SYRACUSE, N.Y. — The complex on Syracuse’s North Side that was once known for making carriages and cars will soon be filled with apartments. Construction is underway on the $55 million project to convert the four-building Moyer carriage and car factory complex at 1714 N. Salina St. in Syracuse into apartments and ground floor commercial […]
SYRACUSE, N.Y. — The complex on Syracuse’s North Side that was once known for making carriages and cars will soon be filled with apartments.
Construction is underway on the $55 million project to convert the four-building Moyer carriage and car factory complex at 1714 N. Salina St. in Syracuse into apartments and ground floor commercial space.
It’s the complex with a building that’s known for the red-colored house on the rooftop.
The project will create 128 “affordable and supportive” apartments, including 50 homes reserved for individuals and families in need of supportive services, the office of Gov. Kathy Hochul announced June 1.
Besides the 128 apartments, the development involves the adaptive reuse of the Moyer factory complex to create 3,670 square feet of commercial space.
Four interconnected buildings will undergo a gut rehabilitation, but exterior architectural details will remain intact.
The Moyer factory complex was built in 1881 but has been vacant since 2005.
State financing includes $3.6 million in permanent tax-exempt bonds; federal low-income housing-tax credits that will generate $18.2 million in equity; and $10.7 million in subsidies from New York State Homes and Community Renewal, per Hochul’s office.
The New York State Office of Parks, Recreation and Historic Preservation has facilitated the use of federal and state historic tax credits that will generate nearly $12 million in equity.
Additionally, the site participated in the New York State Department of Environmental Conservation’s brownfield-cleanup program and became eligible for $6.4 million in tax credits upon the project’s completion.
The New York State Office of Mental Health is administering more than $1.2 million in annual operating funding for the 50 supportive units. The City of Syracuse also contributed $500,000 in HOME funds.
“We believe this project will be a catalyst for positive change across the community, while providing safe, affordable housing to those that most need it,” Ryan Benz, managing member of Redev CNY, LLC, said. “The CNY of tomorrow needs to be inclusive and affordable; and Moyer Carriage Lofts will be one of many examples of equitable opportunities for all.”
The development team is a joint venture between Housing Visions and Redev CNY LLC.
“Housing Visions is excited to partner with our local team to undertake this high impact development at Moyer Carriage Lofts,” Ben Lockwood, president and CEO of Housing Visions Unlimited, Inc., said. “The project preserves an important piece of Syracuse history, provides high quality development on the Northside, and will house residents in come of the best apartments Syracuse has to offer.”