A major development project for downtown Syracuse that's been stalled for a full year is about to get off the drawing boards according to its developer and the head of the Downtown Committee.
The Pike Block Project is named after Henry Pike, the architect who designed the historic Witherill Building on the 300 block of Salina Street in the 19th century. One year ago, January 21st, VIP Structures and community leaders unveiled the $25-million dollar project to transform the Witherill Building and 3 adjacent decaying buildings into 78 one and two bedroom apartments with upscale shops and retail on the street level.
The Executive Director of the Downtown Committee, David Mankiewicz sees Pike Block and a number of other developments as key to the resurgence of downtown Syracuse. "Salina Street is critical to us because changing the nature of Salina Street is what's going to change the public's opinion about downtown." Mankiewicz said.
Construction was supposed to begin in the Spring of 2010, after State and local officials declared that Pike Block would qualify for the New York State Historic Rehabilitation Tax Credit. It would have provided a $2-million dollar incentive for investors to back the project. But then Governor David Paterson put the brakes to the tax credit because of the state's fiscal crisis.
According to Mankiewicz, a lot has changed over the past year. He says the tax credit problem has been cleared up and financing for Pike Block is being restored. "The intention of the developer is to start this spring and I know from all the meetings with them, they have lined up their financing." Mankiewicz told CNY Central's Jim Kenyon.
Charlie Wallace of VIP Structures confirmed, "things are looking up." Wallace said VIP will be getting a "financing commitment from the Community Preservation Corporation any day now." That corporation provides financing for historic renovations throughout New York State.
