Massive downtown Syracuse housing development secures $28 million tax reduction
In the heart of downtown Syracuse, New York, a significant residential development project is underway. The Gateway Apartments, located at East Fayette and Almond streets, is a 98-unit apartment complex that offers modern amenities to its residents.
The project, spearheaded by developer Christopher Geiger of Amityville, will feature a fitness center, laundry room, media room, and a rooftop terrace with stunning views overlooking the coastal landscape. The terrace is expected to provide an enhanced urban living experience for the residents.
The Gateway Apartments will house 96 one-bedroom units, 102 two-bedroom units, four three-bedroom units, 19 four-bedroom units, and 62 studio apartments. The project will also include a surface parking lot to accommodate 75 cars, with plans for a subsurface parking structure to accommodate an additional 107 vehicles.
Regarding financial details, the Syracuse Industrial Development Agency has approved $28 million in tax breaks for the project. This includes a mortgage recording tax exemption of $642,234, a sales tax exemption valued at $3.9 million on construction materials, and a payment in lieu of tax agreement providing property tax discounts totaling $23.5 million over 20 years.
Thirty-four of the apartments will be set aside for tenants with incomes no greater than 80% of the area median income. The property tax discounts, totalling $23.5 million over 20 years, represent a discount of $23.5 million over what property taxes would be on the building if not for the agreement.
The developer has not specified the exact number of each type of apartment in the project. However, it is known that the planned seven-story building will contain 283 residential units, in addition to 6,000 square feet of first-floor retail space.
For more detailed information about construction dates, leasing terms, or financial backing, further investigation may be required as the current sources lack these specifics.
- The financial plan for the Gateway Apartments includes a $28 million tax break from the Syracuse Industrial Development Agency, with a portion of the apartments set aside for tenants with incomes no greater than 80% of the area median income.
- Beyond the 283 residential units and 6,000 square feet of retail space, the project will also offer amenities such as a fitness center, laundry room, media room, and a rooftop terrace for investing in real-estate opportunities in downtown Syracuse, New York.
