How does an extra approximately $2 million dollars in taxes sound contributing to the city of Newburgh annually? Pretty good, right? Well, now that Bill Kaplan’s plan to turn his Regal Bag building from commercial space to residential condo’s was approved, this could become a reality sooner than you think. In the economic times we are in, it’s amazing that a project like this could be moving forward.
It has not been an easy road, as the blog, Newburgh Advocate, has shown. But, as the Newburgh Scene Blog mentioned, Mr. Kaplan is the poster boy for development and philanthropy in Newburgh. “He has donated millions to St. Lukes Cornwall, Mount St Mary, SUNY Orange, and other civic organizations.” In other words, Mr. Kaplan is pretty dependable in his projects.
Located at 302 N. Water Street in Newburgh, the Regal Bag Building project will add 165 housing units along the Hudson River. Kaplan is going this route after not being able to secure any commercial tenants in the building. So, when can you expect to see some construction being done? According the the Herald article, “four to six months of meetings and applications to the city Planning Board will follow before any construction would begin.”
Either way, this is good news as the project will add more money to the Newburgh economy. Local businesses will benefit, and it will add more life to a once quiet area. According to another article, “Combined with plans to build a mixture of townhouses and condominiums, and coupled with the investments he and Joseph Bonura already have made in the neighborhood, this could be the turning point that the city has looked for, the inspiration for others to help unlock all that potential that architects and urban planners see every time they look at Newburgh.” For more positive Newburgh news check out this link.