The Planning Department retained the real estate market analytics company RKG Associates, and design and planning firm Cooper Carry, Inc., to study the market value and “highest and best use” development potential of City-owned land at 100 South Street, 30 Louisa Street, and 1003 Lower South Street. While the 1003 Lower South Street parcel is too small to be developable on a stand-alone basis, 100 South Street and 30 Louisa Street were determined to be valuable properties based on current zoning and market conditions. The City will use this determination of value in future decision-making around stewardship of its properties.
Peekskill’s Highway Garage at 100 South Street needs to be relocated and modernized over time. Peekskill stadium at 30 Louisa Street requires capital investment. To manage these priorities and raise funding, the Highest and Best Use Study began with a thorough analysis of real estate market conditions in Northern Westchester County by sector, then created a development program for the City-owned land that would maintain current park space but add commercial and residential uses. The Highest and Best Use Study was partially funded by a rebate through Empire State Development, which qualifies the City for future grants related to these parcels.