;

New York State Approves Funding for Oswego Seaway Lofts Project

OSWEGO, NY – The Sutton Companies announced that the Seaway Lofts project has received $1.5 million in funding from the New York State Housing Trust Fund/HOME and Federal Low Income Housing Tax programs for the Seaway Lofts project.

The project is being developed by Sutton Real Estate, Edgemere Development and the principals of Rich and Gardner Construction Company.

It encompasses rehabilitation and adaptive reuse of the former Seaway Supply Building into affordable workforce housing. Seaway Lofts is located at 472 W. First St., immediately across from the Varick Lock and Oswego River.

“I am very excited to hear the news about NY Homes and Community Renewal grant to Seaway Lofts Development Project for over $1 million in Low Income Housing Tax Credits to make this project happen,” said Mary Vanouse, community development director. “The Seaway Supply building has been vacant for over 10 years and vacant buildings, as we know, can deteriorate and become a blight on neighborhoods.”

Sutton partnered with Edgemere Development to obtain financing and tax credits from New York State Homes and Community Renewal for rehabilitating the property.

In addition to the state funds, financing from the city and county of Oswego and the Federal Home Loan Bank will be used to convert the vacant building into one- and two-bedroom apartments.

The new project will capture the historical features of the building while focusing on the use of energy-efficient construction techniques, and contribute to the overall community vision for the neighborhood – including affordability and access for tenants with disabilities.

The current building is architecturally significant in Oswego because of its distinctive characteristics of later 19th century industrial architecture. The building is one of the few riverfront industrial buildings of that era that remain in the community.

“This building which was the former Brosemer Brewery will provide amazing rental units overlooking the Oswego River for seniors and small families within walking distance to parks and essential services in our community,” Vanouse continued.

“Sutton is excited to be involved with this project. The redevelopment of this property will provide unique and needed affordable housing for the city of Oswego and complement the other development projects currently in progress along the canal corridor,” Louis Fournier III, president of Sutton Companies, said in a prepared statement. “The Seaway Lofts redevelopment meshes with Oswego’s 2020 Vision Plan, which focuses on long-term aesthetic enhancements, preservation and promotion of the region’s architectural heritage, and improving the overall property values in the area.”

“The Seaway Project partnership includes experienced housing developers Louis Fournier and Joe Lewis of Sutton Companies and Stephanie Benson and John Oster of Edgemere Development in a new partnership called  RGC-SRE Oswego Investments,” Vanouse said. “This will be a multi-million dollar investment that will resonate with 26 first-rate quality housing units for our citizens. We are very pleased to hear New York State HCR has acknowledged this fine development on Oswego’s waterfront.”

Construction is expected to begin in early 2012.

Seaway Lofts Redevelopment – At a Glance

  • The project will create 20 one-bedroom and 6 two-bedroom apartments.
  • The building renovations include a new elevator, tenant community room and computer lab, on-site rental office, laundry facilities and several units targeted for the physically handicapped.
  • The building is listed on the National Register of Historic Places and much of the original design and features of the building will be incorporated in to the renovations.
  • The project will include energy efficient construction techniques including a high efficiency heating and cooling system and solar panels to be used for a portion of the building’s electrical needs.