POUGHKEEPSIE – The Dutchess County Industrial Development Agency granted final approval on Tuesday for tax breaks for the Cardinal Court Apartments at 40 Canon Street in the City of Poughkeepsie.
The $6.4 million project will convert an abandoned building into 49 upscale apartments, six commercial units and two, two-story penthouse apartments.
IDA Chairman Charles Daniels III said the project will be part of the revitalization of the city’s downtown area.
“It’s part of a larger community development effort in the City of Poughkeepsie and this is in a particularly economically challenged part of the city and anytime we can get some economic reinvestment dollars in the city it’s a good thing and hopefully it becomes a spark for future development,” Daniels said.
Cardinal Court Apartments will receive sales tax and mortgage tax exemptions.
The IDA also gave preliminary approval to Meadow View Properties, LLC for a real property tax PILOT (payment in lieu of taxes), sales and mortgage tax exemptions for the $58.5 million mixed use project that will include 288 apartments and 85,400 square feet of commercial space as part of Town of Poughkeepsie town center.
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