Magnarelli: Restore NY funding awarded for two Syracuse projects
Second round of program funding continues ongoing city rehab initiatives

Assemblyman Bill Magnarelli along with Lt. Governor David Paterson and Senator David Valesky, announcing the awarding of $2.9 million in Restore NY funding for the Near West Side Initiative and $4.5 million for the City Center Core Revitalization.

Assemblyman Bill Magnarelli (D-Syracuse) announced that Restore NY funding has been awarded for two Syracuse projects, including $2.9 million for a housing initiative in the city's Near West Side and $4.5 million for a core revitalization of the city center.

"This funding will help these distressed communities move forward with affordable housing projects," Magnarelli said. "Changing these inner-city landscapes will also help to improve the inherent and surrounding business districts, attracting new markets for retail and commercial space to the area and spurring new investment, construction and jobs."

Magnarelli said the Near West Side Initiative includes the rehab of 23 residential units and the reconstruction of 7 units of affordable green housing within 19 structures, as well as the conversion of a vacant 28,000 sq. ft. warehouse - formerly Lincoln Supply of 109 Otisco Street - into retail/commercial/gallery space.

The total housing project cost of the initiative is $3,531,442, $1.9 million of which is covered by the Restore NY grant. The Lincoln Supply conversion will cost $3,648,000 and it will receive $1 million in Restore NY funds - making the total award for the Initiative $2.9 million.

The City Center Core Revitalization involves the rehab and revitalization of 11 historic inner city properties located within the City's Central Business District, including development of new residential units, facade renovations, newly renovated commercial space and streetscape improvements.

"This will create 157 new market-rate apartments and condominiums and develop 45,000 sq. ft. of commercial space," Magnarelli said. "In addition, the project will create an estimated 250 jobs, renovate the building facades and complete additional streetscape improvements - a comprehensive project that will greatly enhance the city core."

Magnarelli said the total project cost for the city core revitalization is $39,769,312.

"Without this crucial funding, these projects would be nearly impossible to complete," Magnarelli said. "The Restore NY program puts grant money where it can do the most good - revitalizing city centers, creating affordable housing and boosting the local economy."

More information regarding Restore NY can be found at www.empire.state.ny.us/restoreNY/default.asp.