PENN YAN — Several years after a plan to build condominiums and a marina at the former Penn Yan Boat Company site was first pitched, construction could begin later this summer.

Earlier this month, village officials signed closing papers selling the property to Chris Iversen, owner of Gorham-based Iversen Construction. Iversen entered into an agreement with Penn Yan and Yates County through a subsidiary, Keuka Outlet Development, LLC.

Iversen plans to build 42 condo units, a clubhouse and marina at the site, which was 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 Keuka Lake Outlet on Water Street and the new Hampton Inn hotel on the lake.

Iversen said Monday he still needs to get some permits before construction can begin. He hopes to start in late summer or early fall.

“We are happy to see progress being made,” he said. “Every step is a step in the right direction.”

Talks on what has been called the “Penn Yan Marine” project go back to 2012 or earlier, and village and county officials thought they had a finalized agreement in 2015. However, village Mayor Leigh MacKerchar said an amended agreement was needed due to several issues, including an amended construction schedule.

The county took ownership of the former boat factory for back taxes in 2002 and later transferred title to the village. Under the amended agreement, Iversen paid the village $75,000 at the closing and will pay that amount for each of the next three years, totaling $300,000.

Iversen also has agreed to pay the village for each condo unit sold. The total amount of money he will pay the village over the course of the agreement is projected at approximately $1.06 million.

“It’s great to get this done finally. We are looking forward to seeing more activity over there,” MacKerchar said last week. “There was an awful lot of people who did an awful lot of work to make this happen.”

In 2015, the village received a $1.26 million state loan to fund infrastructure improvements at the site. The village will extend water and sewer to the site, as well as build a new street to access the property.

MacKerchar said the street will be called Charles Herrmann Way to honor the founder of Penn Yan Boats. MacKerchar added that the money Iversen will pay the village will pay off most of the loan.

The village previously received funding from the state’s Environmental Cleanup Reserve for remedial work at the site, which was a brownfield area. The state Department of Environmental Conservation later issued a certificate of completion for the work.

Under the agreement, Yates County has paid Iversen $30,000 to offset the costs of testing brownfield soil as it is being disturbed during the construction process.

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