Orange County IDA Approves Incentives for 124-Unit Wallkill Apartment Development
The Orange County Industrial Development Agency has approved tax incentives for a proposed 124-unit apartment development in the Town of Wallkill, marking the first housing project to receive an incentive package from the agency.
The OCIDA Board approved sales and mortgage recording tax exemptions for Silverlake Ridge Apartments at its Aug. 19 meeting. The project is planned for approximately 30 acres on Silverlake Scotchtown Road that have remained largely undeveloped for more than two decades.
The property was originally approved for 56 single-family home lots but encountered development challenges related to extensive site work, infrastructure costs, financing and the 2008 housing market downturn. The property has remained dormant since 2004.
Under the new proposal, the site would be developed with 124 rental apartments, including an affordable housing component. Planned amenities include dedicated co-working suites and conference rooms, a meditation garden, dog park, outdoor fitness course and swimming pool.
According to the OCIDA, the project is projected to generate more than $56 million in local economic impact and create 218 temporary construction jobs. Under the agency's local labor policy, at least 85% of those construction positions must be filled by local workers.
The project is particularly significant as Orange County continues to contend with demand for additional housing. The IDA said its decision to provide incentives to Silverlake Ridge reflects an effort to address the county's housing shortage while returning a long-underutilized property to productive use.
The development also represents a shift from the site's original single-family subdivision plan toward higher-density rental housing.
The OCIDA maintains that increasing the county's housing supply is important not only for existing residents but also for economic development and the region's ability to attract prospective employers.
Silverlake Ridge previously underwent an OCIDA public hearing in June, and project documents, including the agency's cost-benefit analysis, are publicly available through the IDA.
