Quigley's Thoughts on iPark 87
By Bond Brungard
LAKE KATRINE -Town of Ulster Supervisor James Quigley is thoughtful when looking at the past of what is now iPark 87, a former IBM plant that was a staple in the community a generation ago. And he’s also pragmatic when looking at the future, which is dependent on workforce needs and availability, and those qualified to help power ever-changing economic needs.
“It is the largest potential redevelopment site in the Town of Ulster,” said Quigley, of iPark 87. “The site at one time provided approximately 1/3 of the total tax revenues to the town. (Those lost revenues) have been replaced by increased taxation of other property owners. It is necessary to redevelop this for the future of the town.”
The site still has the look of an aging corporate campus, scattered with many buildings that gathered local workers to build mainframe computers when advanced computing required large machines. But that campus will soon see signs of actual development with the move of Ulster BOCES’ Career and Technical Center and the construction of housing units. The Career and Technical Center provides adult education opportunities and helps prepare high school students, from member Ulster County districts, with trade and workplace opportunities after graduation.
Ulster BOCES has a 10-year lease with iPark 87, and the move there will start in the fall of 2025. But this fall, construction will start on housing units essential to help stabilizing any regional economic ambitions.
“The project has been fully permitted for 880 residential workforce living units.
The time line for development is for the first 120 units to start construction in the Fall, 2024,” said Quigley. “Total build out is subject to lease-up of the first phase, and the real estate financing market and real estate leasing market thereafter.”
Local economic development efforts are often dependent on current market conditions, access to transportation corridors and workforce availability. iPark 87 benefits from being a short drive from the New York state Thruway, and its access to the Midwest and Atlantic coastline, along with an available workforce on the edges of the New York City metro area. Goods can be sold and moved to whatever markets demand, and if companies are strong enough to do so. And Quigley admits there is no clear way to predict the success of any commercial enterprise with market forces despite the best of intentions, optimism of local civic leaders and elected officials and established infrastructure. All of which iPark 87 has. “To be honest,” he said, “I don’t have a clue.”
But what is driving local economies here, as much as the potential needs for goods and services or tourism appeal, is the need for housing as those costs affect the available workforce. And this, with the potential of nearly 900 new housing units at iPark 87, has helped insulate the developer from the changing variables of producing goods and services. “Putting housing units on the site has mitigated the developer’s long-term risk,” said Quigley.