UTICA — The Olbiston Apartments in Utica are ready for tenants after a more than two-year, $67 million project to renovate and upgrade the formerly condemned property. Liberty Affordable Housing of Rome renovated the 126-year-old building at 1431 Genesee St. into 153 new units in a mix of studio, one-bedroom, and two-bedroom apartments affordable to […]
UTICA — The Olbiston Apartments in Utica are ready for tenants after a more than two-year, $67 million project to renovate and upgrade the formerly condemned property. Liberty Affordable Housing of Rome renovated the 126-year-old building at 1431 Genesee St. into 153 new units in a mix of studio, one-bedroom, and two-bedroom apartments affordable to households earning up to 80 percent of the area median income. On Aug. 8, Liberty held a ribbon-cutting celebration and gave tours of the renovated building. “This is a day of celebration and achievement of preservation,” Liberty Executive Director Randell J. Denton said at the event, which was livestreamed by the Greater Utica Chamber of Commerce. The Romanesque Revival building opened in 1898. It was one of the first fireproof apartment buildings in the state, Denton noted, and served as luxury apartments for many years. “Over the past 100 years, this prominent building has experienced many transformations with many highs and unfortunately terrible lows,” he added. The building deteriorated to the point that the city of Utica condemned it in 2021, displacing its residents after an inspection revealed unsafe conditions. The project modernized the building, resolving those unsafe conditions, but also focused on saving historic elements where possible including marble, hardwood floors, fireplaces, and balconies with cast iron balconets. “The rehabilitation of Olbiston Apartments brings one of the region’s most magnificent and iconic buildings back to its former glory, transforming it into much needed modern and affordable housing that will provide more than 150 homes in the bustling city of Utica,” Gov. Kathy Hochul said in a news release. “By breathing life into this historic gem, we are retaining a critical supply of affordable housing, significantly reducing the building’s environmental footprint and complementing the growing vibrancy of Utica’s downtown.” The apartments rent for anywhere from $737 per month for a studio to $991 per month for a two-bedroom unit. That includes on-site parking and laundry amenities, water/sewer/trash removal, and a community room with computer lab. CRM Rental Management, Inc., manages the property. The redesign achieves Energy Star Multifamily New Construction Program and Enterprise Green Communities 2020 certification by utilizing several energy-efficiency measures including a new roof membrane with increased insulation, cold-climate heat pumps, a centralized hot-water system that uses 98-percent efficiency boilers, building-wide LED lighting, and Energy Star rated or equivalent appliances. State financing for the project included $4.8 million in permanent tax-exempt bonds, $22 million in Low-Income Housing Tax Credits, and $16.3 million in subsidies from New York State Homes and Community Renewal. The New York State Office of Parks, Recreation and Historic Preservation facilitated the use of federal and state Historic Rehabilitation Tax Credits estimated to provide $12.2 million in equity. The City of Utica provided $3 million from the Utica Prosperity Initiative.