SYRACUSE — Construction has started to redevelop the Roosevelt and Hillside Apartments in the city of Syracuse, according to the Central New York Regional Economic Development Council.
Rochester–based Conifer Realty and Syracuse IV Star Redevelopment are using over $1.2 million in Low Income Housing Tax Credits from New York State Homes and Community Renewal to fund the projects. New York State Homes and Community Renewal is made up of all of the state’s major housing and community-renewal agencies.
The tax credits were awarded as part of last year’s regional economic development council initiative championed by Gov. Andrew Cuomo.
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The commercial real estate market has been rough for some time, and the residential market has seen wild fluctuations. Inflation, high interest rates and decreased demand for office space have
“Consistent with the region’s strategic plan, this project serves to revitalize our urban core by redeveloping existing physical assets and enhancing affordable housing options in the city,” said Robert Simpson, president of CenterState CEO and co-chair of the Central New York Regional Economic Development Council, in a news release.
A total of 90 units are being developed. They will be one-bedroom and two-bedroom apartments with rent between $520 and $740 per month. Nine units will be revamped for individuals with mobility impairments, and four will be redone for individuals with hearing or vision impairments.
Contact Seltzer at rseltzer@cnybj.com
