AY to identify JV development partner for Kingston Waterfront Project

KINGSTON, NY According to Avison Young, one of the world’s fastest-growing commercial real estate services firms, its investment sales team is charged with the identification of an enthusiastic joint-venture development partner for the Historic Kingston Waterfront Project, a much-anticipated mixed-use project set to grace Kingston’s idyllic southern shoreline. The 100-acre, multi-parcel project comprises three distinct collections of properties, including Kingston Riverport, Island Dock and Kingston Wilderness. The Avison Young team of principal Jon Epstein and associate Sam Schertz of the New York office, as well as managing director Sean Cahill and senior vice president Bill Anson of the Fairfield/Westchester office, will manage the assignment on behalf of the property’s owner. “The Kingston area has already begun to blossom as one of the most desirable vacation communities for New Yorkers, but this redevelopment project will go a long way towards creating a permanently vibrant year-round waterfront community in the heart of the Hudson Valley,” said Epstein. “What was once New York State’s first capital is now poised to reemerge as one of its most unique cultural hubs.” The Kingston Riverport parcels cover 16 acres of prime waterfront land along Kingston Harbor, anchored by the 23,000 s/f Cornell Steamboat Building. With dramatic post-and-beam construction and sweeping water views, the exceptionally preserved historic Cornell Building is poised to be the centerpiece of an extraordinary continuous waterfront development incorporating open space, retail, pedestrian paths, and hospitality, catering to the growing number of year-round residents and vacationers. Just south of Kingston Riverport is Island Dock, a 17-acre, man-made peninsula forming a 3,000-foot “inner channel” across from the Kingston City Marina. With 6,500 feet of shoreline and deep channels for boats directly offshore, Island Dock offers valuable waterfront property and outdoor spaces easily accessible via Kingston’s main thoroughfares. The final component is Kingston Wilderness, an exceptional expanse of undeveloped, elevated land grandly overlooking Kingston Harbor. Nearly 70 acres of property offers unparalleled potential for residential development accompanied by attractive amenities such as a golf course and hotel. Considered the gateway to the Catskills and Shawangunk mountain ranges, Kingston itself is a truly charming city offering residents and visitors abundant art and music events, museums, restaurants and outdoor recreation including hiking, fishing and boating. Located less than two hours outside New York City, the area is experiencing explosive growth with Tri-State area tourists and urban transplants seeking vacation and recreation alternatives. Adds Cahill: “It’s not often that we see the confluence of an emerging submarket and such a prime development opportunity. The Historic Kingston Waterfront Project is happening at the right time for Kingston, and we’re excited to introduce the project to the market.”