SYRACUSE, N.Y. — The state has awarded the Downtown Committee of Syracuse, Inc. a $500,000 grant through the New York Main Street program, its sixth award through this initiative.
The organization will use the funding for the redevelopment of properties in downtown Syracuse “to create connections between existing destinations in the convention district and Armory and Hanover Squares,” the Downtown Committee said in a news release.
This New York Main Street funds will target the Salina and Warren Street corridors, “activating underdeveloped properties to continue the momentum fueling downtown’s resurgence.”
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The commercial real estate market has been rough for some time, and the residential market has seen wild fluctuations. Inflation, high interest rates and decreased demand for office space have
The Downtown Committee said it will use the money for building renovations and façade improvements to convert remaining vacancies into shopping and dining venues and new residential addresses and offices, “ultimately increasing density and street-level activity.”
“The New York Main Street program is an effective tool to continue the momentum and support developments that create excitement around Downtown Syracuse as a vibrant destination,” Merike Treier, executive director of the Downtown Committee of Syracuse, said in the release. “We’re excited to work with our property owners to catalyze projects and ensure Downtown Syracuse is more accessible, pedestrian friendly, and attractive to residents, visitors and employees. New York Main Street aligns with our mission to revitalize downtown Syracuse and preserve its charm, while activating underutilized buildings.”
The New York State Department of Homes and Community Renewal administers the Main Street grant program.
The Downtown Committee is the “most-awarded organization” in Central New York under this grant program, having been awarded five previous New York Main Street grants.
Downtown Syracuse is currently the home of 3,600 residents and 28,000 employees who work in the downtown area. Arts and cultural events, festivals, and conferences attract more than 5 million visitors annually, the organization noted.
Since 2010, developers have spent more than $650 million in redevelopment projects throughout downtown Syracuse. The figure includes more than $118 million in Armory Square and $76 million for the rebirth of the Hotel Syracuse as the Marriott Syracuse Downtown.
The Downtown Committee in early 2018 will hold an informational meeting for eligible downtown property owners to learn how to apply for funding through the New York Main Street program.
Contact Reinhardt at ereinhardt@cnybj.com
