Syracuse officials outline Eastwood Heights redevelopment, Latimer Terrace site transfer amid multimillion-dollar funding gap

Syracuse City officials and the Syracuse Housing Authority discussed a proposed property exchange and redevelopment plan affecting Eastwood Heights and Latimer Terrace, saying the Housing Authority has already approved a related resolution but key funding gaps remain.

The discussion at the council meeting centered on a deal in which the City would retain a portion of the Latimer Terrace parcel and the remainder—together with the existing Eastwood Heights 49-unit apartment building—would be part of a rehabilitation and redevelopment led by Rochester Cornerstone Group. Bill (first name only; role/title not specified) said the Housing Authority Board “voted, on their resolution on this, already,” and that “we're ready to go and we're ready to answer any questions.”

Why it matters: the redevelopment would rehabilitate existing public-housing units, add four units, and create a planned amenity known as the Children's Rising Center on the Latimer Terrace site if the center's funders can close a significant financing gap. Multiple speakers emphasized that site control and the Housing Authority resolution are important steps but do not guarantee the center's construction without new funding.

Key financial terms and unresolved funding

Matt (first name only; role/title not specified) and others recited two appraisals: the Eastwood Heights remainder containing the 49-unit building was appraised at about $2,600,000 (as-is); the Latimer Terrace land—reported as roughly 185,000 square feet and valued as raw land subject to HUD restrictive covenants from 1986—was appraised at about $800,000.

Participants discussed a…