POUGHKEEPSIE, N.Y. — A partnership between Mega Development Group, Ametrine Group and social services provider Mental Health America of Dutchess County has broken ground on Wallace Campus, a $147 million affordable housing redevelopment project in Poughkeepsie, located north of New York City. An adaptive reuse of the site of the former Wallace Department Store, the property will offer 187 units in studio, one-, two- and three-bedroom floor plans that will be reserved for households earning 80 percent or less of the area median income. In addition, the development will have 30 supportive housing units and 22,000 square feet of commercial space. Social services will include home health care management, community education and family support and advocacy. The amenity package will comprise a game room, fitness center, movie screening room, coworking space and a study hall. Financing for the project is supported by New York State Homes & Community Renewal’s federal tax credit program, which is expected to generate $46 million in equity, as well as a range of other public subsidies.
The Wallace Department Store in Poughkeepsie was originally constructed in the 1870s and closed about 100 years later. The main building, which has been completely vacant since 2022, will be converted into a 69-unit complex, while two new buildings with a total of 118 units will also be constructed. (image courtesy of Ametrine Group).
Partnership Breaks Ground on $147M Affordable Housing Redevelopment in Poughkeepsie, New York
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