Syracuse Developments (New York, Hanover, Maine: real estate, lofts, condominiums)

[lookinforahome]

Hey all, I've been looking at possibly attending college in Syracuse (if you're wondering why I've strayed from the Maine forum). As I was looking at Syracuse and researching it, I'm really starting to like the place! At least without visiting it. Anyways, I love architecture and downtowns, and I was just wondering what is currently going on downtown in terms of developments, if any. Thanks.

[ckhthankgod]

Well, there are some lofts in the Armory Square district, in the Amos Building, Hanover Square and I believe a couple of other buildings too. There are festivals during the summer and there is a mixed use building being built in the Armory Square district too. Here's some websites that you might be interested in:Downtown Syracuse

Armory Square :: Official Website for Historic Downtown Syracuse, NY

armorysquare.com Armory Square Syracuse New York

Clinton Square, Armory Square and Downtown Syracuse NY

Hanover Square, Syracuse - Wikipedia, the free encyclopedia

Downtown Syracuse Development Showcase

I hope this helps.

[RollsRoyce]

Originally Posted by ckhthankgod

Well, there are some lofts in the Armory Square district, in the Amos Building, Hanover Square and I believe a couple of other buildings too. There are festivals during the summer and there is a mixed use building being built in the Armory Square district too. Here's some websites that you might be interested in:Downtown Syracuse

Armory Square :: Official Website for Historic Downtown Syracuse, NY

armorysquare.com Armory Square Syracuse New York

Clinton Square, Armory Square and Downtown Syracuse NY

Hanover Square, Syracuse - Wikipedia, the free encyclopedia

Downtown Syracuse Development Showcase

I hope this helps.

Here is the website for the Armory Square mixed use project:
Jefferson Clinton Commons - Syracuse Residential Condominiums, Syracuse Condos, Real Estate, Syracuse Urban Living, Armory Square Living, Downtown Living, Syracuse Retail Space, Armory Square Retail Space, Syracuse Office Space, Armory Square Office


Website for the Connective Corridor initiative which is being spearheaded by Syracuse University, New York State, and the city:

http://connectivecorridor.syr.edu/

[lookinforahome]

Thanks all

That Connective Corridor initiative seems like a great development. I like the looks of the rail car or something in one of the renderings for it

It seems like Syracuse has a lot going for it right now. I saw on other forums things about a development called DestinyUSA...what's that all about?

[RollsRoyce]

Unfortunately like other tourism and retail related projects nationwide, Destiny USA has been scaled back significantly due to the credit markets and the obvious lack of retailers in expansion mode. At one time the project or concept was tagged at $5+ billion dollars and included 3+ million square feet of retail with a large tourism component. Over the past 10 years there has been a lengthy and often times heated debate regarding the ability of the developer to complete or even start the project. Developer Bob Congel of Syracuse-based Pyramid Companies has had a spotty track record in completing proposed expansion projects at his mall properties and is often the subject of litigation by former business partners, vendors, and other consultants. Perhaps the most controversial issue surronding the project was a 30 year tax break that was criticized by many based on the perception that it "gave too much" to the developer. The tax break which was approved after years of haggling, exempts the developer from paying property taxes, however the agreement which is called a PILOT (payment in lieu of taxes) requires the developer to make payments to city and invest a sizable amount of capital back into the property for infrastructure and other improvements. Personally, I would like the project to succeed, however its once grand scale was not realistic in a medium sized city like Syracuse. Further, its design failed to incorporate Syracuse's urban fabric. A very similar project called Xanadu planned by another developer in northern New Jersey's Meadowlands is currently in a perilous state due to the beleagured economy, availability of capital and lack of interested retailers. Other projects in large tourist meccas like Las Vegas are barely afloat.

What was once "Destiny USA" is now basically an expansion of the existing Carousel Center, (www.carouselcenter.com) a large regional mall with about 170 stores on Syracuse's northwest side (about 3 miles from SU). Construction is currently underway, however no tenants have been announced. Developers had hoped to secure a tenant mix heavy on entertainment and restaurants. By many accounts, the mall has been successful and has a relatively healthy occupancy rate despite the departure of large tenants like Circuit City, CompUSA, and Steve & Barrys which all filed for bankruptcy and subsequently closed all retail locations.

[lookinforahome]

Ah, so its not a 40 story tower anymore? I thought it would be odd to have such a large structure built away from the downtown area. From what I've seen so far though, there is a lot of revitalization of old buildings going on right now, rather than new buildings going up. Which isn't a bad thing, its good to rebuild and fill in before you start building new things. Is this actually the case or am I misinformed?

[RollsRoyce]

The 40 story hotel is still part of the plans for a later phase, however the developer has been unable to secure funding from banking institutions. If a hotel is eventually built, I'm almost certain it will be reduced in size/height. Your second assumption regarding the redevelopment of older buildings as opposed to newer construction is correct. Aside from the Jefferson Clinton Commons mixed-used project in Armory Square (see the link attached earlier) the only other major new construction project that has secured funding downtown is Washington Station, a six story office building that will house the new headquaters of an engineering firm that will relocate from the suburbs. This project will be built on a surface parking lot on the edge of Armory Square. The hope is Washington Station will not only add density but also increase business for Armory Square retailers with the projected influx of 300 good paying engineering and support positions. Construction is slated to begin next month.

Last spring, a $35 million hotel project that would have housed a Courtyard and Residence Inn to be operated under the Marriott flag was proposed for a lot adjacent to Washington Station. At last check the developer had difficulty in obtaining financing so the project appears to be on hold.

[ckhthankgod]

Originally Posted by RollsRoyce

The 40 story hotel is still part of the plans for a later phase, however the developer has been unable to secure funding from banking institutions. If a hotel is eventually built, I'm almost certain it will be reduced in size/height. Your second assumption regarding the redevelopment of older buildings as opposed to newer construction is correct. Aside from the Jefferson Clinton Commons mixed-used project in Armory Square (see the link attached earlier) the only other major new construction project that has secured funding downtown is Washington Station, a six story office building that will house the new headquaters of an engineering firm that will relocate from the suburbs. This project will be built on a surface parking lot on the edge of Armory Square. The hope is Washington Station will not only add density but also increase business for Armory Square retailers with the projected influx of 300 good paying engineering and support positions. Construction is slated to begin next month.

Last spring, a $35 million hotel project that would have housed a Courtyard and Residence Inn to be operated under the Marriott flag was proposed for a lot adjacent to Washington Station. At last check the developer had difficulty in obtaining financing so the project appears to be on hold.

Yes, I did forget about Washington Station too. O'Brien and Gere out in DeWitt is moving there and it will be built on the O.M. O'Donnell surface lot, next to Syracuse University's Warehouse Building. While the school of Architecture moved out of the Warehouse Building, there will be departments within the Visual and Performing Arts department moving into the building in the Fall.

[lookinforahome]

Is this the hotel you spoke of?

Downtown Syracuse Development Showcase | Planned Project Details

What's the story on this building?

Downtown Syracuse Development Showcase | Planned Project Details

Where can I find renderings of the Washington Station? Is it a definite go ahead? Its good that it is replacing a surface lot. I've noticed on Google maps that much of the downtown area seems to be parking lots. It would definetly be good to develop those.

[RollsRoyce]

Originally Posted by lookinforahome

Is this the hotel you spoke of?

Downtown Syracuse Development Showcase | Planned Project Details

What's the story on this building?

Downtown Syracuse Development Showcase | Planned Project Details

Where can I find renderings of the Washington Station? Is it a definite go ahead? Its good that it is replacing a surface lot. I've noticed on Google maps that much of the downtown area seems to be parking lots. It would definetly be good to develop those.

The answer to your first question is yes. The second link is of the long proposed Westin Convention Center Hotel. The project is currently stalled due the developer's inability to obtain financing.

Here is the link to the Washington Station project:

The Pioneer Companies - Real Estate and Financial Services, Syracuse, NY

It is the 7th thumbnail to the right. Pretty ugly building in IMO. Financing is in place for the project and construction is slated to begin shortly.