Theatre was provided $1.9 million for renovations, and the Carriage House, $1.36 million.
Tyler A. McNeil can be reached at 518-395-3047 or [email protected] Follow him on Facebook at Tyler A. McNeil, Daily Gazette or Twitter @TylerAMcNeil.