Construction of $26.2 million mixed-use affordable housing project begins in Oswego

0
87

Construction has started on a $26.2-million mixed-use housing development in downtown Oswego.

The new development, called the Harbor View Square, will feature 75 rental homes and over 10,000 sq. ft. of ground floor commercial space for small retail and eateries. The development is being constructed on a city-owned Brownfield site located at the convergence of the Oswego River and Lake Ontario.

The development’s location at 68 West First St. is the former home of Flexo Wire, a nationwide wire manufacturer and distributor. The long-vacant property was named a brownfield site by the State of New York and will undergo remediation and cleanup under the Brownfield Cleanup Program.

Encompassing an entire city block, the Harbor View Square will include a five-story building with 57 apartments and four ground floor commercial spaces totally 10,000 sq. ft. The development also includes 18 two-story townhomes.

Eleven units will be set aside for persons with physical disability or traumatic brain injury. Apartments will be affordable to low- and middle-income households. Nine apartments will be market rate. Building amenities include a fitness center, rooftop terrace, resident lounge, media center, and conference room.

The New York State Homes and Community Renewal financing for the $26.2 million project includes federal Low-Income Housing Tax Credits and Brownfield Tax Credits that will generate $13.2 million in equity, $3 million from the Community Investment Fund, and an additional $6.8 million in subsidy. Additional financing includes a Restore NY grant, an award from Oswego’s Downtown Revitalization Initiative, and a loan from the Leviticus Fund.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.