Crescent Commons mixed-use development opens in Cortland

CORTLAND, N.Y. — Crescent Commons, a mixed-use development project at 165 Main St. in Cortland, is open, Empire State Development (ESD) announced.

David Yaman Realty Services of Cortland and Housing Vision Consultants of Syracuse handled the $16 million joint project that renovated the Crescent Corset factory building in Cortland, the ESD said.

The project includes both residential and commercial space.

ESD provided a $250,000 CNY Rising Upstate Revitalization grant, along with a $750,000 capital grant.

The rehabilitation of the long-vacant industrial building in downtown Cortland included the construction of 47 high-end loft-style “luxury” units, along with a café, lounge, and exercise room. The building also offers 100,000 square feet of commercial space.

So far, 13 residential lofts are leased. Three tenants are also occupying some of the available commercial space. They include David Yaman Realty Services, Family Counseling Services of Cortland County, and Franciscan Heath Support.

“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,” Ben Lockwood, president and CEO of Housing Visions, said in an ESD release.

 “Dilapidated” old factories are a drain not only on local economies but also on the psyche, as they are “reminders of days gone [by],” Cortland Mayor Brian Tobin said. “These large structures are difficult to occupy, so typically sit vacant and abandoned for years, until they are either knocked down or fall down. A project of this magnitude takes a lot of vision and effort, and I commend Dave Yaman for his efforts.”

The former Crescent Corset factory is on the New York State and National Register of Historic Places. As a result, part of the restoration efforts included efforts to maintain the original integrity of the building which has stood on the site since 1923. The factory used to manufacture “Lady Luke” corsets for JCPenney.

It’s not the only project in downtown Cortland that’s attracting state funding.

In October 2017, the City of Cortland was named as the Central New York round two winner of Gov. Cuomo’s Downtown Revitalization Initiative. This past July, Cuomo announced funding for the 10 projects chosen to improve the city’s infrastructure and Main Street corridor.

Contact Reinhardt at ereinhardt@cnybj.com