Tue October 29, 2013
4 Historic Apartment Buildings Get New Life Using Multiple Incentives
Mayor Stephanie Miner and developers cut the ribbon Monday on 4 renovated historic apartment buildings that had been deteriorating.
Two of the buildings make up Kasson Place Apartments on James Street, taking advantage of a range of state and federal incentives. Miner had an interest in preserving the structures.
“They have great historical significance. The one we’re standing in front of actually housed F. Scott Fitzgerald for a number of years. they are distinctive architecturally and they represent our past as a city, but now because of the hard work of Conifer and our state partners and the city, they also represent the future of Syracuse.”
Conifer Realty took advantage of state historic tax credits, federal low income housing tax credits and other incentives to make the project viable.
President Tim Fournier calls it more than just a renovation.
“Grand historic structures are revitalized and provided a rebirth; crimes are significantly reduced; neighborhoods are reclaimed; 140 tradespeople are working right across the street today. This is about economic development. It’s not just housing, these are jobs as well.”
The Kasson buildings on James Street have a small portion of units set aside for low-income residents. The Hillside and West Park Apartments are for families earning up to 60-percent of the area median income. The cost of all the renovations topped 28 (M) million dollars.
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