West Water Street could get another boost
if Elmira can land a second Restore New York grant that
would revive three deteriorating, empty buildings, officials
said Thursday.
On the heels of a redevelopment project currently under
way at the former Riverside Florist building, a proposed
$6.8 million project would restore the vacant Rosenbaum's
and Marvin's buildings at 106-112 W. Water St. and 114
W. Water St. Additionally, that project would ultimately
lead to restoration of the empty Harold's building at 104
W. Water St.
"I'm really impressed with the scope of these projects," Mayor
John Tonello said during Elmira City Council's workshop
session Thursday. "It's comprehensive. It's a big step,
and I think it's one that makes a lot of sense. The numbers
work in a project like this. It continues what we've started."
James Johnson, vice president of Southern Tier Economic
Growth, told the council that Elmira is applying for a
$2.5 million Restore New York grant to rehabilitate the
two buildings. "If we can leverage the dollars to assist
the developer to redo these two buildings, he's going to
do Harold's on his own, and he's already committed to doing
that," he said.
The council will vote on authorizing the mayor to apply
for the grant when it meets 7 p.m. Monday on the second
floor of Elmira City Hall, 317 E. Church St.
Through the project, the Rosenbaum's basement and first
floor would be restored for commercial-retail use, while
the first floor of Marvin's would be either commercial
or retail suites, Johnson said. The second, third and fourth
floors of those buildings would be used for upper-scale
apartments ranging from 600 square feet to 1,300 square
feet, he said.
There would eventually be 20 apartments that would rent
for about $800 to $1,200 a month, according to George Miner,
president of Southern Tier Economic Growth.
A shared terrace or dedicated terrace space at the rear
of the apartment units is being discussed, Johnson said.
Additionally, an existing elevator shaft can be refitted
with new mechanicals to support both the Marvin's and Rosenbaum's
buildings, he said.
Parking is still being worked out, he said.
The developer is also exploring the possibility of changing
to angled parking in front of the buildings instead of
parallel parking, Johnson said. Several council members
were enthusiastic about that idea.
The $6.8 million project involves about 57,000 square feet
in Marvin's and Rosenbaum's, not including Harold's, he
said. The investment by the developer, whom officials declined
to name, would be about $1.3 million to $1.8 million. With
Restore New York funding, that leaves a gap of about $2
million gap, he said.
To close that gap, which is necessary to apply for the
state grant, officials are looking at using some of the
city's commercial loan dollars and some other community
loan money, Johnson said. They are also exploring New Market
Tax Credit, a federal program similar to historic preservation
tax credits that seeks to encourage investment in distressed
areas.
"I feel very confident that we'll be able to close the
gap. There's skepticism, but there's also some risk, obviously,
just as with Riverside Florist," Tonello said. "But by
having the Restore New York money in there, that's a huge
anchor to other sources of revenue and things like the
tax credits, so I feel pretty confident closing the gap."
Jennifer Miller, the city's grants administrator, said
Elmira must submit its application for the state grant
by Sept. 28. A public hearing -- to be held during Monday's
council meeting -- is part of the application process.
The state expects to award the grants by December, she
said.
"These buildings have been vacant for over a decade," she
said. "Turning those buildings around would really be a
tremendous improvement and really move downtown Elmira
forward."
There is some urgency to getting the work under way, Johnson
said, citing concerns about some structural issues in the
Marvin's building. New supports need to be installed on
the first floor to maintain the structural integrity of
the upper floors, he said.
"If something doesn't get done with that building very
soon, it will start to fall down," he said. "That's what
we're being told by our architects."
Councilman James Hare, D-6th District, said he was excited
about the project.
"It shows, just like with the Riverside Florist building,
what the possibility of these Restore (New York) monies
can do because a private developer can't make the building
work without that kind of help," he said. "People don't
appreciate that, but that's why it's absolutely necessary."
Tonello said the Riverside Florist project spurred interest
in other area properties as he and the city manager had
talked about earlier.
"Where the Riverside Florist project was the seed, it's
now a sapling, and now there are new seeds being planted," he
said.
Asked by Hare about the interest level in four apartments
being created in the former Riverside Florist building,
Johnson said the initial response showed greater demand
than the number of units.
The developer of this new project has tremendous experience
with multiple-unit housing in other areas of the country
and in Elmira, Johnson said. He does not expect a typical
25 percent vacancy rate will hold true in Elmira but feels
very confident it will less than 10 percent, he said.
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