Officials, advocates and residents gathered Wednesday to mark the groundbreaking of Cold Spring Apartments, a 56-unit workforce housing development in Tannersville slated for completion in 2027. The project has been in the works for at least four years.
The $31 million development, led by RUPCO—a Kingston-based nonprofit housing advocacy group—is located on the former site of the Cold Spring Hotel at 55 Spruce St., long abandoned and ultimately demolished.
Forty of the apartments will be reserved for households earning between 50% and 90% of the area median income, while the remaining units will be designated for seniors earning between 30% and 50% of that median figure.
The project aims to address rising real estate prices that have made it increasingly difficult for workers to live near their jobs. In Tannersville, the average home costs $413,610—about 15% more than the Greene County average, according to Zillow.
“This is a win for Tannersville,” said Darren Scott, Upstate East director of development at NYS Homes and Community Renewal. “It’s a win for Hunter Mountain and area businesses. It’s a win for all of us. There’s a housing shortage that’s turned into a crisis.”
Workforce housing, as defined by the Brookings Institution, targets households whose incomes are too high to qualify for traditional affordable housing subsidies. With Greene County’s median annual income at roughly $74,000, households earning 50% of that make about $37,000; at 60%, it’s about $44,000.
“This is not like Section 8 subsidized housing,” said Hunter Town Supervisor Sean Mahoney, who also serves as executive director of the Hunter Foundation. The foundation works to improve blighted properties, develop affordable housing, and secure public funding for local initiatives. “We think it’ll tremendously add to the current housing availability here and support the Main Street businesses.”
The Cold Spring Apartments project was made possible in part by a $10 million Downtown Revitalization Initiative grant awarded to Tannersville in 2021. While an 80-unit complex was originally proposed by Mayor Lee McGunnigle, the current plan includes 56 units. The mayor acknowledged that while the project won’t solve the region’s housing crisis, it is an important step.
“It’s a beginning,” McGunnigle said.
Of the 56 apartments, 11 will be prioritized for people who live or work in Greene County, and nine are designated for residents with disabilities. The complex will feature a geothermal heating system, eliminating the need for fossil fuels and reducing utility costs, according to RUPCO CEO Kevin O’Connor.
“It’ll tremendously add to the current housing availability here and support the Main Street businesses by providing housing to workers,” he said.
Amenities will include Wi-Fi, wellness spaces, community rooms, bike and ski storage, and parking for 92 vehicles, along with electric vehicle charging stations.
Mercedes Dykes is an intern and contributing reporter. You can reach her at intern@theoverlooknews.com.
Noah Eckstein is the editor-in-chief of The Overlook. Send correspondence to noah@theoverlooknews.com.
