Syracuse IDA approves tax-abatement package for conversion of 311 Gannett Drive into 75 apartments

The Syracuse Industrial Development Agency approved inducement, pilot and final resolutions to grant financial assistance to Swanson Fulton Street LLC to renovate the historic building at 311 Gannett Drive into a 75-unit residential complex, agency staff said at a public hearing and subsequent board vote. The package includes exemptions from State and local sales and use tax, and a mortgage-recording tax benefit; staff cited maximums of $804,525 for sales and use tax exemptions and $101,250 for mortgage-recording tax relief.

The project will convert an approximately 83,402-square-foot, three-story historic building on about 1.99 acres into 75 apartments, of which 67 will be market-rate and eight will be income- and rent-restricted under the City of Syracuse zoning limits. The proposed unit mix is 7 studio units, 60 one-bedroom units and 4 two-bedroom units. Site and building amenities described in the application include a fitness center, an outdoor terrace, an…