Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

New Owner has Big Plans to Improve Clinton Plaza Apartments, Tax Deal Passed by Common Council

Mulholland Group
/
QPK Design

UPDATE: COUNCIL APPROVES TAX DEAL FOR NEW OWNERS OR CLINTON PLAZA.

The Clinton Plaza Apartments downtown are in for some major renovations that will improve the exterior, but also fix up dozens of units that are uninhabitable.  Common councilors Monday approved a tax deal that will effectively cut their bill by two thirds for five years and about one third for the next five years, from what the city now receives from the property.  Councilor Kathleen Joy thought the tax break was well worth helping new owners turn around the building.

"The building needed a substantial amount of renovation.  They're going to use those funds and put it back into the building.  So the plans that we've seen (include) security, community rooms, classes for the residents, so I really think it's a watershed moment for the building and the residents in there.  We need to get good tenants in there; we need to get good  landlords here."

The new owner, the Mulholland Group, plans to invest 20 (M) million dollars to replace all the windows, fix roof leaks, upgrade elevators and improve the outside landscaping and public spaces.  Joy says the company has a good reputation from other properties they run in other cities.  She notes the location of Clinton Plaza can make it a real asset for downtown as it grows in population.

"It's easily accessible, now it's walkable to the bus station and the Armory and other places.  I think it's a great location, far enough away from the other towers where upstate and some of the folks on the hill will be using those spaces.  So I think it really serves an important need and it's not high income housing; it's low income and affordable housing.  And we need that mix of tenant base downtown."

The apartments will be income controlled…so most of the units will be held for people who make 60-percent of the Average Market Income – which comes out to about 41-thousand dollars for a family of four.  60 units will be reserved for families making less, who might have section-8 housing vouchers.  The apartment building at 550 south Clinton was built in 1971…and has been neglected by past owners making almost 100 of the units uninhabitable.  Developers expect renovations can begin later this year.  

  TAX DEAL SPECIFICS: 15-YEAR AGREEMENT

  • 50,000 per year for first 5 years
  • 150,000 for next five years
  • formula for affordable housing (10% of gross runt minue utilities) for final 5 years

Councilors were told Clinton Plaza currently pays about 140-thousand dollars in property taxes under old owners and current occupancy rate.  
PREVIOUS STORY PUBLISHED AUGUST 23RD 

Syracuse Common Councilors heard a number of promises from a group that wants a tax deal on an affordable housing project.  The Mulholland Group is taking over the Clinton Plaza Apartments and hopes to secure a 15 year deal that includes set tax payments that escalate each five years.  One of the lawmakers’ chief concerns was safety.

“You have my personal assurance that this building will be safe because I’m the one designing the security system for this building,” said James Lee of the Mulholland Group."

James Lee was representing the company that’s buying the property.   He also explained they’ll be renovating the buildings, a number of the rooms are uninhabitable and can’t be rented.

“The current occupancy is about 210.  There’s a 30 % vacancy rate because of dilapidation to the building, leaks through the windows, various problems, roof issues.”

COMMON COUNCIL MEETING TODAY AT 1:00 P.M. IN CITY HALL

One other concern from councilors was the affordability.  Lee assured them they will have rooms set aside for lower income residents…and the income threshold will be lower for all the units than it is currently. 

Credit Mulholland Group / QPK Design
/
QPK Design
The plan includes extensive building renovations, but also a playground, picnic area, patio tables and improved landscaping to the run-down property.

  The proposal includes 20 (M) million dollars of renovations, including complete window replacement, outside landscaping improvements, and new kitchens and baths in each unit.  Lee explains they also offer classes in things such as nutrition and household budgets to benefit tenants

“245 units will be set for 60 % average market income, and 60 units will be set for 50 % average market income, with section 8 voucher subsidies. Considering that the current income (level) for families is 80 percent, I believe that we set a lower (income) standard for families of Syracuse to live in this building.” 

  Councilors are being asked to approve the tax plan that would guarantee five years of paying 50-thousand dollars in property taxes and another five years at 100-thousand.  The Common Council meets today at 1:00 p.m.     

Chris Bolt, Ed.D. has proudly been covering the Central New York community and mentoring students for more than 30 years. His career in public media started as a student volunteer, then as a reporter/producer. He has been the news director for WAER since 1995. Dedicated to keeping local news coverage alive, Chris also has a passion for education, having trained, mentored and provided a platform for growth to more than a thousand students. Career highlights include having work appear on NPR, CBS, ABC and other news networks, winning numerous local and state journalism awards.