Norstar Development is redeveloping the north end of the Shoreline Apartment complex with eight new buildings containing 48 units. The complex at 270 Niagara Street contained 472 units on 9.5 acres and was designed by modernist architect Paul Rudolph and completed in 1972. Demolition work on the north end of the site was completed last year.
A 20-unit, three-story brick building with fiber cement siding accents containing 10 one-bedroom and 10 two-bedroom apartments anchors the new development at the Carolina/Niagara Street corner (above). A building with two to three level townhouses is also being constructed along Niagara Street (below).
While move-ins will begin soon, a key funding piece is now in place. The Community Preservation Corporation (CPC), a leading nonprofit affordable housing and community revitalization finance company, has announced that the New York State Common Retirement Fund (CRF) has agreed to provide $500,000 in permanent funding for the project. It is part of a $710 million commitment to help finance multi-family housing developments for low- and moderate-income residents across New York State.
The agreement with the Fund, which is administered by New York State Comptroller Thomas P. DiNapoli, is nearly quadruple the 2014 funding agreement of $200 million and will help CPC and the Comptroller achieve their shared mission of investing in stable housing that strengthens and revitalizes underserved New York communities. Since 1991, CPC has invested $741 million from the Fund to provide permanent financing to 471 housing developments with a total of more than 18,515 units.
“Over the last 25 years, the Fund has placed their trust in our ability to lend at scale and put their investment to work in neighborhoods where it will do the most good,” said Rafael E. Cestero, President and CEO of CPC. “The longstanding partnership between CPC and the CRF has helped provide capital for housing projects that have transformed and stabilized communities, and given tens of thousands of New Yorkers access to new housing opportunities. This funding agreement significantly increases our lending capacity and ability to have a greater impact in communities large and small throughout the state. My thanks to Comptroller DiNapoli and his team at the CRF and I look forward to many more years of working together to invest in our state’s housing needs.”
The Fund is the third largest public pension plan in the country. For 25 years, the Fund and CPC have been partners in a shared mission to help revitalize under-served New York communities by investing in low- and moderate-income housing projects while providing a secure return for the fund.
With the agreement in place, CPC has more than two dozen projects totaling 1,480+ units within its active lending pipeline throughout Upstate New York that will be some of the first to benefit from investment from the Fund including the Shoreline project.
In addition to increasing CPC’s permanent lending capacity, the new agreement also allows CPC the latitude to lend to projects with a diversity of financial needs, with permanent loans as low as $250,000. The lower loan threshold will help CPC achieve one of its core missions of providing stable capital for small building owners who may often lack access to funding for acquisition of new properties and refinancing and renovation of existing properties.
Stieglitz Snyder Architecture designed the Shoreline replacement project.