SYRACUSE, N.Y. — New York State has awarded VIP Structures of Syracuse a $1.5 million REDC grant for its work to renovate the former Post-Standard building into its new headquarters.
State officials on Dec. 13 announced the funding during the regional economic-development council (REDC) awards in Albany.
The 275,000-square-foot building is located at 1 Clinton Square in Syracuse. VIP Structures — an architecture, engineering, construction and development firm — is currently headquartered at One Webster’s Landing in Syracuse.
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VIP will use the entire $1.5 million in funding to refurbish the existing structure for commercial use by VIP, the Herald Publishing Company, LLC, and other tenants.
“We’re thrilled to have been identified as a recipient of the available funding. The funding will help us take a building that may have been destined for vacancy in the heart of downtown and help us do our part in ensuring the economic success of downtown Syracuse, as well as the surrounding neighborhoods,” Dave Nutting, president and CEO of VIP Structures, said in a news release.
VIP will occupy a 30,000-square-foot space on the building’s first floor. It will also use 50,000 square feet on the building’s second floor for additional office space as well.
“We’ve had several companies approach us about the additional 50,000 square feet of office space on the second floor of the building. What is most exciting about these key prospects is that they too are experiencing exponential growth, are committed to downtown, and want to help foster the live-work-play community we know downtown Syracuse is well on its way to being,” Nutting added.
The Herald Publishing Company, LLC will lease the remaining square footage of the existing building to continue printing the Post-Standard, VIP said.
VIP has hired 44 new employees since the start of 2017, and, with the funding, has “committed” to hiring at least 35 additional employees over the next few years.
VIP also plans to add an additional three stories of residential units to the portion of the building that faces Clinton Square, but the state funding “will not be applied” to this portion of the project, the company said.
Contact Reinhardt at ereinhardt@cnybj.com
