UTICA — NBT Bank officials say that many transformative revitalization projects are making their mark on the Mohawk Valley region, and the bank is supporting the developers behind this important work. Two local projects that NBT is financing involve the restoration of historic buildings to provide mixed-use space in convenient downtown Utica locations. These rehabilitated […]
UTICA — NBT Bank officials say that many transformative revitalization projects are making their mark on the Mohawk Valley region, and the bank is supporting the developers behind this important work.
Two local projects that NBT is financing involve the restoration of historic buildings to provide mixed-use space in convenient downtown Utica locations. These rehabilitated spaces will help serve the thousands of employees of the new Wynn Hospital, Wolfspeed in Marcy, and other ongoing commercial development.
Utica Travelers Building
In 1904, the Commercial Travelers Insurance Co. purchased and demolished the former bank/jewelry store at 70 Genesee St. and began construction of its new headquarters. The architect was Frederick Gouge, whose tower design reflects the influence of renowned architect Louis Sullivan. The building later underwent two more expansions, in 1918 and 1930.
Today, the towering 38,810-square-foot building is a visual anchor to the Bagg’s Square in Utica. NBT Bank provided the construction loan and permanent financing. Completed in the summer of 2022, the building now boasts 32 market rate residential units and 10,000 square feet of commercial space.
Hotel Street Lofts
NBT Bank says it also provided the construction loan and permanent financing for the Hotel Street Lofts project. The Hotel Street Lofts will be a certified historic rehabilitation of three connected buildings at 121, 123 and 137 Hotel Street in the center of downtown Utica.
The warehouse at 121 Hotel St. was built between 1888 and 1896 by the Warnick and Brown tobacco company and continued to operate as a warehouse for many years. The building at 123 Hotel St. was used as a trucking and storage facility and “is an excellent example of a turn of the 20th century brick warehouse” with open plans, timber framing, wood floors, metal fire doors, and numerous platform elevators, the bank says. The building at 137 Hotel St., built in 1885, was used as a commercial warehouse by wholesale grocers.
Construction is slated to begin soon and will result in rehabilitated buildings that will house 72 residential units and 4,416 square feet of commercial space and 1,231 square feet of tenant amenity space, NBT says.
“We’re honored to be able to support the ongoing transformation of our community in the Mohawk Valley,” NBT Bank Regional President David Kavney said in a statement. “We’re especially excited that these two historic locations will find new life that supports the vibrant downtown environment so many are working to cultivate.”
NBT Bank offers personal banking, business banking, and wealth-management services from offices in seven states: New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. The bank and its parent company, NBT Bancorp, are headquartered in Norwich. NBT Bancorp (NASDAQ: NBTB) had total assets of more than $11.8 billion as of March 31.
