JF Real Estate, PPI, and Larew Doyle & Associates recently announced plans to develop an 88 unit apartment building in downtown Syracuse. Highlights from the syracuse.com article are below!
Developers are proposing to build 88 market-rate apartments in an $18 million project that would be the first new building in Armory Square in 10 years. Partnership Properties, JF Real Estate and the real estate finance firm Larew, Doyle & Associates are proposing to demolish a 280-car parking garage at 401 S. Clinton St. and build a six-story building in its place.
It would be the first new building in Armory Square since the 180-room Courtyard Syracuse Downtown at Armory Square opened in 2013.
The new building would have 3,000 square feet of ground level commercial space. The top five floors would contain 88 one- and two-bedroom and efficiency apartments. The building’s basement would serve as a parking garage with room for 90 vehicles.
John Funiciello, president of JF Real Estate, said all the apartments would be market-rate. Rents would be set when construction is completed, he said. A proposed six-story, $18 million mixed-use building at 401 S. Clinton St. in Syracuse’s Armory Square would feature a ground-level courtyard and greenspace. (in-Architects) Funiciello, who bought the garage in 2006, said housing is a better use of the site because of the continuing strong demand for apartments downtown and in nearby Armory Square.
The garage is on the east side of South Clinton Street at the intersection with Walton Street, bordering the alleyway adjacent to Modern Malt and Sky Armory. Tenants of the proposed new building would be able to walk out of the building and visit any of Armory Square’s bars and restaurants within a minute’s walk.
“A project like this is exciting in and of itself, but having it in a premier location will add more life and energy to a neighborhood that is so rich with history and is beloved as a destination in downtown Syracuse,” Funiciello said.
Tony Fiorito, president of Partnership Properties, said the project will be a “significant transformation” of the site. “Now is a perfect time to reimagine the property in a way that infuses new energy and life to Armory Square,” he said.
“We welcome the new investment into Armory Square and the replacement of a parking garage to make way for a more vibrant mix of uses, better activating the ground level street scape, and further expanding the role of downtown as a residential neighborhood,” Eric Ennis, deputy commissioner of business development for the city, said in a statement. “City review of project plans are in the beginning stages, with multiple steps in the approval process ahead.”
