OVER 45 YEARS OF REAL ESTATE DEVELOPMENT SUCCESS.
Our real estate development success story began in the mid-1970’s with the completion of the first hospital-based medical office building in the Syracuse area. Since then, Sutton has pioneered many innovative projects, including the development of medical facilities, commercial office buildings, mixed use and mixed income apartment communities and adaptive reuse projects including historic rehabilitations. Our apartment development experience includes both market rate and affordable (LIHTC) apartments.
Sutton has proven experience as a developer, as well as a consultant to other developers, on a wide range of projects. Whether we’re acting as a developer or a consultant, we work closely with our partners from the conceptual phase to the completion of the project. Our experience and knowledge of property management, leasing and day-to-day operations give us the insight to enhance project marketability, and make the transition from construction to stabilization smooth and seamless.
HERE ARE A FEW BRIEF SUMMARIES OF NOTABLE PROJECTS WHERE WE ACTED AS THE DEVELOPER:
HARBOR STREET LOFTS – 710 EMERSON AVE, SYRACUSE, NY
Harbor Street Lofts is a 4-story brick building located in the Tipperary Hill neighborhood of the City of Syracuse. The building was rehabilitated in to 35 one- and two-bedroom apartments for individuals and families whose income is at or below 60% of the AMI and 5 market –rate units. The building also contains a fitness center, community room, on-site laundry and a computer lab for resident use. Fifteen percent of the units target special needs including individuals with physical disabilities.
The building, a former knitting factory was placed on the Federal Historic Register and many features from the original industrial design were incorporated in to the new apartment layouts.
Total Development Costs were approximately $10.8 million. A combination of public and private resources was used including permanent financing from New York State Homes and Community Renewal (NYSHCR); an allocation of approximately $567,000 in Low Income Housing Tax Credits from (NYSHCR) which generated approximately 8.2 Million Dollars in Investor equity from both historic and low income housing tax credits.
The Building opened on March 1, 2017.
VALLEY VISTA APARTMENTS – 122 WEST SENECA TURNPIKE, SYRACUSE, NY
Valley Vista Apartments, a seven story apartment project located in the Valley neighborhood of the City of Syracuse was an original Mitchell Lama affordable housing project that was in need of fresh capital for building improvements and apartment upgrades to meet the demands of the market. Sutton negotiated the sale to a new ownership group which included several key principals of Sutton and a tax credit investor partner that provided the equity for new mechanical systems, upgraded kitchens & bathrooms, windows & doors and common area improvements.
Total Development Costs were approximately $17 million. A combination of public and private resources was used including permanent financing from New York State Homes and Community Renewal (NYSHCR); the issuance of bonds from the New York State Housing Finance Agency and approximately 5 Million Dollars of equity raised from the sale of low income housing tax credits.
The new project re-opened on January 2017.
SEAWAY LOFTS – 472 WEST FIRST STREET, OSWEGO, NEW YORK
The Seaway Lofts, located on the Oswego River had a variety of uses before being transformed in to 26 affordable apartments for both individuals and families. The historic building, a former brewery, was renovated in 2013 and features oversized windows, high ceilings, modern kitchens and bathrooms, on-site laundry, a community room, computer lab and spectacular views of the Oswego River.
Total Development Costs were approximately $7.3 million. Public resources included permanent financing from New York State Homes and Community Renewal (NYSHCR), the City and County of Oswego, and the Federal Home Loan Bank. Approximately 4 Million Dollars of Investor Equity was raised from the sale of both historic and low income housing tax credits.
The Building opened in June 2013.
GENESEE GARDENS APARTMENTS – 114 GENESEE GARDENS, AUBURN, NY
Genesee Gardens, a 123 unit garden apartment complex was originally developed in the 1960’s as subsidized housing and operated under a Section 221d(3) Regulatory Agreement with the Department of Housing and Urban Development. In 2005, Sutton successfully negotiated the transfer of the physical assets to a new investment group led by principals of Sutton, refinanced the existing mortgage with conventional financing, supervised improvements to the apartment interiors, mechanical systems, and installed new windows and siding. The total project cost including acquisition and improvements was approximately 3 Million Dollars.
Now, Genesee Gardens operates as a mixed-income project providing reasonably priced market rate apartments, as well as apartments for tenants provided assistance through HUD’s tenant held rent voucher program.
PRESIDENTIAL PLAZA – 50 PRESIDENTIAL PLAZA, SYRACUSE, NY; 550 EAST GENESEE STREET, SYRACUSE, NY; 600 EAST GENESEE STREET, SYRACUSE, NY
Presidential Plaza is a mixed use property containing an office building, medical office building and a 260-unit apartment building located in Syracuse, New York. Presidential Plaza contains Jefferson Tower, a 260 unit mixed use high rise; 550 East Genesee Street-a 22,000 square foot office building and 600 East Genesee Street-a 55,000 square foot medical office building.
Sutton negotiated the acquisition from the Resolution Trust Corporation to a local group of investors in 1994. Sutton was responsible for overseeing an extensive rehabilitation and marketing program which increased the Property value from its acquisition price of less than 3 Million Dollars to its current value of approximately 20 Million dollars.
UPSTATE SPECIALTY SERVICES AT HARRISON CENTER – 550 HARRISON STREET, SYRACUSE, NY
550 Harrison Center is a 100,000 square foot medical/office complex in Downtown Syracuse. Sutton, as a joint venture partner in this project, managed the development and turnaround of the property from the status of a defunct shopping center (mini-mall) in Downtown Syracuse to a highly successful medical/office building. In addition to the real estate development, Sutton was responsible for the development and syndication of the first privately sponsored, free-standing outpatient surgery center in New York State which continues to operate in the facility.
550 Harrison Center is currently 100% occupied by primary and specialty care practices from SUNY Upstate Medical University.
PHYSICIANS OFFICE BUILDING – 725 IRVING AVENUE, SYRACUSE, NY
Under contract to Crouse Hospital, Sutton managed the development of the 100,000 square foot Crouse Irving Memorial Physicians Office Building, including design, syndication of the equity to participating physicians, negotiation of construction and permanent financing and lease up of all 100,000 square feet.
In 2003, Sutton and Green & Seifter renegotiated the ownership structure with Crouse Hospital enabling the new entity to refinance the property and establish capital improvements reserve fund for building improvements and mechanical system upgrades.
Today, the Physicians Office Building continues to operate at 100% occupancy and provides class a medical office space to primary and specialty care uses affiliated with both Crouse Hospital and Upstate Medical University Hospital.
UNIVERSITY HEALTH CARE CENTER – 90 PRESIDENTIAL PLAZA, SYRACUSE, NY
Originally developed as 125,000 square feet of Class A office space in downtown Syracuse, with a parking garage of 210 spaces, the property was purchased and syndicated by Sutton as an office building investment.
Due to changes in the office market, Sutton converted the building from a Class A office Building to a full service medical building for Upstate Medical University Hospital. Over 7 million Dollars was invested in new mechanical systems and the construction of new clinical space for a number of Upstate’s primary and specialty care practices.
The building, renamed University Health Care Center (UHCC) provides convenient health care to Upstate’s outpatient population.
MEDICAL CENTER WEST-5700 WEST GENESEE STREET, CAMILLUS, NY
Medical Center West is a redevelopment of the 81,500 square foot Data Center formerly occupied by the GTE Company in Camillus, New York. Sutton was hired in October 1998 to complete the development, leasing, and management of the property. Over the course of three years, Sutton increased the occupancy from 75% to 93%, including a 13,000 square foot ambulatory surgery center; renegotiated the construction and eventual permanent financing package; raised $1.8 million of additional equity for improvements and working capital; and successfully subdivided the project to include a second development parcel with Empire Zone designation. The Medical Center West project is the premier full service medical facility serving the western suburbs.
SCHUYLER RIDGE RESIDENTIAL HEALTH CARE FACILITY, CLIFTON PARK, NY
Schuyler Ridge is a 120-bed skilled nursing home developed by Sutton and initially leased to Seton Health Systems from Troy, New York until they purchased the property in 2003. Sutton prepared and processed the Certificate of Need Application with the New York State Department of Health, developed, raised the equity contribution for the project and brokered the sale of the property. Prior to selling the facility it operated at over 98% occupancy with a substantial private pay population.
SARANAC VILLAGE AT WILL ROGERS, SARANAC LAKE, NY
The development involved the renovation of the former Will Rogers Hospital into 75 units of supportive senior housing. Sutton developed and managed the project to stabilized occupancy. The project was financed through a combination of Historic Tax Credits, Tax Exempt Bonds, and owner equity. The total project cost was $6,500,000.
SURGERY CENTER DEVELOPMENT
Sutton as a partner in Harrison and Management Resources, LLC, a joint venture between Harrison Center Outpatient Surgery and Sutton Real Estate provided development and operational services in the establishment, financing, and start-up of approximately twenty-five (25) ambulatory surgery centers. Harrison Management Resources clients include John Hopkins Health Systems, Baltimore, Maryland; Seton Health System, Troy, New York; and Healthsouth, Birmingham, Alabama.