Tannersville Breaks Ground on Cold Spring Apartments, Revitalizing Blighted Site with Affordable Housing

Construction is underway on Cold Spring Apartments, a $31 million affordable housing project in Tannersville, Greene County, that will deliver 56 new apartments for seniors and local workforce members. Spearheaded by RUPCO and supported by New York State Homes and Community Renewal (HCR), the development transforms the site of the long-abandoned Cold Spring Hotel into a vibrant residential community.

The project includes 40 workforce apartments and 15 units reserved for seniors aged 55 and older. Designed for families of all sizes, the residences will be spread across three buildings and feature studio to three-bedroom units.

“Cold Spring Apartments marks a transformative step forward for Tannersville, turning a long-blighted site into a vibrant, energy-efficient community that residents will be proud to call home,” said Governor Kathy Hochul. “This investment addresses Greene County’s critical housing needs, supporting and sustaining their tourism-driven economy by increasing housing supply and improving affordability for families and seniors.”

HCR Commissioner RuthAnne Visnauskas added, “Cold Spring Apartments exemplifies our commitment to creating sustainable, affordable housing that revitalizes communities like Tannersville.”

The project is aligned with Tannersville’s Downtown Revitalization Initiative and includes high-performance design features to meet Passive House and LEED Silver or Gold standards. A geothermal heat pump system will provide heating, cooling, and hot water, contributing to long-term energy efficiency.

The apartments will prioritize local workers, with 11 units reserved for individuals who live or work in Greene County.

Funding sources include $15M in federal and state Low-Income Housing Tax Credits, $8M in HCR subsidy, $2.5M from the Department of State, and $21M in construction financing from the Community Preservation Corporation and Bank of Greene County.

RUPCO CEO Kevin O’Connor said, “The vision for Cold Spring Apartments began when the Hunter Foundation identified an urgent need: local businesses in Tannersville couldn’t stay open more than three days a week because workers had nowhere to live.”

The Cold Spring Apartments project highlights the growing need for integrated affordable housing solutions in New York’s rural and tourism-dependent communities. The transformation of the long-vacant hotel into a sustainable mixed-age community demonstrates how creative redevelopment can tackle both housing shortages and economic instability.

Senator Kirsten Gillibrand emphasized, “Cold Spring Apartments will create much-needed affordable housing for our workforce and seniors while revitalizing the local community.”

Senator Michelle Hinchey noted, “Breaking ground on this project means more homes for our neighbors, support for local businesses, and a stronger local economy.”

Once completed, Cold Spring Apartments will offer energy-efficient, affordable living while preserving Tannersville’s small-town charm. The project reflects a broader push under Governor Hochul’s $25 billion housing plan to create or preserve 100,000 homes statewide, with more than 60,000 completed or underway.

This development, alongside New York’s Pro-Housing Community certification program, is helping small towns like Tannersville secure state resources and build long-term economic resilience.

Originally reported by HCR Newyork Govt.