Hudson Valley Development Deal To Include Affordable Housing
A development deal aims to turn unused space in a Hudson Valley corporate campus into affordable living space aimed at millennials. The Wall Street Journal takes a look at the recent deal struck between Globalfoundries and National Resources which will transform much of the unused East Fishkill property into housing.
The campus was originally built for IBM in the 1960 but they sold off their semi-conductor business in 2015 to Globalfoundries who still has around 1,700 workers on the property daily.
Natural Resources plans to roll out apartments in the $1,200 range over the course of the next five years. They expect to help lure millennials out of places like New York City and into the more affordable suburbs.
There will be a mix of office space and retail to go along with the apartments. Natural Resources have experience transitioning properties like this in other parts of New York and Connecticut. The negotiations took more than three years to get a deal done.