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Posted: March 12th, 2008

CPC Spurs Revitalization of Little Italy District

CPC financing has transformed a former chocolate factory in Syracuse’s Little Italy neighborhood into 14 new apartments and two ground floor commercial spaces.

The February 2008 completion of this gut rehabilitation project continues CPC’s pivotal role in revitalizing this historic district just north of downtown.

Neighborhood Renaissance

Over the past four years, CPC has partnered with the city of Syracuse to turn the five-block district’s many underused commercial buildings into attractive upscale storefronts, apartments, and restaurants.

The area, known for its large concentration of Italian immigrants and Italian-American families, declined in recent decades as residents and businesses moved to the suburbs. Many of the upper floors of the district’s historic buildings were left vacant.

To date, CPC’s involvement in a number of projects in Little Italy has led to the construction of 27 residential units, and the rehabilitation of 7 storefront units and one restaurant.

Walier Lofts

The latest project, at 755 North Salina Street, marks a milestone for this emerging district. The four-story brick building, now known as the Walier Lofts, was built in 1890 and is one of the largest in the Little Italy district.

CPC provided $1,550,000 in construction and permanent financing for the project.

The building consists of one and two-bedroom loft apartments that rent from $1025 to $1395 per month, with tenants paying their own utilities. The two commercial spaces rent for $1500 per month.

In addition to financing from CPC, the project also received a $300,000 grant from the Syracuse Neighborhood Initiative, a $150,000 loan from the Syracuse Economic Development Office, and a $30,000 Main Street matching grant from the New York State Division of Housing and Community Renewal through the Northeast Hawley Development Association.

“CPC is proud to provide the financing for this innovative and attractive new project that will add to the economic vitality of this neighborhood,” said Nick Petragnani, Regional Director of CPC’s Central Region office.

Asti Café

Besides the Walier Lofts, CPC has financed a number of other projects in Little Italy. One such successful project is the expansion of the building housing the Asti Café.

The Asti Café, a popular Italian restaurant, is on the ground floor at 401-403 North Salina Street at the gateway to Little Italy. The second and third floors contain two residential units. Originally, the building included a two-story attachment.

CPC’s $485,000 loan enabled construction of a two-story 3,500 square foot addition to the restaurant, restoring the building back to its original state. The expanded restaurant has increased its business and continues to draw people to this historic district.

Additional Redevelopment

CPC’s other successful revitalization projects in Little Italy include:

· 622 North Salina Street, a two-story brick building constructed in 1930 that was purchased and moderately rehabilitated with a $380,000 loan. The property consists of two commercial and four residential units.

· 835 North Salina Street, a three-story brick building constructed in 1910 that was moderately rehabilitated with a $100,000 loan. The property’s commercial space was rented to a salon that had been in the area for 15 years and was looking for an opportunity to come back to the neighborhood from a nearby mall. There are also three residential units, upgraded with new carpeting, appliances, and paint.

· 833 North Salina Street, a gut rehabilitation of a four-unit rental building with two commercial spaces, financed with a $135,000 loan.

CPC/City Partnership

CPC’s efforts to revitalize the Little Italy district have come about through a partnership with the City of Syracuse.

In 2002, the City of Syracuse formally recognized the importance of the Little Italy district, and began a program to spur redevelopment along North Salina Street. The City began to improve sidewalks, street lighting, parks, and utilities. The City also looked for ways to encourage private investment in the restoration of the district’s buildings.

In 2004, CPC and the City of Syracuse launched a technical assistance grant program, designed to jump start redevelopment in the neighborhood.

The grants paid for architectural services to assess the feasibility of rehabilitating mixed-used buildings in the 400-700 blocks of North Salina Street.

It enabled building owners – many of whom operated small businesses on the ground floors but had not been able to develop the upper floors – to quickly determine the financial feasibility of redeveloping their properties.

In addition to targeting building owners, the program also attracted investors who wanted to acquire and redevelop vacant buildings.

Downtown Investment

Besides its projects in Little Italy, CPC has also been a key player in the redevelopment of downtown Syracuse.

Over the past several years, CPC has invested $28 million for residential development in Syracuse’s central business district. This includes financing the construction of 250 units in 11 projects in downtown Syracuse.