Syracuse IDA approves tax relief and project agreements for renovation of 311 Gannett Drive

The Syracuse Industrial Development Agency approved a package of resolutions Sept. 9 to support a planned renovation of the historic building at 311 Gannett Drive into a 75-unit residential complex.

Under the actions approved — an inducement resolution, a pilot (tax exemption) resolution and a final resolution authorizing transaction documents — the agency will appoint the project company as its agent, provide exemptions from sales and use tax and mortgage recording tax, and execute lease/sublease arrangements needed to complete the project.

The project sponsor, Swanson Fulton LLC (or an entity to be formed), proposes to acquire an interest in roughly 1.99 acres improved by an approximately 83,402-square-foot, three-story historic building and to renovate it into 75 apartment units. The developer described a unit mix of 7 studios, 60 one-bedroom units and 4 two-bedroom units, with 67 market-rate units and 8 units restricted by income and rent limits under the City of Syracuse zoning rules. Planned improvements include new windows, an elevator, a new HVAC system, roof repairs, masonry facade restoration, interior amenities such as a fitness center and outdoor terrace, roughly 30 rentable storage units, about 25 indoor parking spaces and 52 outdoor gated spaces.

The inducement resolution authorizes the agency to undertake the project and to enter the agency agreement. The staff summary included maximum exemption figures: sales and use tax exemptions up to $804,525 and mortgage recording tax exemptions up to $101,250. The board’s pilot resolution applies the Syracuse IDA’s Uniform Tax Exemption Policy (UTEP) and extends the standard term by an additional five years for qualifying historic properties, producing a 20-year pilot schedule in total. The resolution and staff briefing noted that the property will continue to pay property taxes on its existing assessed value while abatements apply only to the value of new improvements.

City environmental review: Agency staff said the City Planning Commission declared itself lead agency under the state environmental review process for this Type I action, so the IDA did not include a separate SEQR resolution in its packet.

Financing and timeline: The sponsor said the project expects to use historic tax credits as a financing mechanism. The applicant told the board the building has been vacant for “at least 25 years,” said construction is expected to run about 12 to 13 months, and estimated a start in November or December 2025 with completion around January 2027 if the schedule holds.

Board action and process notes: The board’s finance committee reviewed the project on Sept. 9 and recommended approval. During the meeting the board adopted the inducement, pilot and final resolutions by voice vote; the minutes record the motions and affirmations as taken on the floor. The final resolution authorized agency counsel to work with the sponsor’s counsel to draft the necessary transaction documents and close the approvals.

Voices from the record: Applicant Grazi Zizarro described plans and timeline, noting prior City Planning Commission approval. Eric (staff) read the public-notice language and summarized the inducement, pilot and final resolution terms. Chair Kathy Murphy opened and closed the public hearing; no members of the public spoke for or against the project during the hearing.

Next steps: Agency staff said the sponsor will have 14 days to sign the agency agreement referenced in the inducement resolution, and counsel will prepare the closing documents. The board did not set additional conditions in the public record beyond the resolutions approved.