8/20/26 – New Windsor, NY: The Orange County Industrial Development Agency (“OCIDA”) voted to approve tax exemptions for the development of Silverlake Ridge Apartments at their Board Meeting on August 19, 2026. Silverlake Ridge is the first housing project to receive an incentives package from the OCIDA, as part of the organization’s effort to address the housing shortage in Orange County.
Town of Wallkill residents are likely familiar with the 30-acre plot on Silverlake Scotchtown Road, which has been dormant since 2004. The site, initially planned for 56 single- family lots, faced significant development hurdles and financial challenges until the 2008 market crash ultimately stalled the project entirely. Extensive site-work needed to remediate the land, roads, and sewers, coupled with the interest rate hike and high per-unit taxes, resulted in a 20- year development stalemate. During this time, the property has sat empty and unusable,
generating minimal tax revenue for the Town.
The sales and mortgage recording tax emptions package approved by the OCIDA has finally made advancing this project possible. The approved application outlines the plan to transform the vacant site into 124 rental units – with an affordable component – complete with amenities like dedicated suites and conference rooms for co-working and remote work, a tech- free meditation garden, a professional dog park, an outdoor obstacle fitness course, and a pool. The projected economic impact is more than $56 million locally, including 218 projected
temporary construction jobs (at least 85% of which must be filled by local laborers under the OCIDA’s local labor policy).
The advancement of the Silverlake Ridge Apartment project is a win-win for Orange County residents, as it will both rehabilitate a long-abandoned development site and create new housing units. Orange County’s housing shortage has been well-documented and was made worse by the influx of remote workers during and after the pandemic. The OCIDA believes that
addressing this housing shortage is essential—both for locals who are looking to put down roots in the area, and for prospective employers. “Housing availability directly impacts economic development,” said OCIDA CEO, Bill Fioravanti. “Businesses require a stable workforce that can live locally.” The Silverlake Ridge Apartments will hopefully serve as a proof-of-concept for other residential projects and demonstrate the important role of local and regional IDAs in addressing New York’s housing shortage.
The Orange County Industrial Development Agency is proud to be the catalyst for progress on this long-stalled development site. It is a testament to the OCIDA’s ability to advance projects and create economic opportunities that would otherwise not be possible. Whether it’s removing barriers to local projects that have been sidelined, or incentivizing the relocation or expansion of businesses from other states, the OCIDA remains committed to creating jobs here in Orange County.
About OCIDA
The Orange County Industrial Development Agency promotes economic growth through a program of incentives-based allocations that assist in the construction, equipping and maintenance of specific types of projects and facilities. The IDA works to advance the health, prosperity and economic welfare of our County’s citizens by retaining and creating jobs and attracting new businesses. For more information, visit www.ocnyida.com.
