The Smith

Organization Name: The Community Preservation Corporation

Project Title: The Smith

Project Location: Syracuse, NY

Project Description:
CPC worked with repeat Paulus Development and New York State to finance the revitalization of the historic Smith Supply Warehouse property located on Erie Boulevard, formerly the Erie Canal, in Syracuse, NY. The property consists of two connected buildings dating back to 1890 and 1920, respectively, and was formerly home to machinery manufacturers and later, a 125-year-old, sixth-generation family business, Smith Restaurant Supply. When the Smith Restaurant Supply business reloated, the building’s historic rehabilitation and transformation began. The project is transforming the downtown property into a mixed-use development consisting of 38 new affordable apartment units, and approximately 2,500 square feet of ground floor commercial space. The renovation utilizes air source heat pumps to provide high performance heating and cooling, eliminating fossil fuels from apartment conditioning. Apartments will be affordable, with rents restricted at average 80% AMI.

Community Impact:
This project is breathing new life into a symbol of the city’s history, transforming a highly recognizable downtown property into 38 affordable rental homes and ground floor commercial spaces that are bringing quality, affordable, well-located and sustainable apartments as well as new economic opportunity to the Syracuse community.

During the 1960s, many neighboring canal-era buildings located in the northeast corner of Syracuse’s Central Business District were demolished to make way for the construction of Interstate 81. With this proeprty’s new beginning at the crossroads of I-690 and I-81 and with, the development team aims to advance economic growth, improve quality of life and help address the injustices caused by the construction of the I-81 viaduct.

The sustainable features of the building, including air source heat pumps, provide healthy homes for residents and offer the opportunity for sustainable living.

Organization Description:
CPC is a nonprofit multifamily finance company founded in 1974 to provide financial resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and policy to expand access to affordable housing, advance diversity in the development industry and impact the effects of climate change through the financing of sustainable housing. CPC has invested over $12 billion to finance the creation and preservation of more than 220,000 units of housing. CPC is a carbon neutral company, rated AA- by S&P.

Team Members:

Paulus Development, CPC (construction loan, permanent financing provided by NYS CRF), NYS HCR (PLP construction and permanent financing); Additional financing: Chase, City of Syracuse

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