Quantcast

Syracuse's downtown development rides out of recession

This report has been updated from the original print version

Imagine a global financial collapse. That's easy it happened in 2008, and rippled out into 2009. The world is still feeling those effects in 2010, but surprisingly "not as much" in Syracuse. The Brookings Institute placed Syracuse in the 20 Best Markets to ride out the recession. The city's unemployment rate is two points lower than the National Average and one point lower than the state of New York.

"We still have cranes in the air," said Kevin Schwab of the Downtown Committee (DCS) of Syracuse.

Last year this time I visited with representatives from the DCS, including Schwab, Dave Mankiewicz and Merike Treier to follow up on its Inside January 2008 newsletter's centerfold featuring 10 development projects. The projects originally totaled more than $7 million in funding already received for 10 projects totaling nearly $40,000,000.

The problem with 2009 was that after the world financial collapse in October 2008, banks as well as other financial institutions lending screeched to a halt. So fast the screech wasn't audible, instead the sound of nothing. As you can imagine not a lot happened, but here in Syracuse your imaginings would be wrong.

Initial projects:

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

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

3. Witherill 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

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