SYRACUSE, N.Y. — A joint venture between two New York-based firms, Brooklyn-based BFC Partners and SAA Canopy Group, will undertake the $269 million renovation and expansion of Parkside Commons, a 10-building affordable housing development in Syracuse.
The project calls for upgrades to all 200 units that are housed within six buildings at Parkside Commons, as well as the ground-up development of two new buildings that will house 193 units. Information on income restrictions was not disclosed. Completion of the renovations and new buildings are slated for early and late 2028, respectively.
To finance the project, the joint venture has received a $116 million construction loan from the Urban Investment Group at Goldman Sachs. In addition, New York State Homes and Community Renewal has issued federal and state Low-Income Housing Tax Credits for the project, which are expected to generate a combined $101.6 million in equity through sale to investors. The financing also includes “assortment of low-interest loans and subsidies.”
“Parkside Commons has received the necessary subsidy and financing for the long-awaited redevelopment of the campus, which marks an important milestone for our community and for the residents of Parkside Commons,” says Syracuse Mayor Sharon Owens. “This housing redevelopment investment addresses the urgent need for safe, high‑quality, affordable homes that our residents need and deserve.”
The new buildings will provide enough space to temporarily relocate every current resident of the four oldest structures at Parkside Commons, which will then be demolished. The demolished site will be used for additional housing that will be developed in a later phase. Plans for that phase of development will be announced once construction on the current phase is underway.
“Parkside Commons reflects everything we’ve learned about doing it right — keeping residents rooted in their community while fundamentally upgrading the homes they live in,” says David Alexander, co-managing partner of SAA Canopy Group. “As we begin this work, our commitment is the same as it’s been from the start: quality homes, strong neighborhoods, enhanced living environments and continued affordability.”
— Taylor Williams