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Homes and Community Renewal

New York State Homes and Community Renewal Announces Transformation of West Side Knitting Mill into 40 State-of-the-Art Loft Apartments; 35 for Working Families

Harbor Street Lofts Project Complements Central New York Rising --
Governor Cuomo’s Blueprint for Revitalizing the Region’s Economy

Syracuse, June 20, 2017—The Edco Sales Building, a former 100-year old knitting factory on Syracuse’s West Side, has been rehabilitated and transformed into a mixed-income apartment complex for Syracuse families. The adaptive reuse of the historic building was a Priority Project of Governor Cuomo’s Central New York Regional Economic Development Council and complements CNY Rising, the Upstate

Revitalization Initiative that is growing the economy and creating more opportunities for area families.

RuthAnne Visnauskas, Commissioner of New York State Homes and Community Renewal said, “Harbor Street Lofts is a great example of Governor Cuomo’s Central New York Rising initiative at work—driving economic development and revitalizing neighborhoods throughout the City of Syracuse and the entire region. By investing in this 40-unit complex for the West Side community and bringing a historic building back to life, we’re not only providing the type of quality, affordable housing that area residents need, but also greater opportunities for businesses, families, and the entire community to succeed.”

Located in the Tipperary Hill neighborhood of the City of Syracuse, Harbor Street Lofts contains 35 one- and two-bedroom apartments, affordable to individuals and families whose income is at or below 60% of the AMI, and five units that will be market rate. Fifteen percent of the units are for individuals with physical disabilities, and two units were constructed to be accessible for individuals with auditory/visual impairments. The gross rents (rent plus utilities) will range from $626 to $800 a month. The four-story building includes a common laundry area, an elevator, play area, community room/computer lab, storage, a fitness room, and parking for tenants.

The building, which is on the National Register of Historic Places, was rehabilitated following the Secretary of the Interior Standards for historic buildings but also includes many modern amenities. The building embodies the distinctive characteristics of early 20th century industrial architecture and is one of the few industrial buildings of that era that remain in the community.

Total development costs were approximately $10.8 million. A combination of public and private resources was used including; a $2 million permanent mortgage from HCR; an allocation of approximately $567,000 in Low Income Housing Tax Credits from HCR, which generated approximately $5.6 million in low income housing tax credit equity from M & T Bank. M & T Bank also invested an additional $2.7 million in the project by purchasing the historic tax credits; and $6.9 million of construction financing provided by KeyBank. Additional funding was provided by the City of Syracuse Home Program with $225,000 and incentives from the New York State Energy Research and Development Authority for implementing energy efficient measures in the construction process. Syracuse Housing Authority is providing Project-Based Voucher assistance for six of the 35 units.

The project development team includes Sutton Real Estate and Edgemere Development, Crawford & Stearns Architects and Rich & Gardner Construction.

Senator David J. Valesky said, “It’s great to see this historic building repurposed as beautiful loft apartments for Syracuse residents. I want to thank Governor Cuomo for investing in developments that not only offer much-needed affordable housing, but inject opportunity and vitality into our neighborhoods and the region.”

Assemblyman Bill Magnarelli said, I congratulate all those involved in making Harbor Street Lofts a reality. This project will provide quality affordable housing and revitalize a once abandoned building in Syracuse. I hope it becomes a cornerstone for further development of the West Side of Syracuse.”

Syracuse Mayor Stephanie Miner said, "The Harbor Street Lofts project is a great example of how quality affordable housing can be developed in areas of high opportunity. This mixed-income building located in a stable neighborhood will address the critical housing needs for dozens of households now and in the future. We applaud the developer, Sutton, for their innovative efforts in housing development."
Central New York Regional Economic Development Co-Chairs, Danielle Laraque-Arena, MD, FAAP President, SUNY Upstate Medical University, and Rob Simpson President and Chief Executive Officer, CenterState CEO, said "The Harbor Street Lofts are a model of adaptive reuse of a historic property and strategic investment in our city's neighborhoods. This project creates mixed-income affordable housing for people in our community which advances the Central New York Regional Economic Development Council's goal to revitalize the region’s urban cores, main streets, and neighborhoods."

Louis Fournier, President of the Sutton Companies said, "We are very pleased to have worked with our partners at New York State Homes and Community Renewal to create a high quality development that appeals to a wide range of Syracuse residents. Individuals and small families as well as seniors call Harbor St. Lofts home due the many accessible features, affordable rental rates, and close proximity to commercial services and Downtown Syracuse. The Tipperary Hill neighborhoods are well recognized as safe and affordable rental areas with a healthy mix of ages and income levels. I want to thank the state for investing in developments that provide good homes, but also align with the regional economic development goals of the region. This is a win-win for all.”

John B. Rhodes, President and CEO, NYSERDA said, “Harbor Street Lofts serves as a valuable development model that will provide energy efficient, affordable housing for working families in Syracuse. This project builds on the success of Governor Cuomo’s nation-leading energy strategy to create cleaner, more sustainable communities across the state.”

Stephanie Benson, Edgemere Development Partner and COO, said “We are pleased to showcase another historic adaptive reuse which will provide quality housing for Syracuse residents as well as stabilize this neighborhood anchor. Partners including Sutton, NYS HCR, the City of Syracuse, Enterprise Community Partners, and Key Bank understand the importance of smart growth and sustainable development - Harbor Street Lofts is the highest level of sustainability with reuse of a vacant building.”

Accelerating Central NY Rising Harbor Street Lofts complements “Central NY Rising,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested nearly $3 billion in the region since 2012 to lay the groundwork for the plan – capitalizing on global market opportunities, strengthening entrepreneurship and creating an inclusive economy. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Syracuse, Oswego and Auburn as a destination in which to grow and invest. Now, Central NY Rising is moving forward with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will encourage private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 5,900 new jobs. More information is available here