Momentum Grant

The City of Peekskill was granted a $10 million Mid-Hudson Momentum Award from the New York State Empire State Development Corporation in 2024.  The Momentum Award is given to Pro-Housing Certified communities for essential infrastructure for housing.  The award is to leverage prior New York State investments and non-State funding and requires a 1:1 match from non-State funding sources. The City must demonstrate the ability to complete projects in a timely manner.

The Momentum Award will support projects that will further revitalize the downtown and waterfront including:

1. Nelson Avenue Garage and James Street Garage Improvements – these improvements will maintain the usefulness and life of the parking garages. The work includes brick and façade work, structural steel repairs, painting, staircase rehabilitation, drainage upgrades, steel canopy and railing repairs, lighting, signage, and exterior cladding. 

2. Riverfront Green Improvements – these improvements will help implement the Riverfront Green Trail Connector Plan, which will fill in gaps in the City’s plan for a waterfront trail system from Annsville Creek to the Village of Buchanan border. 

3. Downtown Streetscape and Intersection Improvements – these improvements will build on the DRI investments in the Civic Hub and Connectivity Project. The Momentum funds will improve four intersections in the downtown by upgrading crossing signals and crosswalks to improve pedestrian safety and access. 

4. Railroad Avenue Improvements – these improvements will improve the sewer, streetscape, and station plaza to support transit-oriented housing development on the waterfront. 

5. James Street Garage Addition – the expansion of the James Street Garage will allow the City to produce infill housing on surface lots across the downtown by allowing shared parking in the garages.  The city recognizes that households in the downtown need parking, but it also wants to manage the amount of parking in the downtown for commercial uses and new residences. The infill development will reduce curb cuts and add to ground floor activity. The garage expansion will also support adaptive reuse of buildings that can otherwise not provide parking, support infill development on private sites, and support shared parking across uses. In 2025, the City adopted a Payment in Lieu of Parking policy to collect fees from developers for the parking improvements. The city ultimately seeks to right-size parking across the downtown and make the downtown more vibrant and attractive.