SunValley Apartments, LLC.
SunValley Apartments, LLC. is constructing 39 residential workforce apartments in Lake George. There will be five buildings with eight units each. These apartments will not be permitted for subleasing or short-term rentals and will have annual lease contracts for year-round residents.
The total project cost was estimated at $5,981,301, and the WWIDA is providing sales tax exemption of up to $153,720, mortgage tax exemption of $59,532, and a partial real property tax abatement through a PILOT Agreement at an estimated value of $166,702 during the 10-year term to help facilitate this project. Construction began in 2022, and they reported 14 construction jobs.
$431 Million
In direct construction investment over three years.
$269 Million
In revenue to local municipalities and school districts over 30 years.
Additional
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