Press Room > Press Releases
Contact: Brenda Ratliff, V.P. for Communications
212-869-5300 x568 bratliff@communityp.com
Posted: October 17th, 2001
But now the sound filling the halls of this historic brick building will soon be that of delighted residents moving into their new apartments in what is the first major new housing initiative in Syracuse's Franklin Square area since the mid 1990s.
Local officials gathered here today, along with developer Domenic Maggio and representatives from CPC, to celebrate the grand opening of new loft apartments at Laurel's Landing, a mixed-use building located at 689 North Clinton Street.
The top floor of the three-story building has been converted into 30 loft apartments, each with two bedrooms and second-story lofts with open balconies. The spaciously designed apartments feature brick walls, heavy wood timbers, cathedral ceilings, pitched roofs, and large arched windows. The new residents are expected to move in next month.
CPC, a private not-for-profit mortgage lender specializing in the financing of affordable housing, provided a $2 million construction loan and a $2.1 million permanent loan for the project. SEDCO provided a line of credit in the amount of $200,000 to support the construction of the units.
Built in 1909, the 90,000-square-foot building was originally home of the Amphion Piano Player Company, which operated there until it ceased operations in 1932. The building was later converted into a handbag factory that remained in operation until 1982. From 1982-1989, the building was used as warehouse space for a bakery. The Spaghetti Warehouse restaurant opened on the first floor of the building in 1989. The Cache is also located in one of the new commercial spaces in the building.
Mr. Maggio, a local builder, acquired the building in 1997 and renamed it Laurel's Landing. Although the previous owner has spent more than $1 million renovating the first floor for the restaurant, the second and third floors were in need of major renovations. Mr. Maggio renovated the second floor into retail space, attracting VIP Music Distributors, a wholesale and retail distributor of sheet music, and Altered States, a retailer of games and hobbies. In 1999, Mr. Maggio set his sights on converting the top floor to loft apartments.
Mr. Maggio said the apartments at Laurel's Landing should appeal to young professionals, empty-nesters and university professors who want to live in a quiet neighborhood that is near downtown Syracuse. "This is a wonderful project and we are happy to be able to provide this type of residential space in Franklin Square," said Mr. Maggio.
Shannon Sutherland, a new resident of Laurel's Landing, said, "I am excited about living here, and excited I will have the opportunity to see this section of Syracuse transformed into a vibrant area."
"We are delighted to provide the financing for this unique and exciting residential project. Domenic Maggio has done a tremendous job of restoring this historic building while creating vitally needed rental housing for Syracuse residents. CPC is committed to working with local builders to help revitalize neighborhoods such as the Franklin Square area," said Dave Michel, Director of CPC's Central Regional Office in Syracuse.
The completion of Laurel's Landing is another step forward for the revitalization of the Franklin Square area, the sector of the Lakefront District closest to downtown Syracuse. Formerly a manufacturing center of Syracuse, the Franklin Square area has been transformed into a vibrant neighborhood with the conversion of many old manufacturing buildings into new retail and residential uses. Other projects in this area include Bridgewater Place, Mission Landing, Plum Court and One Franklin Square.
"The creation of market rate housing above the Spaghetti Warehouse restaurant will be a welcome addition to Franklin Square and the entire Syracuse Lakefront," said Syracuse Mayor Matthew J. Driscoll. "Amphion Development should be commended for taking an underutilized building with a rich history and converting it into new loft style apartments along with other commercial tenants."
CPC is a private, not-for-profit mortgage lender specializing in the financing of affordable housing in New York and New Jersey. Sponsored by 90 banks and insurance companies, CPC has, since 1974, financed over 85,000 units of affordable housing representing a public/private investment of $2.8 billion.
CPC Financing Helps Local Builder Transform Abandoned Factory Space Into 30 Loft Apartments, Bringin
SYRACUSE, NY October 17, 2001 --- A former factory building that once echoed with the tunes of a player piano company is again bustling with activity, thanks to financing by The Community Preservation Corporation (CPC) and support from the Syracuse Economic Development Corporation (SEDCO).But now the sound filling the halls of this historic brick building will soon be that of delighted residents moving into their new apartments in what is the first major new housing initiative in Syracuse's Franklin Square area since the mid 1990s.
Local officials gathered here today, along with developer Domenic Maggio and representatives from CPC, to celebrate the grand opening of new loft apartments at Laurel's Landing, a mixed-use building located at 689 North Clinton Street.
The top floor of the three-story building has been converted into 30 loft apartments, each with two bedrooms and second-story lofts with open balconies. The spaciously designed apartments feature brick walls, heavy wood timbers, cathedral ceilings, pitched roofs, and large arched windows. The new residents are expected to move in next month.
CPC, a private not-for-profit mortgage lender specializing in the financing of affordable housing, provided a $2 million construction loan and a $2.1 million permanent loan for the project. SEDCO provided a line of credit in the amount of $200,000 to support the construction of the units.
Built in 1909, the 90,000-square-foot building was originally home of the Amphion Piano Player Company, which operated there until it ceased operations in 1932. The building was later converted into a handbag factory that remained in operation until 1982. From 1982-1989, the building was used as warehouse space for a bakery. The Spaghetti Warehouse restaurant opened on the first floor of the building in 1989. The Cache is also located in one of the new commercial spaces in the building.
Mr. Maggio, a local builder, acquired the building in 1997 and renamed it Laurel's Landing. Although the previous owner has spent more than $1 million renovating the first floor for the restaurant, the second and third floors were in need of major renovations. Mr. Maggio renovated the second floor into retail space, attracting VIP Music Distributors, a wholesale and retail distributor of sheet music, and Altered States, a retailer of games and hobbies. In 1999, Mr. Maggio set his sights on converting the top floor to loft apartments.
Mr. Maggio said the apartments at Laurel's Landing should appeal to young professionals, empty-nesters and university professors who want to live in a quiet neighborhood that is near downtown Syracuse. "This is a wonderful project and we are happy to be able to provide this type of residential space in Franklin Square," said Mr. Maggio.
Shannon Sutherland, a new resident of Laurel's Landing, said, "I am excited about living here, and excited I will have the opportunity to see this section of Syracuse transformed into a vibrant area."
"We are delighted to provide the financing for this unique and exciting residential project. Domenic Maggio has done a tremendous job of restoring this historic building while creating vitally needed rental housing for Syracuse residents. CPC is committed to working with local builders to help revitalize neighborhoods such as the Franklin Square area," said Dave Michel, Director of CPC's Central Regional Office in Syracuse.
The completion of Laurel's Landing is another step forward for the revitalization of the Franklin Square area, the sector of the Lakefront District closest to downtown Syracuse. Formerly a manufacturing center of Syracuse, the Franklin Square area has been transformed into a vibrant neighborhood with the conversion of many old manufacturing buildings into new retail and residential uses. Other projects in this area include Bridgewater Place, Mission Landing, Plum Court and One Franklin Square.
"The creation of market rate housing above the Spaghetti Warehouse restaurant will be a welcome addition to Franklin Square and the entire Syracuse Lakefront," said Syracuse Mayor Matthew J. Driscoll. "Amphion Development should be commended for taking an underutilized building with a rich history and converting it into new loft style apartments along with other commercial tenants."
CPC is a private, not-for-profit mortgage lender specializing in the financing of affordable housing in New York and New Jersey. Sponsored by 90 banks and insurance companies, CPC has, since 1974, financed over 85,000 units of affordable housing representing a public/private investment of $2.8 billion.
