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Developer proposes 140-unit mixed-use project at 47–51 Cannon Street; seeks $1.5M DRI grant
Summary
Applicant Jim Sullivan said his team has planning approvals and a $500,000 Empire State Development grant for a craft beverage facility; the $34 million project requests $1.5 million in DRI funding to complete the capital stack and attract hospitality tenants downtown.
Jim Sullivan, the applicant for a proposed mixed-use redevelopment at 47 and 51 Cannon Street, told the Local Planning Committee the project would cost about $34 million and that his team is requesting $1,500,000 in DRI funding. Sullivan said the development would contain about 140 apartments and roughly 12,000 square feet of commercial space, with a planned 6,000-square-foot artisan beverage manufacturing facility and hospitality-oriented commercial uses for the balance.
“We're targeting between, like, $1,450 and about $2,200 for our apartments there,” Sullivan said, describing the team’s approach to setting rents by comparing appraisals, HUD fair market rents and the developer’s own experience in the city. He said the applicant expects to use equity and bank financing and has a longstanding relationship with Rhinebeck Bank; Sullivan said he would provide proof of financing to the LPC.
Sullivan said the team previously had an approval for an eight-story, 66-unit scheme and that the redesign—motivated by feasibility work—led to the current plan with higher unit counts. He said the project currently does not include three-bedroom units, citing building shape and unit planning efficiency.
When asked about other public funds, Sullivan said the team has a $500,000 ESD (Empire State Development) grant earmarked for the beverage manufacturing space. He said he generally does one project of this size at a time and expects to sequence refinancing from a currently-under-construction project across the street before committing fully to the Cannon Street work.
Sullivan told the committee the team is close to shovel-ready status, owns the property, has planning board approval and is finalizing capital stack elements. He said past projects on Cannon Street and elsewhere in the city provide the track record for execution.
No formal vote or recommendation occurred; the LPC invited the applicant to supply proof-of-financing documents and other requested materials for the committee’s next review.
