Douglas Development, a Washington, D.C.-based developer, has ambitious plans to transform the former Syracuse Boys Club and Utica Mutual Insurance building in downtown Syracuse into a vibrant 56-unit apartment complex. To facilitate this project, Douglas Development has submitted a formal application to the Syracuse Industrial Development Agency (SIDA) seeking tax breaks that would significantly reduce the financial burden of the undertaking. The requested exemptions include $96,204 from the state mortgage recording tax and an additional $720,000 in exemptions from sales taxes on construction materials.
The proposed redevelopment project aims to revitalize these historic buildings and contribute to the ongoing revitalization efforts in downtown Syracuse. The apartments are expected to cater to a diverse range of residents, offering a mix of affordable and market-rate units. The project’s proximity to various amenities and attractions, including the Erie Canal, Destiny USA, and Syracuse University, is seen as a major advantage for potential tenants.
The Syracuse Industrial Development Agency is expected to review Douglas Development’s application and make a decision on the tax break request in the near future. If approved, the project will receive a significant financial boost, enabling the developer to move forward with the redevelopment plans and bring much-needed housing units to downtown Syracuse.
