Quantcast

Downtown in holding pattern

Poised and positive to move forward when lending turns back on

Before Syracuse knew America was engulfed in an all out world financial melt down, the Downtown Committee's Inside January 2008 newsletter's centerfold featured 10 development projects.

1. In 'n Out and Kirk Hotel buildings- $400,000 in Restore NY funds; total cost $1.46 million

2. Chamberlin Building - $535,000 in City By City Funds; total cost $2.8 million

3. Witherall Building - $888,000 in City By City Funds; total $4.7 million

4. Wilson Building - $1.227 million in City By City Funds; total $6.5 million

5. Bond Building - $350,000 in City By City Funds; total $1.8 million

6. Butler Building - $600,000 in Restore NY Funds; total $2.04 million

7. Label Shopper Building - $1 million in Restore NY funds; total $3.2 million

8. Syracuse Trust Building - $250,000 in Restore NY funds; total $1.2 million

9. Manufacturer's Hanover Building - $102,000 in Restore NY funds; total $408,700

10.Dey's Centennial Plaza - $2 million in Restore NY funds; total $14.9 million

These total more than $6 million in funding already received for 10 projects totaling nearly $40,000 million.

Where do these projects stand today?

Harvard educated, Dave Mankiewicz, is the executive director of the Downtown Committee. He said for these projects to go ahead, it was necessary to receive some funding from the state, which they did. But with the retreat of the private financial markets -- where the rest of the money was coming from -- there has been a delay in construction.

"People in good faith had projects ready to go, but even personal financing went on hold," he said.

The local banks were least effected by the banking crisis, as these didn't have the run up with real estate, but these banks don't normally fund projects of this scope and size of the downtown 10.

0
Vote on this Story by clicking on the Icon

Comments

Use the comment form below to begin a discussion about this content.

Sign in to comment