CPC provides $2.17 million loan to rehabilitate mixed-use building

Continuing its commitment to the revitalization of Downtown Syracuse, the Central New York Regional office of The Community Preservation Corporation (CPC) is providing a $2.17 million construction loan to gut rehabilitate and convert a five-story building in Armory Square. When completed, the renovated building will comprise 12 new apartment units. To date, CPC's Central New York Region office has provided $40 million in financing for projects in downtown Syracuse totaling 331 residential units. Located at 315-19 S. Clinton St., the masonry building houses the well-known Al's Wine and Whiskey Lounge on the ground floor which will continue to operate. The borrower plans to convert the second through fifth floors, which are currently vacant, into 12 two-bedroom apartments. The vacant retail space on the ground floor will also be renovated. Other improvements will include the construction of an elevator shaft, fire stairs and fire escape, exterior brick pointing, reroofing, widow replacement, lobby renovation and upgraded building mechanicals. Armory Square retains a significant and well-preserved concentration of historic buildings exhibiting a variety of architectural styles. The architectural and historic significance of the area is now recognized and is a designated National Historical District. The designation has spurred a wave of development and renovation activity in recent years. In addition to the CPC loan, the borrower will receive a $600,000 Restore New York grant from New York State and the City of Syracuse and $150,000 in subordinate construction financing from Syracuse Economic Development Corporation. The borrowers are Robb Bidwell and Doug Balle who recently completed another project in Syracuse that was financed by CPC, located at 121-129 West Fayette St. "CPC is pleased to provide financing for a property in Armory Square that has emerged as a thriving residential and commercial hub. CPC is happy to play a role in the exciting revitalization of downtown Syracuse and to meet the growing demand for quality, affordable residential properties," said Nick Petragnani, regional director of CPC's Syracuse, Central and Rochester office.