The City of Syracuse Industrial Development Agency recently discussed the possibility of turning a vacant building into undergraduate housing.

The medical building, which has been vacant for five years, was a topic of discussion at the agency’s Jan. 20 meeting. The one-story building currently sits at 400–406 University Avenue, near the southwest corner of University Avenue and East Genesee Street. The City of Syracuse recently received an application proposal from Orange Grove LLC, for a new six-story undergraduate apartment complex to be built in hopes of redeveloping the land at 400–406 University Avenue.

“This project will have the dual benefit of putting a vacant building back into productive use, while at the same time enhancing the connection between University Hill and the surrounding community,” said Ben Walsh, executive director of the City of Syracuse Industrial Development Agency.

The proposal was for a size of approximately 69,000 sq. ft. and to be a multiuse facility, containing not only undergraduate housing but also 640 sq. ft. of retail space on the lower level.

The design of the building is still being decided, according to a Jan. 20 syracuse.com article. However, Jared Hutter, managing partner of New York City-based Penn South Capital LLC, discussed that the building will contain about 40 three-and-four bedroom apartments, mainly for undergraduate students.

“The more housing closer to campus, the better for students,” said Elin Riggs, director of off-campus and commuting services at Syracuse University. “A lot of this comes down to price point and what kind of amenities the new complex will offer.”

The estimated cost of the entire project is $13 million. SIDA is seeking an estimated $110,000 in mortgage tax exemption and a $376,000 sales tax on construction materials exemption.

The construction is set to begin this spring. At the new six-story apartment building’s completion, it is projected that there will be four full-time employees, one part-time and two seasonal employees, according to SIDA.

Published on January 29, 2015 at 12:01 am

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