Press Room > Press Releases
Contact: Brenda Ratliff, V.P. for Communications
212-869-5300 x568 bratliff@communityp.com
Posted: November 24th, 2008
BUFFALO, NY (November 19, 2008) – The ongoing revitalization of Downtown Buffalo took another step forward today as Buffalo Mayor Byron W. Brown joined with representatives from The Community Preservation Corporation (CPC) and other guests to mark the grand opening of Sycamore Village, a new pedestrian-friendly, park-like community, which will feature 24 new single-family homes.
Built on a once vacant five-acre lot situated within the city’s Jefferson Avenue corridor, Sycamore Village will comprise 20 market rate homes and four homes affordable to households earning at or below 80% of the area median income.
Sycamore Village features nine various home styles — each comprising three or four bedrooms and ranging in size from 1,400 to 1,700 square feet. The sales price for a market rate home is $175,000.
The development of Sycamore Village is the result of a unique public-private partnership that has transformed a blighted and vacant site into a thriving new neighborhood.
CPC, a not-for-profit mortgage lender, provided the Buffalo Urban Renewal Agency (BURA) with a construction revolving credit loan of $2, 275,000. Additional financing was provided by Fannie Mae.
Located on the East Side of Buffalo on Sycamore and Jefferson Avenues, Sycamore Village offers urban living in a suburban setting. It is within walking distance from downtown Buffalo’s central business district, the Buffalo Niagara Medical Campus and the Buffalo Waterfront Development.
The project was developed by Burke Homes and Lamparelli Consruction Co., which have had a long and successful history in residential construction and development in Buffalo.
James Rykowski, Regional Director for CPC’s Western New York Office, said: “CPC is delighted to have provided the financing for this important residential project, which is adding to the continued growth and vitality of the city‘s East Side. Mayor Byron Brown and BURA are to be commended for their commitment to transforming a vacant site into a thriving and vibrant new community.”
“I’m very pleased that this project progressed so smoothly from the groundbreaking last year to today’s opening ceremony,” said Mayor Brown.“Of the fifteen homes built so far, nine are already spoken for. We have followed an aggressive marketing plan that is focused on selling the remaining homes as quickly as possible. From the beginning, we had future homeowners interested in these new properties well before a shovel was put in the ground. I am extremely proud of this project, which offers a whole new residential living experience in the heart of the city.”
Sycamore Village is the latest financing that CPC has provided for a wide range of projects in Buffalo including: The Granite Works, a $5.3 million mixed-use project located on the “800 Block” of Main Street; IS Lofts of Buffalo, a $4.3 million project that transformed a vacant 1920s era warehouse into 24 loft apartments; 136 Broadway, a mixed-use development of retail stores and loft-style apartments in a former chocolate factory; 36 Broadway, a mixed use development in a historic building made famous by noted artist Charles Burchfield; and Tacoma Lofts, a unique adaptive reuse project that has transformed a vacant early 1900s church into 13 eclectic loft-style apartments.
The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $7 billion in more than 150,000 units of housing.
Buffalo Mayor Brown Joins with CPC to Mark Completion of Sycamore Village, a New Community of 24 Single-Family Homes
CPC Provided $2,275,000 in Construction Financing To Help Transform Blighted Site into New NeighborhoodBUFFALO, NY (November 19, 2008) – The ongoing revitalization of Downtown Buffalo took another step forward today as Buffalo Mayor Byron W. Brown joined with representatives from The Community Preservation Corporation (CPC) and other guests to mark the grand opening of Sycamore Village, a new pedestrian-friendly, park-like community, which will feature 24 new single-family homes.
Built on a once vacant five-acre lot situated within the city’s Jefferson Avenue corridor, Sycamore Village will comprise 20 market rate homes and four homes affordable to households earning at or below 80% of the area median income.
Sycamore Village features nine various home styles — each comprising three or four bedrooms and ranging in size from 1,400 to 1,700 square feet. The sales price for a market rate home is $175,000.
The development of Sycamore Village is the result of a unique public-private partnership that has transformed a blighted and vacant site into a thriving new neighborhood.
CPC, a not-for-profit mortgage lender, provided the Buffalo Urban Renewal Agency (BURA) with a construction revolving credit loan of $2, 275,000. Additional financing was provided by Fannie Mae.
Located on the East Side of Buffalo on Sycamore and Jefferson Avenues, Sycamore Village offers urban living in a suburban setting. It is within walking distance from downtown Buffalo’s central business district, the Buffalo Niagara Medical Campus and the Buffalo Waterfront Development.
The project was developed by Burke Homes and Lamparelli Consruction Co., which have had a long and successful history in residential construction and development in Buffalo.
James Rykowski, Regional Director for CPC’s Western New York Office, said: “CPC is delighted to have provided the financing for this important residential project, which is adding to the continued growth and vitality of the city‘s East Side. Mayor Byron Brown and BURA are to be commended for their commitment to transforming a vacant site into a thriving and vibrant new community.”
“I’m very pleased that this project progressed so smoothly from the groundbreaking last year to today’s opening ceremony,” said Mayor Brown.“Of the fifteen homes built so far, nine are already spoken for. We have followed an aggressive marketing plan that is focused on selling the remaining homes as quickly as possible. From the beginning, we had future homeowners interested in these new properties well before a shovel was put in the ground. I am extremely proud of this project, which offers a whole new residential living experience in the heart of the city.”
Sycamore Village is the latest financing that CPC has provided for a wide range of projects in Buffalo including: The Granite Works, a $5.3 million mixed-use project located on the “800 Block” of Main Street; IS Lofts of Buffalo, a $4.3 million project that transformed a vacant 1920s era warehouse into 24 loft apartments; 136 Broadway, a mixed-use development of retail stores and loft-style apartments in a former chocolate factory; 36 Broadway, a mixed use development in a historic building made famous by noted artist Charles Burchfield; and Tacoma Lofts, a unique adaptive reuse project that has transformed a vacant early 1900s church into 13 eclectic loft-style apartments.
The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $7 billion in more than 150,000 units of housing.
