WATERTOWN -- Governor Andrew M. Cuomo announced a $5.5 million investment to build nearly 300 rental units in Watertown on Thursday.

The apartments will expand affordable housing options in the area and creating hundreds of jobs in the North Country. Lieutenant Governor Robert Duffy joined local officials for a groundbreaking ceremony to launch the construction of the Beaver Meadow Apartments in the Town of Watertown.

The apartments are being built, in large part, to satisfy the demand for housing caused by Fort Drum.

“This housing is not just for the members of the military at Fort Drum, but its going to accessible by them and this community. Twenty percent is affordable housing. It's a great project, but it really ends up being a big impact on this area,” said Duffy.

"So, there's x-amount of dollars that are going to build some houses, but to me its representative of a much broader concept of the linkage between the American people and America’s army,” added Major General Mark Milley, commander of 10th Mountain Division.

The project is a public-private partnership that aims to help alleviate housing shortages in the Watertown area. The project will add 296 units of rental housing, including 60 apartments for low income households.

The public-private partnership will be jointly funded by a $2.4 million award from the Governor's Regional Economic Development Councils and a $3 million investment by the Development Authority of the North Country. The project is estimated to create approximately 365 jobs and is designed to meet Green Building Initiative standards.

Last week the Governor's Regional Economic Development Council named the North Country region as a best plan awardee and gave the region $103.2 million in state support to fund 70 projects, including the Beaver Meadow Apartments.

"The strength of our State's economy depends on empowering regions like the North Country to determine their own economic future. We are investing in creating jobs and housing in Watertown because it represents an economic boost for the North Country region and our State," Governor Cuomo said in a statement.

"The Beaver Meadow Apartments demonstrates the effectiveness of public-private partnerships, and government coming together to help stimulate the local economy and create much-needed jobs in the North Country. I thank the North Country Regional Economic Development Council members, as well as the local officials involved, for their hard work," Gov. Cuomo added.

According to Gov. Cuomo, the Watertown housing market is known for high occupancy rates and the increase in military personnel at the Fort Drum has driven up the need for more housing. The Beaver Meadow Apartments will give additional options for those seeking housing in the Watertown area.