The City of Beacon is welcoming a new $50 million rental property development.

The building at 22 Edgewater Place will house 246 new rental units and 25 affordable units.

It will be a mix of studio, one-, two- and three-bedroom units. Amenities include garage parking, tenant storage areas, a rooftop deck, outdoor seating and a fitness center.

The 12-acre waterfront site is within walking distance to public transportation.

Development partners believe the project is just one part of a bright future for the city.

“Beacon is a beacon of hope and example of how communities can rebound and revive themselves,” said Mary Paden, senior vice president for CPC's Hudson Valley Regional Office.