Empire State Development (ESD) today announced that developers have broken ground on Crescent Commons in Cortland, Cortland County. The joint project, between developer David Yaman Reality Services and Housing Vision Consultants of Syracuse, will see the transformation of the historic Crescent Corset factory building on Main Street. The mixed-use project will feature both residential and commercial space. The undertaking builds on the momentum happening in Central New York as a result of the CNYRising economic development plan which is working to establish a stronger regional economy.
Empire State Development President, CEO & Commissioner Howard Zemsky said, “Restoration efforts like Crescent Commons are crucial to revitalizing our communities. The transformation of this former corset warehouse is yet another great example of the Governor’s commitment to re-energizing downtowns as we look to the future.”
The rehabilitation of the long-vacant industrial building in the heart of downtown Cortland will feature 47 high-end loft-style luxury units as well as a cafe, lounge and exercise room. The building will also host over 100,000 square feet of available commercial space. The project is expected to be completed sometime in the spring of 2018.
Project Developer David Yaman said, “This is an exciting project for downtown Cortland and I thank the state for realizing the impact that the repurposing of this building will have on the area. At construction start, we already have half of the middle floor leased to three organizations. The lower floor will provide an additional space for a wide variety of uses.”
Housing Vision Consultants Director of Development Christopher Trevisani said, “Housing Visions is excited to break ground on Crescent Commons. The adaptive reuse of this historic former factory on Cortland’s Main Street will be a premiere destination for commercial and residential tenants. Together with our local, experienced partner David Yaman, we will provide a quality, convenient, and luxurious commercial and residential experience for the City of Cortland.”
The former Crescent Corset factory is on the State and National Register of Historic Places. As a result, part of the restoration efforts will include maintaining the original integrity of the building which has stood on the site since 1923. The factory used to manufacture “Lady Luke” corsets for JC Penny’s.
Empire State Development is helping the transformative project move ahead through a $200,000 Central New York Rising Upstate Revitalization Grant as well as $750,000 Capital Grant. The total project cost is $16 million.
State Senator James Seward said, “Cortland has so much to offer and a number of steps have been taken in recent years to develop and enhance the Main Street/downtown area – growing jobs, expanding housing and encouraging true community appeal. Crescent Commons is another terrific addition that will encourage growth and fill an important role in Cortland's future."
State Assemblywoman Barbara Lifton said, "It’s very encouraging to see the growth that’s been happening in downtown Cortland in recent years, and the adaptive reuse of the former Crescent Corset factory is a wonderful addition to that revitalization. Not only does this project provide commercial space and housing, it will preserve and restore a historic building that is a part of Cortland’s rich history. Thank you to everyone who worked so hard to create this excellent project and to the Governor for his continued support of downtown revitalization throughout the state."
For additional information about Crescent Commons, click here.
Accelerating Central NY Rising
Today's announcement complements “Central NY Rising,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $4.7 billion in the region since 2012 to lay the groundwork for the plan – capitalizing on global market opportunities, strengthening entrepreneurship and creating an inclusive economy. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Syracuse, Oswego and Auburn as a destination to grow and invest in.
Now, the region is accelerating Central NY Rising with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 5,900 new jobs. More information is available here.
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