Rehabilitation of Former Industrial Building Will Bring 47 New Apartments and More Than 39,500 Square Feet of New Commercial Space to the Cortland Community.
Cortland, NY – Housing Visions, David Yaman Realty Services, and their partners celebrated the beginning of construction today for the gut rehabilitation and conversion of the long-vacant former Crescent Corset Company industrial building located at 165-177 Main Street, in Cortland, New York. The new Crescent Commons will be a mixed-use project that will add 47 new rental apartments and more than 39,500 square feet of high-quality commercial to the community.
The development partners, David Yaman Realty Services, located in Cortland, and Housing Visions Consultants, headquartered in Syracuse, hosted the event. Attendees included: Ben Lockwood, Vice President, Business Development for Housing Visions; R. Daniel Mackay, Deputy Commissioner for Historic Preservation, NYS Division for Historic Preservation; Brian Tobin, Mayor, City of Cortland; Andrew D’Agostino, Vice President Mortgage Officer, the Community Preservation Corporation; and Gary VanGorder, Executive Director/CEO, Cortland County Business Development Corporation.
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. The financial support from companies like CPC, the project lender, and the National Trust Community Investment Corporation (NTCIC) the tax credit syndicator, were key to the success of this project. CPC is a nonprofit community development lender with more than four decades of experience bringing new partners and sources of public and private funding together to help rebuild, strengthen, and stabilize neighborhoods.
“Housing Visions is excited to break ground on Crescent Commons. The adaptive reuse of this historic former factory on Cortland’s Main Street will be a premiere destination for commercial and residential tenants,” said Ben Lockwood, Vice President, Business Development for Housing Visions. “Together with our local, experienced partner David Yaman, we will provide a quality, convenient, and luxurious commercial and residential experience for the City of Cortland.”
“We’re proud to be partnering with Housing Visions and David Yaman Realty on a project that will transform a long vacant factory into a resource of high-quality housing and provide new economic opportunity for the Cortland community,” reiterated CPC Vice President & Mortgage Officer Andrew D’Agostino. “At CPC, we believe that investing in new housing opportunities is central to transforming underserved areas into thriving and vibrant neighborhoods. My thanks to Housing Visions, David Yaman Realty, to our partners at SONYMA and the State’s Common Retirement Fund, and the County and City of Cortland.”
“This project brings quality housing and top commercial space to a deteriorating building in a neighborhood that can use some help,” said Garry L. VanGorder, President and CEO of the Cortland County Industrial Development Agency, which helped incentivize the project. “It’s the kind of redevelopment that can really make a difference in a community like ours.”
"The Crescent Commons project is a great example of how the NYS Division for Historic Preservation works with local partners to adapt historic buildings for new uses and help revitalize communities,” noted Daniel Mackay, Deputy Secretary for Historic Preservation Division for Historic Preservation, Office of Parks, Recreation and Historic Preservation, NYS. “The development’s blend of new amenities coupled with original 1920s-style restoration make this a unique and valuable addition to the Cortland community.”
“The state pension fund is investing in local construction projects across New York that are strengthening our communities and generating a solid investment return,” New York State Comptroller Thomas P. DiNapoli said. “Turning a historic factory into office and apartment space is a smart way to repurpose this building and preserve the character of Cortland.”
The residential space will feature large, sunlit one- and two-bedroom apartments ranging in size from 800 to 1,400 square feet. In total, there will be 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 will have separate 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 39,500 square feet of commercial space will occupy the lower two levels of the development. Nearly half of the first floor has already been leased to new tenants, including a counseling center, a real estate office, and a home care services provider. The commercial space can accommodate office use, research and development for high-tech firms, service oriented companies, retail, wholesale and light assembly production.
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 $3.4 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.
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. To date the company has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of 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.