Adaptive reuse of industrial building features 47 mixed-income units and more than 103,000 sq. ft. of commercial space in Cortland, NY
Cortland, NY – Housing Visions, David Yaman Realty Services, the Community Preservation Corporation (CPC) and partners held a ribbon cutting this afternoon to celebrate the opening of Crescent Commons, an adaptive reuse project at 165-177 Main Street in Cortland, NY. Formerly the Crescent Corset Company, this development transformed the long-vacant 149,000 square foot industrial building into 47 mixed-income apartment units and 103,490 square feet of high-quality commercial space.
Ben Lockwood, President & CEO of Housing Visions said, “Housing Visions is excited to strengthen its commitment to the City of Cortland with the opening of Crescent Commons. This adaptive reuse of this historic structure on Cortland’s Main Street is the first of its kind for commercial and residential tenants. Together with our local, experienced partner David Yaman, we have provided a quality, convenient, and luxurious commercial and residential experience for the City of Cortland.”
“We are pleased to be an investor in the Crescent Commons project and seeing the transformation of this empty industrial building into a productive space. By working with CPC and local organizations, we are putting our money to work in New York's local communities, while making solid returns for the state pension fund,” New York State Comptroller Thomas P. DiNapoli said.
“It’s great working with an organization like Housing Visions, that shares our belief that historic industrial buildings that were once hubs of activity, can be put back into use as resources of housing and economic opportunity that help communities grow and thrive,” said CPC Vice President & Mortgage Officer Andrew D’Agostino. “My thanks to Housing Visions, to Comptroller DiNapoli and our partners at the State’s Common Retirement Fund, and to the County and City of Cortland.”
The residential space features large, sunlit one- and two-bedroom apartments ranging in size from 564-895 square feet. In total, there are 28 one-bedroom units renting at approximately $900 per month, and 19 two-bedroom units renting at approximately $1,200. Each unit includes EnergySTAR appliances, modern design, and HVAC systems. Common amenities include a café, fitness center, and laundry facilities. Exterior highlights include a landscaped courtyard, private and secure access, and ample parking.
The more than 103,000 square feet of commercial space is located on the middle floor and the lower floor. Approximately half of the first floor is already leased with the balance being designed to the needs of interested future tenants. The commercial component will accommodate office use, research and development for high-tech concerns, retail or wholesale, service oriented companies or light assembly. Pre-leased tenants include a counseling center, a real estate office, and a home care services provider.
Financing for Crescent Commons includes a $12.5 million construction loan from CPC, as well as a SONYMA-insured permanent loan of $8.5 million from CPC financed through their agreement with the New York State Common Retirement Fund. The Regional Economic Development Council is providing a $1,000,000 grant. National Grid has awarded the project a $250,000 grant. The project is also receiving approximately $4.3 million in historic tax credit equity. The City of Cortland has approved a $300,000 loan, and the project has been awarded a 15-year PILOT from the Cortland County IDA.
The Crescent Corset Co., the first subsidiary of the historic J.C. Penney Co. and manufacturer of its private label “Lady Lyke” corset, built its factory at 165-177 Main Street in Cortland in 1923. The Crescent Company factory, on the National Register of Historic Places, is an example of an early 20th century daylight industrial building, with a steel frame and large glass windows. At the company’s height in the late 1920s, it was a major employer, provided jobs for some 700 women.
The development partners recognized the important role that the transformation of his vacant site could have in the redevelopment and revitalization of Cortland. Creating new rental housing that will expand the community’s housing stock, and new commercial space that will help catalyze economic opportunity supports the goals of the local government and serves the needs of the local residents. Historic buildings, including former factories like this one, as well as industrial buildings like mills, theaters, and warehouses, which were once hubs of activity throughout New York can be put back into use as new housing and retail space – again serving as anchors of activity and economic opportunity for neighborhoods large and small.
Interested commercial tenants should contact David Yaman Realty Services at 607-756-5872 or visit www.davidyaman.com to inquire and interested tenants should contact Housing Visions at 315-472-3820 ext. 248 or visit www.crescentcommons.net.
About Housing Visions
Housing Visions was formed as a nonprofit development, construction and property management company in 1990 designed to rehabilitate and stabilize a declining neighborhood on the east side of Syracuse. Since then, its work has expanded to 14 cities in upstate New York and Pennsylvania where more than 1,400 units of affordable housing and over $300 million in community investment have improved countless lives and neighborhoods.
About David Yaman Realty
David Yaman Realty Services specializes in real estate development and property management in Central New York. The organization’s long history of development is well documented through the many projects presently benefiting the Cortland and Central NY region. The Yaman family continues a long and successful history in Central New York with three generations presently servicing the commercial and industrial needs of our clients.
About the Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. The company provides a full suite of capital products through its construction lending, permanent lending, and equity investing platforms. Since inception, CPC has leveraged approximately $10 billion in private and public investment to finance more than 193,000 units of multifamily housing. CPC’s work with its partners has helped revitalize countless neighborhoods and provided quality housing for families, senior citizens, and individuals with disabilities. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.