OSWEGO — A real-estate development group in Syracuse has acquired Midtown Plaza in Oswego. Sutton Real Estate will manage and lease the property for the new owner, SRE-Midtown Acquisitions, LLC. The 68,000-square-foot retail center is in the heart of Oswego, according to Sutton. The building includes two floors of retail and office space including a […]
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OSWEGO — A real-estate development group in Syracuse has acquired Midtown Plaza in Oswego.
Sutton Real Estate will manage and lease the property for the new owner, SRE-Midtown Acquisitions, LLC. The 68,000-square-foot retail center is in the heart of Oswego, according to Sutton.
The building includes two floors of retail and office space including a Rite Aid Pharmacy, Jo-Ann Fabric, The Green Planet Grocery, New York State Off-Track Betting, and Oswego County Opportunities.
Sutton is involved in other projects in Oswego, including rehabilitation of the former Seaway Supply Building into apartments. The firm also manages the Stevedore Building for another development group.
The firm has found Oswego a good place to work, Sutton Real Estate President Louis Fournier says. Support from city and county economic-development officials is a big reason, he adds.
“A lot of it is finding good people to work with,” he says. “It’s a great place to do business. They want you to succeed.”
Midtown Plaza is about 50 percent leased. Sutton plans to seek similar types of tenants to fill the remainder of the building.
The firm is also in talks with local officials about a city-owned garage in front of Midtown, Fournier says. Sutton may look to acquire the garage and transform it into a mixed use or retail development.
Combining that possible project with the existing Midtown Plaza is an attractive option, Fournier says. Sutton is planning some cosmetic improvements at Midtown regardless of what happens with the garage, he adds.
The firm plans to paint, perform some general repair work, and fix some concrete around the site.
The company has a groundbreaking ceremony scheduled for Sept. 7 on the Seaway Supply Building, located at 472 W. First St. The $4 million affordable-housing project will transform the vacant building into 26 one- and two-bedroom apartments.
The effort received a $1.5 million loan from the New York State Housing Trust Fund/HOME and Federal Low Income Housing Tax programs. It also is receiving $450,000 in affordable-housing tax credits and additional historic tax credits.
Developers had the building certified as a historic landmark and it is listed on the National Register of Historic Places. The structure dates to the 1880s and originally housed several breweries, Fournier says.
It later served as a produce warehouse and eventually was home to Seaway Supply, a heating, ventilation, and cooling business.
Sutton Real Estate is developing the project with Edgemere Development of Rochester and Rich and Gardner Construction Co. of Syracuse.
The renovations will take nine months to a year to complete. MacKnight Architects is handling design work for the project.
The building will house 20 one-bedroom units and six two-bedroom units when finished. Rich and Gardner is handling the construction work and will gut the entire structure, Fournier says.
Planned additions include a new elevator, a tenant community room and computer lab, an on-site rental office, laundry facilities, and units that are accessible to the physically disabled.
Fournier says workers will maintain much of the original design features and structure. Developers plan to leave original posts and beams and exposed brickwork in place. The finished apartments will be aimed at low- and moderate-income families and individuals.
Contact Tampone at ktampone@cnybj.com