Governor Hochul Announces Completion of Barrel Factory Apartments, Bringing 100 New Homes to Kingston

Governor Kathy Hochul today announced the completion of Barrel Factory Apartments, a $24 million mixed-use, mixed-income development at 110 Cornell Street in Midtown Kingston. Supported by a $4.78 million Mid-Hudson Momentum Fund grant from Empire State Development, the four-story building adds 100 new homes, including 20 affordable to households earning up to 80 percent of the Area Median Income, along with street-level retail on Cornell Street. The project is the second phase of the Barrel Factory Complex, a community-focused redevelopment by MHV Development that is transforming formerly vacant and underutilized properties into a new residential and commercial hub in Midtown Kingston.

"Today we are marking the completion of 100 new homes in Midtown Kingston, including 20 affordable apartments, alongside new commercial space and the continued redevelopment of the historic Barrel Factory site," Governor Hochul said. "New York's investment through the Mid-Hudson Momentum Fund helped advance this mixed-use development and expand the housing supply in the heart of Kingston, while building on the work already underway to bring long-vacant properties back into productive use."

Empire State Development President, CEO and Commissioner Hope Knight said, "Barrel Factory Apartments brings together new housing, commercial activity and the productive reuse of long-vacant properties in one coordinated redevelopment. ESD's Mid-Hudson Momentum Fund investment helped move this second phase forward, adding 100 homes in Kingston while creating new space for businesses and makers and building on the successful restoration of the historic Barrel Factory."

Developed by MHV Development, Barrel Factory Apartments includes 80 market-rate and 20 affordable homes, street-level commercial space and the restoration of The Barn at the Barrel Factory, an approximately 21,000 square foot former warehouse that is now leased to Free to Thrift and other professional and maker uses. The Barn has the potential to support up to 20 jobs and, together with new retail space, will help bring additional activity to the Cornell Street corridor.

MHV Development Partner Danny Sirotkin said, "MHV Development is incredibly grateful to Governor Hochul and Empire State Development for the Mid-Hudson Momentum Fund award, which has been instrumental in bringing the Barrel Factory Apartments to life. We also want to thank the City of Kingston for their partnership and shared vision in transforming this underused site into a mixed-use community with 100 new apartments."

The project builds on the first phase of the Barrel Factory Complex, a $4.6 million adaptive reuse of the historic 120-year-old Kingston Barrel Factory, which had been vacant for approximately 15 years. Supported by an $840,000 Restore New York Communities Initiative grant, Phase I created 12 affordable apartments, approximately 3,500 square feet of commercial flex space and shared amenities. Together, the two phases have created 112 homes - including 32 affordable units - while adding new commercial space and returning long-underutilized properties to productive use in Midtown Kingston.

Mid-Hudson Regional Economic Development Council Co-Chairs Dr. Marsha Gordon and Dr. Kristine Young said, "The Barrel Factory Complex is bringing much-needed housing, new commercial activity and space for local businesses to Midtown Kingston, while transforming long-underutilized properties into a vibrant mixed-use destination. This project will strengthen the neighborhood, support continued economic growth and create new opportunities for residents and businesses. We thank Governor Hochul for her continued investment in the Mid-Hudson region."

In addition to the funding from New York State, the Community Preservation Corporation, a New York-based nonprofit multifamily finance company, provided $19.5 million in construction financing as well as $16.3 million in Freddie Mac permanent financing to support the project.

Community Preservation Corporation Chief Business Officer and Head of Community Preservation Corporation Capital Nicole Ferreira said, "The Barrel Factory Apartments are a powerful example of how thoughtful redevelopment can breathe new life into historic properties while creating housing that communities need today. CPC is proud to partner with MHV Development, Governor Hochul, Empire State Development, and our local partners to help transform this long-vacant site into a vibrant mixed-use destination that honors Kingston's history, expands housing opportunities, and contributes to the continued revitalization of Midtown."

Ulster County Executive Jen Metzger said, "Seeing the Kingston Barrel Factory and the entire mixed-use development fully completed is an incredible moment for Midtown Kingston. What was once a long-abandoned historic property has now been transformed into affordable live/work space, commercial storefronts, and a new 100-unit mixed-income building that will bring housing, jobs, and creative energy to this neighborhood. This project shows what is possible when we invest in our communities, honor our history, and build a stronger future for our residents. I want to thank Governor Hochul, Empire State Development, MHV Development, Mayor Noble, and the Restore NY and Momentum Fund programs for helping make this transformative project a reality."

City of Kingston Mayor Steve Noble said, "The Barrel Factory is a great example of how we can transform underutilized properties into places that strengthen our community, creating much-needed housing while bringing new opportunities for local businesses. These 100 new homes are an important addition to Kingston and will help bring new energy and continued investment to Midtown. I want to thank Governor Hochul and Empire State Development for their continued partnership."

State Senator Michelle Hinchey said, "The Barrel Factory development is a great model for mixed-income, mixed-use housing. It takes our disused industrial space and revitalizes it to housing and commercial space for the residents of Kingston. I'm proud to have fought for State budget funding for the project and of the work of our local and State partners who brought non-profits, developers, and government together to make this happen. I especially want to thank and congratulate Governor Hochul, MHV Development and the Mid Hudson Momentum Fund for their work and support on this project."