Sutton Begins Construction on Two Affordable Housing Renovation Projects in Syracuse

Syracuse Property Management Company

Sutton has recently announced construction has started on the renovation of Valley Vista Apartments, a seven story apartment project located in the Valley neighborhood of the City of Syracuse. Renovations at Valley Vista include new windows, upgrades to the heating & air conditioning system, new kitchens and floor coverings, common area improvements and the conversion of seven apartments to fully accessible ADA apartments. Construction financing was provided by Chase Bank and is expected to take approximately 18 months.

 

Valley Vista Apartments obtained permanent financing from the New York State Housing Finance Agency and equity financing from Boston Financial Investment Management. The project is being developed by Sutton and Edgemere Development. Architeam is the project architect and Rich & Gardner is performing construction. Part of the redevelopment project included the sale of the property from Valley Vista Associates to Valley Vista, LLC. Sutton Real Estate exclusively represented Valley Vista Associates.

Construction of Harbor Street Lofts

Syracuse Property Management Company

Sutton has announced the start of construction of Harbor Street Lofts, a conversion of the former Wright Brothers Knitting Company into a 40 unit mixed income apartment project located on the corner of Emerson Avenue and Harbor Street. The project will convert one of the last remaining industrial buildings on Tipperary Hill into 40 apartments. 45 units will be set aside for workforce housing and 5 units will be market rate housing.

 

Sutton partnered with Edgemere Development to obtain financing and tax credits from New York State Homes and Community Renewal for rehabilitating the property. In addition to the State funds, financing from the City of Syracuse and Equity from Enterprise Community Investment, Inc. will be used to convert the vacant building into 33 one and 7 two bedroom apartments. The new project will capture the historical features of the building while focusing on the use of energy-efficient construction techniques, and contribute to the overall community vision for the neighborhood – including affordability and access for tenants with disabilities.

 

The project is being developed by Sutton and Edgemere Development. Crawford & Stearns is the project architect and Rich & Gardner is performing the construction. Construction financing is provided by Key Bank and is expected to take approximately 15 months to complete.

 

The project included the acquisition of two properties on Emerson Avenue and Harbor Street. Sutton Real Estate negotiated the sale for both properties.