Imagine a global financial collapse. That’s easy it happened in 2008, and rippled out into 2009. The world is still feeling those effects in 2010, but surprisingly “not as much” in Syracuse. The Brookings Institute placed Syracuse in the 20 Best Markets to ride out the recession. The city’s unemployment rate is two points lower than the National Average and one point lower than the state of New York.
“We still have cranes in the air,” said Kevin Schwab of the Downtown Committee (DCS) of Syracuse.
Last year this time I visited with representatives from the DCS, including Schwab, Dave Mankiewicz and Merike Treier to follow up on its Inside January 2008 newsletter’s centerfold featuring 10 development projects. The projects originally totaled more than $7 million in funding already received for 10 projects totaling nearly $40,000,000.
The problem with 2009 was that after the world financial collapse in October 2008, banks as well as other financial institutions lending screeched to a halt. So fast the screech wasn’t audible, instead the sound of nothing. As you can imagine not a lot happened, but here in Syracuse your imaginings would be wrong.
Initial projects:
1. In ‘n Out and Kirk Hotel buildings- $400,000 in Restore NY funds; total cost approx. $1.46 million
2. Chamberlin Building - $535,000 in City By City Funds; total cost $2.8 million
3. Witherill Building - $888,000 in City By City Funds; total $4.7 million
4. Wilson Building - $1.227 million in City By City Funds; total $6.5 million
5. Bond Building - $350,000 in City By City Funds; total $1.8 million
6. Butler Building - $600,000 in Restore NY Funds; total $2.04 million
7. Label Shopper Building - $1 million in Restore NY funds; total $3.2 million
8. Syracuse Trust Building - $250,000 in Restore NY funds; total $1.2 million
9. Manufacturer’s Hanover Building - $102,000 in Restore NY funds; total $408,700
10.Dey’s Centennial Plaza - $2 million in Restore NY funds; total $14.9 million
Project standings:
In progress:
- The In ‘n Out and Kirk Hotel buildings-the work is almost complete on the inside with 8 out of 14 apartments rented after one week on the market. There was a waiting list during construction, which is now finishing the façade. The developer is Balle 31 Inc.
Financing has come through for:
- The Pike Block Project is four buildings (2,3,4,5): It was announced a go three weeks ago, when Community Preservation Corporation committed financing for the project. A consortium of banks has been assembled to provide the construction lending for the project. (Community Preservation Corporation also financed # 1, In ‘n Out and the Kirk Hotel.)
- Syracuse Trust Building (8): This is at 325 South Salina St. The Pemco Group located in the Hills Building will start construction in the next few weeks with a projected completion date of June 1, 2010.
- Dey’s Centennial Plaza (10): This project is located on the 400 block of South Salina Street and totals more than 230,000 square feet. Developers Robert Doucette and Richard deVito obtained their financing last week and are scheduled to begin renovations that will convert unoccupied office space on the upper floors into 45 apartments.
Still on hold looking for new developers:
- Butler Building (6): the initial developer contracted for the project was unable to assemble financing to complete the project, however, a new development team is working to move the project forward..
- Label Shopper Building (7): Looking for a new developer, still has the Restore money committed to it.
Completed:
- Manufacturer’s Hanover Building (9): this project is complete.
But consider the following development:
The Jefferson Clinton Commons in Armory Square where 13of the 18 condominums are sold and all the commercial space is rented. Developer Joe Hucko actually had to add an addition.
O’Brien and Gere building is under construction on Franklin Street.
The former Chinese Kitchen building, located at 221 North Clinton Street was renovated using a Main Street Grant from the Downtown Committee and now houses an apartment on the second floor and Byblos Mediterranean Restaurant at street level, opening later this Spring.
The former Consortium Building at 123 East Water Street in Hanover Square was renovated by developer Christopher Trevisani and offers two apartments as well as Artistry in Hanover, a new downtown salon.
Open Atelier Architecture purchased 449 South Warren Street and renovated the two story building, which now houses its architecture firm on the second floor with ground floor space available for prospective retail tenants.
Jack the Tailor building at 245 East Water Street has six apartments being developed on the upper floors with room for a retail tenant.
The Downtown Committee is running a Hanover Square – Montgomery Street Revitalization program, where applications for 16 redevelopment projects were received. The Committee was able to fund 8 of those projects utilizing $175,000 in grant funds and will implement $25,000 in streetscape enhancements to complement the private renovations taking place. The funds are from the New York State Office of Community Renewal and is the fourth “Main Street” program the Downtown Committee has run in the Central Business District. The recipients are in the process of notification.
Consider also the state’s green building research facility, Center of Excellence, will be open in March 2010.
The Golisano Children’s Hospital that was funded mainly through Upstate Medical Center and public contributions was completed and opened in 2009.
King and King Architects building renovation on West Street – the Western Boundary of Armory Square.
Ground was broken on SU’s Lincoln Supply Building on Wyoming Street on Syracuse’s Near West Side.
Crouse and St. Joesph’s have broken ground on expansion projects
Destiny sits stalled in the courts battling over financing promised.
Nagging problem projects:
The two concern out of state developers.
The tower and the Hotel Syracuse Project between Warren and Salina Streets is caught in a much larger bankruptcy proceeding in Israel. But 80 percent of the Tower is complete. This will probably turn into two separate projects in the near future.
The historic Mizpah on Montgomery and Jefferson Street is owned by a developer out of Washington State that is also mired in financial difficulties.
Hotels and recession
Hotel projects are traditionally the first to get financing pulled in tough lending times said Mankiewicz. He said RHS Holdings had its whole deal in place for two Marriott Hotels in Armory Square when their financing got pulled. The developer is continuing with the project and they are continuing to work to put new financing in place.
Yet, the Skyler Hotel developer, Norm Swanson of the Genesee Grand, is moving forward with the new boutique Hotel project in the former Salt City Center/Temple building near the University on Crouse Ave.
On the restaurant front:
J Ryans opened on East Water Street, the former Kelly Cole’s Improper.
World Lounge reopened in Hanover Square
Black Olive opened in Armory Square
Fresco Tortilla Grill in Armory Square
La Dolce Vita on Genesee Street and Irving Avenue
Byblos Mediterranean Cuisine is opening on Clinton Street, near Clinton Square.
Darwins is scheduled to open at 211 N. Clinton Street, is being developed by Riley’s on Park Street.
Dinosaur Bar B Que expansion
Prime under construction in the Gridley Building
Miss Syracuse closed again
Memories on Montgomery had perhaps one of the shortest runs in Syracuse restaurant history
Antonio’s on the North Side closed because of personal debt, and is about to reopen under new ownership as Attilio’s
Pascale’s is moving out of downtown, but to a new location in Manlius (closer to the owners homes). They will continue to operate the catering and their bakery and deli operation in the Hotel Syracuse.
Consider also that in 2009
Downtown Dining Week in 2009 brought more than 25,000 people downtown. It was extended to two weeks, but still more than doubled its numbers. This year it is on now through Feb. 27. There are 19 restaurants offering 3 course specials for $25 or less.
Turner to Cezanne at the Everson exceeded its projected attendance. More than 60,000 people attended, and its concession business tripled.
More good news: Do you have additional good news to report about the economy in Syracuse? Send it to us at the City Eagle – city@cnylink.com.
