SYRACUSE, N.Y. — The Community Preservation Corporation (CPC) on Wednesday announced a $4.5 million construction loan for Skinner Properties for the redevelopment of the former William Howard Taft School, located in the Eastwood neighborhood of Syracuse.
Skinner Properties is located at 2649 James St. in Syracuse.
When completed, the more-than-century old, three-story building will become a 28-unit multifamily rental property offering a mix of six one-bedroom and 22 two-bedroom apartments.
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Built in 1907 and closed in 1964, the Taft School has been an Eastwood fixture for generations, CPC said. In 2023, Skinner Properties purchased the building from American Legion Post 1276, which had occupied the property since the 1970s.
“We’re proud to support the transformation of the former William Howard Taft School into quality housing for the Eastwood community,” Jaime Tuozzolo, SVP regional director of the CPC. “This project is a great example of how thoughtful development projects can breathe new life into historic buildings while addressing the need to grow our housing stock and revitalize our community. We thank Skinner Properties, the City of Syracuse, Onondaga County, and all of our partners for their collaboration and commitment to this important work.”
CPC will also provide a commitment for permanent financing in addition to its construction loan. The project also received a $140,000 grant from the Onondaga County Housing Initiative Program (O-CHIP). O-CHIP was created to incentivize private-sector investment in housing development across Onondaga County to help close funding gaps and stimulate new construction of market-rate, senior, affordable, and mixed-income housing.
“This building has been part of the Eastwood neighborhood for over a century, and we’re excited to give it a new purpose that meets the needs of today’s residents,” Stephen Skinner, owner of Skinner Properties, said. “We’re grateful for CPC’s support and for the County’s investment through O-CHIP, which helps make this redevelopment possible.”
Craig Polhamus is serving as the project architect. GMB Consulting Engineer, PC, is the project engineer.
Based in New York City, CPC is a nonprofit, multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize communities. CPC has a Central New York office at 315 N. Clinton St. in Syracuse.
