New York Construction Report staff writer
BFC Partners and SAA Canopy Group have secured $269 million in construction financing for the redevelopment of Parkside Commons, launching a major affordable housing project that will modernize an aging apartment complex and add new homes on Syracuse’s East Side.
Construction is expected to begin in September on the multi-phase redevelopment, which will renovate existing buildings and construct two new apartment buildings. The project is designed to allow current residents to remain within the community throughout construction.
The existing Parkside Commons property includes 10 buildings along Westmoreland and East Fayette streets.
In the first phase of construction, six buildings containing 200 apartments will be renovated while two new buildings with 193 affordable apartments are constructed.
Once the new buildings are complete, residents of the property’s four oldest buildings will relocate into the new or renovated homes. Those aging buildings will then be demolished, freeing land for a future development phase that will be planned in consultation with city officials and the surrounding community.
“Our mission at BFC is to create high-quality affordable housing that enhances the quality of life for the families who call our communities home,” said Winthrop Wharton, principal of BFC Partners. “Parkside Commons is poised for a transformative new chapter, and we are proud to partner with New York State to deliver the substantial investments this community deserves.”
The two new buildings, four and five storeys tall, will rise at the corner of Westmoreland and East Fayette streets and are expected to be ready for occupancy by late 2028. Renovations to the existing western buildings are scheduled for completion by early 2028.
The $269-million financing package combines state subsidies with private investment. New York State Homes and Community Renewal assembled the financing through federal and state Low-Income Housing Tax Credits expected to generate approximately $101.6 million in equity, along with low-interest loans and subsidies.
The remaining financing includes a $116-million construction loan from the Urban Investment Group at Goldman Sachs, interim project income during construction and interest earnings from tax-exempt bond proceeds.
“This housing redevelopment investment addresses the urgent need for safe, high-quality, affordable homes that our residents need and deserve,” said Syracuse Mayor Sharon F. Owens.
Located along East Fayette Street, Parkside Commons is served by Centro’s SY 68 bus route, providing transit connections between Syracuse’s East Side, downtown and destinations along Erie Boulevard.
