Foss & Company Partners with Scenic Hudson to Transform Abandoned Manufacturing Facilities into Environmentally Sustainable Office Space and Community Hub
POUGHKEEPSIE, NEW YORK – April 17, 2024 – Foss & Company, a leading institutional investment fund sponsor, and Scenic Hudson, Inc, a prominent environmental nonprofit in the Hudson Valley, proudly announce the successful closing of the Standard Gage Manufacturing Project. This collaborative historic tax credit (HTC) investment marks a significant step towards the revitalization of Poughkeepsie, NY, as the renowned Standard Gage manufacturing buildings undergo a remarkable renovation.
The Standard Gage company manufactured precision measurement tools until 2002; this project involves the remediation and adaptive reuse of five interconnected empty manufacturing buildings that have stood as a symbol of the region’s industrial heritage since 1905. Scenic Hudson, a regional and national leader in land conservation, environmental advocacy and restoring river access, is taking on the ambitious task of turning this historic site into a modern, carbon neutral community hub.
“We are thrilled to be part of the Standard Gage Manufacturing Project, a venture that perfectly aligns with Foss & Company’s core values of sustainability and historic preservation,” states John Sorel, Acquisitions Agent for Foss & Company. “This project exemplifies how strategic HTC investments can contribute to the revitalization of communities and the preservation of our cultural heritage.”
The project distinguishes itself by incorporating cutting-edge green technology. Not only will the buildings be completely solar powered — with solar panels on the rooftop and parking lot canopies — but they will employ an innovative, low-energy heating and cooling system (which was featured on 60 Minutes.) This will be one of the most energy-efficient HTC investments in Foss & Company’s portfolio.
“We’re excited to continue our dynamic partnership with Foss & Company, which is allowing us to create this one-of-a-kind space,” says Jason Camporese, Scenic Hudson’s Chief Finance & Operations Officer.“Once completed, Scenic Hudson will utilize the energy-efficient site not only for staff offices, but as a community hub — for meetings, classes, events and more — as well as a gathering place for convening regional, state and national partners.”
Adds Scenic Hudson President Ned Sullivan: “Poughkeepsie has been our home for many decades; this innovative project reflects our ongoing commitment to working with other stakeholders to revitalize the city’s Northside neighborhoods, Fall Kill Creek and the many parks and trails that connect residents and visitors to the great outdoors. These renovated buildings – which once employed hundreds — will once again serve as an economic engine for the greater Hudson Valley region.”
The collaboration between Foss & Company and Scenic Hudson on the Standard Gage Manufacturing Project stands as a beacon for green development, historic conservation and corporate responsibility. As the project progresses, it promises to be a shining example of how public and private entities can collaborate to revitalize communities and preserve the historical fabric of our nation.
ABOUT FOSS & COMPANY
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $8 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping our partners navigate the world of tax equity investments. For additional information, visit www.fossandco.com.
About Scenic Hudson
Scenic Hudson’s mission is to sustain and enhance the Hudson Valley’s inspirational beauty and health for generations to come. Motivated by the beautiful land and the extraordinary people of the region, we use our decades of expertise in conservation, land use, community-based advocacy, and strategic planning to make the valley a better place to live, work, and play for everyone. www.scenichudson.org
