BINGHAMTON, N.Y. — Paulus Development of Syracuse on Wednesday formally opened the Ansco Lofts at the site of the former Ansco Camera Factory.
The developer renovated the property in Binghamton into a mixed-use development in a $25 million project. It offers 100 new lofts and nearly 35,000 square feet of commercial space on the building’s ground floor, the Community Preservation Corp. announced.
Paulus Development is a Syracuse–based, real-estate development and management firm. The Community Preservation Corporation (CPC) is a nonprofit affordable housing and community revitalization finance company. CPC is based in New York City and operates a regional office in Syracuse.
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Hueber-Breuer Construction Co. Inc. of Syracuse and Empire State Development (ESD) were also involved in the project.
CPC provided a nearly $20 million construction loan for the redevelopment. Empire State Development provided a $2 million Southern Tier Soaring Upstate Revitalization Initiative grant, and the project received an equity investment from Chase Community Equity, as the project qualified for federal and state historic rehabilitation tax credits.
CPC serves communities throughout New York state, providing construction financing for all types of multi-family housing, including units involved in downtown revitalization, adaptive reuse, affordable and supportive housing, acquisition and rehabilitation of distressed properties, and ground-up construction.
About Ansco Camera Factory
The building was opened in 1928 by the General Cigar Company and purchased in 1937 by the Ansco Camera Factory, which operated from the building until 1977. The Ansco Camera Factory was placed on the National Register of Historic Places in 2012. The redevelopment of the factory preserved its “historic, recognizable” features including its “custom oversized” factory windows, steel beams, and building signage.
“The former Ansco Camera Factory is one of many buildings in this community with great history,” Matthew Paulus, president of Paulus Development, said in a CPC news release. “Not only have thousands of people in this community worked at this building over the course of its life, but it has also served as the manufacturing hub for two of the most notable industries in Binghamton history. When we learned about this great history, we wanted to help preserve and chronicle it for the community. For us, as a community developer, that meant going the path of a public-private partnership and using historic preservation. We are grateful for the opportunity to come into this community and preserve this building and for all the public and private institutions that have played major roles in helping us make this project come to fruition.”
Contact Reinhardt at ereinhardt@cnybj.com
