WATERFRONT ADAPTIVE REUSE OPPORTUNITY Kingston Waterfront - History Circa Mid-19th Century Cornell Steamboat Company: - Operated largest fleet of Tugboats in the Country - Maintained a fleet of 62 Tugboats - Barged a million tons of coal annually to surrounding regions including NYC - Employed hundreds of people - In 1963, due to major transportation disruption went out of business. New Favorable Zoning Regulations Approved August 2023: A major barrier to quality of life in Kingston is its antiquated zoning code, which dates from 1961. The code separates residential from commercial uses, segregates people racially and economically, and promotes cars, the underpinnings of the urban renewal policies that destroyed much of downtown. An attempt to amend the code as part of the city’s 2016 Comprehensive Plan (by the same firm that authored the urban-renewal-era code) failed, but now the city is finally turning the page. It has hired Dover, Kohl & Partners to create a new form-based code that promises to be transformative. A form-based code rejects the conventional code’s reliance on uses and metrics of square footage to instead focus on the physical appearance of buildings. It considers the design of existing buildings and how they relate to the street, site and each other in crafting a pattern of land-use that preserves existing assets and promotes a diversity of structures and streetscapes to formulate a richer, more cohesive urban ecosystem… Read More: https://hudsonvalleyone.com/2021/11/10/fixing-kingstons-zoning-code-woes-focus-of-500000-project/ The Future of the East Strand Pavilion Site: With the help of the new City Wide Rezoning, the East Strand Pavilion Site can be reinvented as a new beacon of adaptive reuse along the Rondout Waterfront that depicts a new future combined with the history of the past. The large site lends itself to an amazing transformation that captures the spirit of a new progressive waterfront housing complex. This site can house a mix of uses that may include housing, commercial use, educational activities, a maritime outpost and parking. This new hub and resource can create an important balance to future commercial and water dependent uses on the Rondout. New Zoning Analysis: Acreage Max Building Footprint Far Max Building SF Max 2 Far (Affordable Housing Bonus) 3.8 acres 163,212 4 652,848 979,272 Opportunity Zone Benefits - Kingston: HKWR’s waterfront development site is located in an area designated as an Opportunity Zone. Opportunity Zones are meant to spur investment in undercapitalized communities. Any corporation or individual with capital gains can qualify. The program provides three tax benefits for investing unrealized capital gains in Opportunity Zones: - Temporary deferral of taxes on previously earned capital gains. Investors can place existing assets with accumulated capital gains into Opportunity Funds. Those existing capital gains are not taxed until the end of 2026 or when the asset is disposed of. - Basis step-up of previously earned capital gains invested. For capital gains placed in Opportunity Funds for at least 5 years, investors’ basis on the original investment increases by 10 percent. If invested for at least 7 years, investors’ basis on the original investment increases by 15 percent. - Permanent exclusion of taxable income on new gains. For investments held for at least 10 years, investors pay no taxes on any capital gains produced through their investment in Opportunity Funds (the investment vehicle that invests in Opportunity Zones). Market Overview: DISTINCT NEIGHBORHOODS In the uptown Stockade District, Revolutionary-era stone buildings and national historic landmarks are nestled alongside an ever-growing array of contemporary restaurants, galleries, music venues and boutiques. The Farmers Market bustles with shoppers who come for the fine selection of seasonal Hudson Valley-grown foods. Together, these two districts render Kingston’s distinct and charming atmosphere. OUTDOOR RECREATION: Outdoor enthusiasts enjoy Kingston’s bike paths, historic walking tours and nearby Catskill Mountain hiking trails. Those more partial to spending the day on the water have equal the variety of options, with Hudson River cruises, fishing, kayak/canoe rentals and sailboat charters available. Ample docking facilities also exist for those traveling to and from Kingston by boat. ARTS & MUSIC: Kingston plays host to many popular annual events, such as the O+ Festival; the Irish, Greek, and Italian festivals; the Artists’ Soapbox Derby; Wall Street Jazz Festival; Kayak Festival and Sinterklass. Art-lovers gallery-hop on First Saturdays and, during warmer months, the Night Market transforms Rondout into a delightful European-inspired shopping Mecca. DINING: Dining choices range from sophisticated to home-style cooking all year long, with many of Kingston’s finest chefs (several trained at the nearby Culinary Institute) and restaurants featured during Hudson Valley Restaurant Week. Plentiful restaurants at various price points and suiting any palette can be found in Kingston. The focus on quality, presentation and sustainability is a common theme among many of the well-known foodie destinations such as Mariner’s Harbor, Ship to Shore, Savona’s, Anchor, Le Canard-Enchaine, Keegan Ales and Stockade Tavern – all of which cater to the more particular tastes of the growing New York City transplant population. THE KINGSTON RIVERPORT RESIDENTIAL: Situated on a grand hill, the Downtown Business District is said to have a similar feel to San Francisco. Largely built by lumber tycoons in the 1800s, the area’s “business district” name belies its majority makeup of Victorian-style homes. CULTURE & AMENITIES: The Hudson River Maritime Museum and Trolley Museum of New York sit at the base of Kingston Riverport. The Maritime Museum is New York State’s only institution that significantly preserves and showcases the maritime history of the Hudson River. Special events are held year-round and boat rides are offered to the historic Rondout Lighthouse (now celebrating its 100th anniversary). The Maritime Museum also recently opened a boat-building school on the waterfront. The Trolley Museum of New York opened its doors in1955, and in addition to offering exhibits and educational programs, also operates a 2-mile trolley line. Initiating at the museum, the trolley runs along Rondout Creek and terminates at Kingston Point, an area replete with lush parks, boat launches and a spectacular riverfront beach looking onto the Hudson River. In contrast to Kingston Point Park, T.R. Gallo West Strand Park sits at the foot of Broadway in the heart of Rondout's business district. The central location is prime and convenient, setting the stage for community block parties, festivals and concerts with Rondout Creek's natural beauty serving as a dramatic backdrop.