Fournier Appointed Receiver for Two Hotels in Cortland

Syracuse Property Management Company

 “A court-appointed receiver has been placed in charge of the Ramada Inn and Red Roof Inn motel complex in Cortland and has started rehabilitating the property foreclosed upon in February for failing to pay more than $300,000 in local property taxes and federal income taxes. The property had fallen into disrepair in recent years and 40 of the 150 rooms in the Ramada Inn had been closed because of water damage from a leaking roof, said the receiver, Louis Fournier of Syracuse-based Sutton Real Estate Co. Fournier was appointed receiver by the state Supreme Court in Cortland County in February and began his work March 1.”

 

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Midtown Plaza redevelopment moving forward

Syracuse Property Management Company

East Lake Commons Project“East Lake Commons LLC, an affiliate of the Syracuse-based Sutton Real Estate Company, is proposing an 88,000 square foot mixed-use facility at the corner of East First Street and East Cayuga Street. The development, which would include more than 70 apartments and commercial space, was one of a dozen projects receiving funding through the 2016 state Downtown Revitalization Initiative (DRI).”

 

“Sutton Companies President Louis Fournier III said approval from the planning board would be “a good milestone to meet,” and noted the architectural and engineering drawings are now being finalized. If all goes as planned, Fournier said the company expects to start construction sometime in October.”

 

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Harbor Street Grand Opening

Syracuse Property Management Company

Harbor Street Lofts

Ribbon Cutting for the newly refurbished Harbor Street Lofts located at 710 Emerson Avenue, took place on Tuesday, 6/20/17. Sutton worked with New York State Homes & Community Renewal to take this former knitting factory and create 40 high-quality loft apartments that appeal to a wide range of Syracuse residents. Individuals and small families, as well as seniors, call Harbor Street Lofts their home due to many accessible features, affordable rental rates and proximity to commercial services & Downtown Syracuse.

 

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.