PENN YAN — After a delay of more than three years, a condominium project along the banks of the Keuka Lake Outlet that was highly publicized at one time is back on track.
“Good things come to those who wait,” said Chris Iversen, owner of Gorham-based Iversen Construction, who is doing The Moorings on Keuka project through a subsidiary, Keuka Outlet Development.
Iversen is building 42 condo units, a clubhouse and marina at the site — home to Penn Yan Boats for nearly 80 years. Iversen has done a number of other high-profile projects in the village including the Birkett Landing apartment complex along the outlet on Water Street and the Hampton Inn hotel, not far from the Moorings project.
Iversen is involved in a similar project, Bristol Harbour Terrace, on Canandaigua Lake.
While Iversen declined to dwell on the delay in the Penn Yan project, it was largely due to a “condominium offering plan” that had to be approved by the state. The plan is a detailed description of the development.
“It was a process that took much longer than we’d have liked or expected,” he said.
Talks on what was called the “Penn Yan Marine” project go back to 2012 or earlier, and involved the Village Board and Yates County Legislature. The county took ownership of the former boat factory property for back taxes in 2002 and transferred title to the village.
In 2015, the village received a $1.26 million state loan for infrastructure improvements at the site. The village extended water and sewer, and built a new street to access the property.
The street, Charles Herrmann Way, honors the founder of Penn Yan Boats. The village also received funds from the state’s Environmental Cleanup Reserve for remedial work at the site, which was a brownfield area due to contamination from the boat factory.
As part of an agreement transferring the property to Iversen, he will pay the village an amount for each condo unit sold. The total amount he will pay over the course of the agreement is projected at approximately $1.06 million to cover most of the infrastructure improvements.
Conceived as a “pocket neighborhood,” Iversen said The Moorings will include 42 homes around a shared garden courtyard. Amenities include waterfront docks, pickleball courts, raised bed gardens in the courtyard, and clubhouse with furnished fitness rooms and a kitchen for community gatherings.
The clubhouse and courtyard are now under construction, with customized two-and three-bedroom residential units to follow in one- and two-story models. Sales are being handled by Select Sotheby’s International Realty.
“Given the additional time since The Moorings on Keuka was conceived, purchasers will be rewarded with design enhancements that have been made to the clubhouse and residences, providing the opportunity to live in a truly unique waterfront neighborhood,” Iversen said.