CPC, Empire Building LLC, Mayor Walsh, and Partners Celebrate Transformation of Historic Empire Building into Mixed-Use Development

Empire Building Features 51 New Apartments and New Commercial Space in Downtown Syracuse

Syracuse, NY, May 7, 2018 – The Community Preservation Corporation (CPC), Empire Building LLC, Syracuse Mayor Ben Walsh, Office of New York State Comptroller Thomas DiNapoli, CenterState Corporation for Economic Opportunity, and partners held a ribbon cutting this morning to celebrate the transformation of the 107-year old historic Empire Building into a mixed-use residential development. Located at 472 South Salina Street, in the heart of the Syracuse Central Business District, the new The Empire provides 51 rental apartments and more than 6,000 square feet of commercial space, adding to the ongoing revitalization of the community.

“The new housing and retail that are created by projects like this bring more people downtown, and are serving as catalysts for other investments here in the downtown area and surrounding neighborhoods,” said Syracuse Mayor Ben Walsh. “The transformation of The Empire shows us what the future of Syracuse can look like, while still connecting us to the history that helped make our city great. My congratulations to the development team, and my thanks to CPC, Comptroller DiNapoli, CenterState CEO and all of our partners for supporting a shared mission to continue the revitalization of our historic downtown community.”

“Our old, historic theaters, factories, and warehouses were engines of economic activity that drove the growth and prosperity of our City and the surrounding region. Projects like The Empire, that put these properties back into use as resources of high-quality housing and new economic opportunity are so important to the future of cities like Syracuse,” said Andrew D’Agostino, Vice President & Mortgage Officer at CPC. “I’d like to thank our partners from Empire Building LLC for choosing to work with us to finance their project. And my thanks to Mayor Walsh, and to Comptroller DiNapoli and our funders at the CRF for their commitment to investing in housing opportunities throughout the state.”

"We are pleased to be an investor and part of this initiative in the heart of the Syracuse Central Business District," said State Comptroller Thomas P. DiNapoli who is also trustee of the New York State Common Retirement Fund. "Securing a sound investment return for the more than one million members, retirees and beneficiaries is my priority, but it is even better when we can invest money right here in New York.  Our partnership with the Community Preservation Corporation provides opportunities to enhance the quality of all housing and helps revitalize communities."

"The Empire Building is an important mixed-use project for the Salina Street corridor and we are excited for this historic building see new life," said Robert Simpson, president of CenterState CEO. "This project also builds on the momentum and progress we have seen across our center city. We congratulate the partners that enabled the redevelopment of the Empire Building as it undoubtedly will attract new downtown residents and contribute to a more vibrant community."

To finance the project, CPC provided both a $8.4 million construction loan as well as a $7.6 million SONYMA-insured permanent loan funded through the company’s partnership with the New York State Common Retirement Fund. The project also qualified for federal and state historic tax credits that will generate $2.4 million in equity.

Built in 1910 as a cinema show palace, the building was home to one of the city’s first movie theaters. The theater was demolished in 1961, and originally stood in the back of the building where the parking lot is now located. The building was converted into retail and office space in 1987.

As a nonprofit housing finance company with a long history of serving communities throughout New York State, CPC works with their partners who understand the importance of investing in projects that help breathe new life into neighborhoods and connect them with their historic past. Historic buildings, including former theaters like the Empire Building, as well as industrial buildings like mills, factories, 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.

To date, CPC has invested more than $275 million in the Syracuse area to finance 162 multifamily housing projects.

All apartments in The Empire feature high ceilings and oversized windows, hard-wood kitchen cabinetry, granite countertops, contemporary stainless steel appliances, ceramic tile bathrooms with tiled walk-in showers, and hardwood flooring. Additionally, all apartments have a high-efficiency heating and central air conditioning package, as well as a video intercom for visitors in all apartments. The building provides automatic gate with vehicle recognition access, entrance doors with fingerprint and smartphone access control, colored day and night security cameras, LED pole and building lights, and a sitting area for transportation pickups. Onsite parking is available for sixty vehicles.

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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 185,000 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 FacebookTwitter  and LinkedIn.