Developers Wednesday broke ground on Crescent Commons at 165 Main Street in Cortland.
The joint project between developer David Yaman Reality Services and Housing Vision Consultants of Syracuse, will see the transformation of the historic Crescent Corset factory building.
The mixed-use project will feature both residential and commercial space.
The rehabilitation of the long-vacant industrial building in the heart of downtown Cortland will feature 47 high-end loft-style luxury units as well as a cafe, lounge and exercise room.
The building will also offer more than 100,000 square feet of commercial space.
In a statement provided to X101 News, Project Developer David Yaman said, “This is an exciting project for downtown Cortland and I thank the state for realizing the impact that the repurposing of this building will have on the area. At construction start, we already have half of the middle floor leased to three organizations. The lower floor will provide an additional space for a wide variety of uses.”
Housing Vision Consultants Director of Development Christopher Trevisani said, “Housing Visions is excited to break ground on Crescent Commons. The adaptive reuse of this historic former factory on Cortland’s Main Street will be a premiere destination for commercial and residential tenants. Together with our local, experienced partner David Yaman, we will provide a quality, convenient, and luxurious commercial and residential experience for the City of Cortland.”
The former Crescent Corset factory is on the State and National Register of Historic Places. As a result, part of the restoration efforts will include maintaining the original integrity of the building which has stood on the site since 1923.
The factory used to manufacture “Lady Luke” corsets for JC Penny’s.
Empire State Development is assisting with the project through a $200,000 Central New York Rising Upstate Revitalization Grant as well as a $750,000 Capital Grant. The total project cost is $16 million.
Commenting as part of the information released to X101 News, State Senator James Seward said, “Cortland has so much to offer and a number of steps have been taken in recent years to develop and enhance the Main Street/downtown area – growing jobs, expanding housing and encouraging true community appeal. Crescent Commons is another terrific addition that will encourage growth and fill an important role in Cortland’s future.”
State Assemblywoman Barbara Lifton said, “It’s very encouraging to see the growth that’s been happening in downtown Cortland in recent years, and the adaptive reuse of the former Crescent Corset factory is a wonderful addition to that revitalization. Not only does this project provide commercial space and housing, it will preserve and restore a historic building that is a part of Cortland’s rich history. Thank you to everyone who worked so hard to create this excellent project and to the Governor for his continued support of downtown revitalization throughout the state.”
The project is expected to be completed sometime in the spring of 2018.
Link: For additional information about Crescent Commons, click here.