$17M Adaptive Reuse Project Opens in NY

A trio of companies redeveloped a vacant industrial building in Cortland into mixed-income apartments and more than 100,000 square feet of commercial space.
Crescent Commons

A group of companies and agencies including Housing Visions, David Yaman Realty Services and the Community Preservation Corporation (CPC) officially opened Crescent Commons, an adaptive reuse project in Cortland, N.Y.

Formerly a manufacturing facility for Crescent Corset Company, the long-vacant 149,000-square-foot industrial building, built in 1920, was transformed into 47 mixed-income apartment units and 103,490 square feet of commercial space.

The commercial component of the building will offer office use, research and development for high-tech companies, retail or wholesale, service-oriented companies or light assembly. Tenants that have signed on so far at the building include a counseling center, a real estate office and a home care services provider.

“Housing Visions is excited to strengthen its commitment to the City of Cortland with the opening of Crescent Commons. This adaptive reuse of this historic structure on Cortland’s Main Street is the first of its kind for commercial and residential tenants,” said Ben Lockwood, president & CEO of Housing Visions, in prepared remarks. “Together with our local, experienced partner David Yaman, we have provided a quality, convenient, and luxurious commercial and residential experience for the City of Cortland.”

Crescent Commons was financed through a $12.5 million construction loan from CPC and a SONYMA-insured permanent loan of $8.5 million from CPC financed through their agreement with the New York State Common Retirement Fund. Additionally, the Regional Economic Development Council has provided a $1 million grant and National Grid awarded the project a $250,000 grant.

The City of Cortland has approved a $300,000 loan and the project has been awarded a 15-year PILOT from the Cortland County IDA.

In 2016, Housing Visions broke ground on Oneonta Heights, a $15.9 million affordable housing development in Oneonta, N.Y. with 60 affordable units for families and seniors.

Image via Crescent Commons