Cornwall on Hudson photo by Michael Nelson
May 05, 2024
Welcome! Click here to Login
News from Cornwall and Cornwall On Hudson, New York
News
Events
Donate
Our Town
Photos of Our Town
Education
Help Wanted
The Outdoors
Classifieds
Support Our Advertisers
About Us
Advertise with Us
Contact Us
Click to visit the
Official Village Site
Click to visit the
Official Town Site
Cornwall Public Library
Latest Newsletter

General News: Slow Market Hurts Senior Housing Project

The Canterbury Green project has completed one of two planned buildings.
The Canterbury Green project has completed one of two planned buildings.
The banners promoting the condominium units at Canterbury Green still line the driveway.
The banners promoting the condominium units at Canterbury Green still line the driveway.
October 13, 2010

Plans for the Canterbury Green senior housing project are at a standstill, neither moving ahead nor likely to change course in the near future. That’s according to Manny Margaretten, one of the owners of the 60-unit project on Quaker Avenue, who said in an interview on Wednesday that his financing is stabile and the project is ready to go once the housing market recovers. Margaretten also said that he is aware that some of his associates have looked into changing the project’s status as a senior housing development but have found that the town isn’t interested in pursuing that change.

New Permits Needed to Change Senior Status of Project

Cornwall town councilman Randy Clark raised the topic of changing the status of the senior housing project at Tuesday’s council meeting and he was told by the town’s attorney that the owners would have to come back to the planning and zoning boards for new approvals if they wanted to convert its use.

Under the town code, a senior housing project has to meet a variety of requirements that are different from those applied to a regular apartment or condominium complex.

New Investors Are Financing the Project

Although no work has been done for months on the construction site where only one of two planned buildings have been completed and weeds are growing around the foundation of the second structure, Margaretten said that the financial stability of the project is intact and that the loan his company had from Key Bank has been paid off by a group of private investors. He also noted that all county and school taxes – a total of more than $210,000 – have been paid. “We paid all the vendors and nobody is owed any money,” Margaretten noted.

Cornwall town building inspector Gary Vinson said that the builders need to file a prospectus with the state attorney general’s office that would lay out the plan for the condominiums before he could begin to issue certificates of occupancy. Margaretten said he doesn’t want to get a certificate of occupancy yet because he knows that his assessment will go up when that occurs and he doesn’t have buyers for the units yet.

In 2010, the 3-acre property was assessed at $2.5 million, with a market value of $4.2 million. Margaretten has owned the property since August 2005. He purchased it from Danza Group X, LLC, which had received permits for the senior housing project after a two-year application process



Comments:

So we are stuck with that God awful foundation and weeds until the market turns around?!? Hey Margaretten, put up a nice privacy fence to block the terrible eyesore! I would think it would be in your best interest to make the property look good from Quaker Ave.


posted by J Klein on 10/13/10 at 7:16 PM

Too bad the town can't/won't fine 'em. People really jump when they're staring down the barrel at a $3,000 a day fine for a blighted property, misuse of land, unfinished construction project, whatever you want to call it in zoning terms.

The initial owners should have never started building if they didn't have enough units sold to at least partially finance the construction.

Lord only knows why the new owner bought it if they couldn't finish it. Probably wouldn't have if they knew they would be fined for every day it sat unfinished. As it is, all they're doing is paying taxes and waiting for the market to turn back up so they can make a killing. In the meantime the town has to look at that eyesore and pay the price for their business plan.

Cornwall needs to get some teeth in it's zoning code if it's ever going to stand a chance against the blood sucking developers


posted by Ted Warren on 10/14/10 at 1:00 PM

This is an eye sore and agree something should be done by the town to enforce zoning codes. Back in the 1980's, when I lived in Austin, Tx a very tall building was left unfinished for several years when the market took a down turn. The city somehow bought the building for $1.00. The city then owned it and took care of the immediate needs. I'm not sure if it is still in the hands of the city today.


posted by George Kane on 10/14/10 at 7:58 PM

It seems to me all comments are aimed at the owners. What specific reasons are given as to why the "the town isn't interested in pursuing the change" in status to a Senior Citizen Development? Let's hear the reason(s). If this will remove the "eyesore", why not?


posted by Lillian Rhoades on 10/14/10 at 8:44 PM

As I recall, and I may be incorrect, HUD funding was used in this project and there were other significant shortcomings regarding this project. I am and it is my opinion that all of the facts regarding Cantebury Green were not reported here.


posted by j h on 10/14/10 at 9:29 PM

It is an eyesore and a blight on the town. The least the town could do is force the developer to put up a privacy fence.


posted by Christopher Dauerer on 10/15/10 at 10:50 AM

Slow market? If I recall correctly, they were asking a pretty high price per unit for a senior housing project. I think this project was poorly conceived from the start.

(It makes me smile just a bit knowing it was partially funded by HUD money though.)


posted by Dean DeGennaro on 10/15/10 at 11:05 AM

The structure that is near completion would look fine if the overgrown foundation on the front of the property was ripped out and made into park-like grounds and a little parking. Even if it ever gets completed as planned, it will be an eyesore driving up Quaker and looking at the back of the building. How was it ever approved in the first place?


posted by Tom Hatch on 10/16/10 at 10:49 AM

Dejavu, anyone? As what happened in Rockland County with regard to one town's "Main Street Revitalization" consider this possibility: Canterbury Green is or now will be owned by Kiryas Joel village managers, who are orchestrating its eventual use as housing/schools for its future Cornwall residents. Don't they already own most/all of Cornwall Plaza?


posted by Leslie Maltese-McGill on 10/17/10 at 12:32 PM

Add a Comment:

Please signup or login to add a comment.



© 2024 by Cornwall Media, LLC . All Rights Reserved. | photo credit: Michael Nelson
Advertise with Us | Terms of Use | Privacy Policy