FOR RELEASE:

State Pension Fund and Community Preservation Corporation to Finance $1.25 Million Renovation of The Butler Building in Armory Square, Syracuse

Hevesi, State and City Officials Announce Plans to Renovate Historic Building into Mix of Restaurants, Office and Rental Apartments

New York State Comptroller Alan G. Hevesi today joined with State Senator David Valesky (D-Oneida), Syracuse Mayor Matthew Driscoll and representatives of the Community Preservation Corporation (CPC) to announce the start of renovation of the historic Butler Building. The renovation, which will provide new housing and retail space, is part of the ongoing revitalization of the Armory Square neighborhood on the west side of downtown Syracuse.

The Common Retirement Fund is financing a permanent loan of $1.25 million for the project.CPC, a not-for-profit mortgage lender, is providing a $1.25 million construction loan, which the retirement fund is purchasing and converting into the permanent loan. Since 1992, the Retirement Fund has committed more than $400 million to CPC for affordable housing projects throughout New York State.

“Armory Square is an important link to Syracuse’s past. I am proud that through the New York State Common Retirement Fund’s partnership with the Community Preservation Corporation, our investment is contributing toward new and much-needed housing and the ongoing revitalization of the historic Butler Building and Armory Square,” Comptroller Hevesi said. “At the same time, this investment will also provide a strong return to the State’s Pension Fund. I offer my congratulations to Salt City Properties LLC and to the Community Preservation Corporation for helping make this project possible. I look forward to our continued partnership in bringing housing to all New Yorkers.”
“The growth of Armory Square and the revitalization of our great American city continues with the renovation of the Butler Building. When you look around Armory Square – at all the shops, the restaurants and the people – you can see first hand what is possible when we work together to achieve a goal,” said Sen. David J. Valesky (D-Oneida). “Thanks to Comptroller Alan Hevesi, the Community Preservation Corporation, and Salt City Properties LLC., we have yet another public-private partnership working in Syracuse to promote growth and to make our city a better place. This is another exciting project for our city, showing again that Syracuse is a great place to live and work.”

“Armory Square is once again a thriving area thanks to hard work and capital investment. Today’s announcement about the rehabilitation of the Butler building is an important piece of this effort, and I offer my congratulations to Comptroller Hevesi and the Community Preservation Corporation for bringing this money to downtown Syracuse to help make this project possible. It is a perfect example of what can happen when the public and private sector work together,” said Assemblyman Bill Magnarelli (D-Syracuse).

Located at 315-319 South Clinton Street, The Butler Building is a five-story brick building built in the early 1800s that is being renovated into a mix of retail, office and residential space. The ground level features two retail spaces, one of which is currently occupied by a well-known cigar bar called Awful Al’s. The second retail space is being renovated for a new café/restaurant. The second floor of the building will have commercial office space, and the third, fourth and fifth floors will be renovated into a total of six residential rental apartments. The two-bedroom, two-and-a-half bath apartments will have 1,200 square feet of space and rent for $1,200 a month.

Mayor Matthew J. Driscoll said, “One of my economic development priorities is increasing the number of housing opportunities in downtown Syracuse. I complement Comptroller Hevesi, the Community Preservation Corporation, and Peter and Carolyn Rich for bringing this project to fruition. This building is adjacent to the alley behind the Wilson building. The renovation of this building will be an important part of the linkage between Armory Square and South Salina Street. My administration looks forward to working with Peter Rich to complete this linkage as the Wilson Building is redeveloped.”

“We are proud to provide the construction financing for this unique and exciting mixed-use project that will contribute to the ongoing revitalization of Armory Square. We are particularly pleased to work in partnership with New York State Comptroller Alan Hevesi in providing the financing for this very worthwhile and much-needed project,” said Nicholas Petragnani, director of CPC’s Central Regional Office in Syracuse. He added, “CPC is committed to working with local developers in helping to restore Syracuse’s neighborhoods.”

The project developer is Salt City Properties LLC, whose principals are Peter and Carolyn Rich of Syracuse. The Richs, who are both experienced real estate investors and managers, have owned and managed The Butler Building since 2002. In addition to construction of the new rental apartments and renovation of the restaurant and office space, the project calls for lobby renovation, window replacement, reroofing, exterior brick pointing and construction of an elevator shaft, fire stairs and fire escape.

“I’m very excited that this project is underway,” said Peter Rich, project developer. “This an extremely important project for the neighborhood. It will give a facelift to the entire area.”

Named after John Butler, a local businessman, The Butler Building has been home to a number of different businesses over its lifetime. In its early years it served as a grain storage facility and later housed a typewriter manufacturer in the 1930’s. The building’s most recent occupant was the Discovery Center of Science and Technology, which is now located on South Franklin Street in the Armory Square district. The Butler Building is part of the Armory Square Historic District, which is listed in the National Register of Historic Places.

The renovation of The Butler Building is the latest development in the renaissance underway in the Armory Square district. Over the past 15 years, Armory Square, which was once an active warehousing district, has been transformed into a vibrant neighborhood of boutiques, restaurants, pubs and loft-style residential buildings.

The New York State Common Retirement Fund is the pension fund for employees of New York State and most local governments. With about $120 billion in total assets, it is the second largest public pension fund in the United States. Comptroller Hevesi is the Fund’s sole trustee and as such, oversees its investments including the partnership with the Community Preservation Corporation.

The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multi-family development throughout New York and New Jersey. Since its founding in 1974, CPC has invested more than $4.5 billion in more than 114,000 units of housing in New York and New Jersey.

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