Key Community Development
New Market Tax Credits
The Grandview
Waterfront dining feeds downtown economy
Poughkeepsie, N.Y., like many cities in the Hudson Valley, has struggled with
urban blight and an abandoned Main Street. But Poughkeepsie knows the key Project Location
to its downtown renewal is its natural asset, the Hudson River. With support 76 Rinaldi Boulevard
from KeyBank, Poughkeepsie Waterfront Development (doing business as The Poughkeepsie, NY 12601-2924
Grandview and Shadows on the Hudson) is making waterfront revival a reality.
Year Started
The Grandview is a 12,000-square-foot event-catering facility overlooking the 2005
scenic Hudson River and Mid-Hudson Bridge. In the same building, Shadows
on the Hudson is a 300-seat restaurant with indoor and outdoor dining, spot- Year Completed
lighting views of the Hudson Valley. The Grandview—2006;
Shadows on the Hudson—2007
Impact on Community Total Development Cost
• Vibrant waterfront destination bringing more people to
$13,200,000 .
downtown Poughkeepsie
• 50-100 new jobs Key Funding
$8,800,000
• Estimated $5.9 million first-year gross revenue that will have a ripple KeyBank construction loan
effect on area businesses $750,000
• Cleanup of 10 acres of brownfields; the development is on the KeyBank equipment loan
city’s former sewer treatment plant $3,650,000
Owner equity
NMTC Targets
• Median income less than 60%
• Designated Redevelopment Area
• SBA HUB Zone
• Brownfields