Downtown Syracuse Development Overview

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Downtown Syracuse is at the center of more than $2.6 billion in capital investments being made throughout Syracuse. In Downtown Syracuse alone, capital projects planned or recently completed total more than $368 million and are part of the more than $502 million that has been invested into Downtown Syracuse over the past five years. Much of the investment taking place here falls into a few main categories:

Residential Development • • • • •

Market-rate housing in Downtown Syracuse is at a 99% occupancy. The average monthly rent in Downtown Syracuse is $1,219. The downtown neighborhood is one of the two fastest-growing population centers in Onondaga County. Downtown Syracuse has approximately 3,250 residents currently, a 47% increase from 10 years ago. More than 430 new residential units are planned or underway in Downtown Syracuse. This will bring nearly 800 new residents to downtown and will represent a nearly 25% increase in downtown’s population. 40% of downtown residents are associated with University Hill.

Pike Block - Anchoring the redevelopment effort in the heart of downtown, VIP Development Associates

created the Pike Block by renovating four adjacent properties on the 300 block of South Salina Street. The project will be completed in fall 2014 with the assistance of state and local funding support. The $28 million conversion of 130,000 square feet of vacant space yielded 67 market rate apartments, as well as Tim Horton’s, Jimmy John’s, Pathfinder Bank and CenterState CEO and the Downtown Committee’s offices.

1 City Center - This $17 million mixed-use development project will transform the former Sibley’s

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Department Store, City Center, into a mix of retail and restaurant space, offices, apartments and the relocation of The Redhouse Arts Center. This will greatly expand the nonprofit arts center’s presence downtown. The new, bigger location will also allow outside arts groups to lease the venue for rehearsal and performance space. The renovation will also include the creation of a courtyard in the building’s center. The attached garage will be reopened for 380 cars initially, making it an appealing option for office tenants. Approximately half of the building will be dedicated to office space. Construction, scheduled to begin in 2015, is expected to take 18 months to complete.

Merchants Commons - Washington Street Partners launched a $12.5 million mixed-use adaptive reuse

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project called Merchants Commons that turned two previously vacant buildings (the former Merchants Bank Building and Snow Building) into 66 residential units. The renovations also included a 10,000 square foot rooftop deck, more than 34,000 square feet of commercial space and a 48-car parking garage on the ground floor and basement. The project was completed in spring 2013. In June, Syracuse Media Group relocated its downtown headquarters, including about 170 employees, to the 27,000 square foot, two-floor office space at Merchants Commons.


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