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 $500,000 retainer or escrow that would be held if the project does not proceed. The transcript contains conflicting statements about whether that $500,000 would be retained by the City or held by the Syracuse Housing Authority; Bill and another city speaker both addressed that point during the discussion.

Funding for the Children’s Rising Center remains uncertain. A speaker identified as Requan (first name only; role/title not specified) said the project has lost roughly $7,000,000 in funding and that, without retaining $2,000,000 in ARPA funds from the city, the shortfall would be about $9,000,000. He added that if the Allen Foundation does not return as a funder, the gap could grow by another approximately $5,000,000 to roughly $14,000,000. Requan said, “This is a step in the right direction, but a lot of things would need to fall into play.”

Asked about New Markets Tax Credit timing, Requan said the team “will be able to have the opportunity to reapply next fall.” Officials repeatedly said all funding sources remain on the table, including city ARPA funds, foundation support, county or state partners, and reapplying for tax credits.

Developer, timeline and resident relocation

Ryan Brand, identified in the meeting as a developer with Rochester Cornerstone Group, said that if the council approves the deal and required financing is in place, closing would occur in about 30 to 45 days and the project team’s goal is to close by April or May. Brand said residents would receive at least 30 days' notice before any temporary relocation and described a phased relocation plan by groups of units tied to the building’s plumbing stacks: “So our goal is to close by April, if not May, and then, fairly soon after begin the relocation process,” Brand said.

Brand said project leaders planned to relocate small groups of residents at a time (about six units) but that schedule pressures—particularly a federal Environmental Protection Agency requirement related to heat-pump refrigerant—may force more residents to be moved at once. The team intends to offer either a hotel option at an extended-stay arrangement in East Syracuse or a lump-sum cash payment; an earlier exchange in the meeting cited approximately $1,500 for some individual relocation arrangements, but at one point another speaker described a much larger figure (transcribed as roughly $15,000,000) for those not using the hotel option. The transcript indicates these dollar amounts are approximate and the larger figure appears inconsistent with other statements.

Housing Authority and partner roles

Speakers said the Syracuse Housing Authority has authority over the public-housing units and that the Housing Authority Board has already approved its resolution supporting the deal. Bill told the council that the Housing Authority would hold a retainer in connection with the transaction; elsewhere in the discussion city staff described ARPA funds already set aside for the project as a special-project allocation that would require council and mayoral support to spend.

Questions and remaining risks

Councilor Navai pressed project leaders on details for temporary relocation, asking how much tenants would receive to arrange their own accommodations and whether storage of household goods would be covered; a developer representative and SHA staff said storage would be provided and that a relocation coordinator would be hired as part of the project’s working capital. Ms. Simmons (first name not given; role/title not specified) said she had called a foundation contact (Meg O'Connell) after negotiations and that the matter remained “open ended” with foundation decisions still pending.

Multiple speakers emphasized that while the deal is “fully entitled and ready to move forward” for redevelopment, the Children’s Rising Center component depends on outside fundraising and tax-credit timing. The deputy mayor (name not given) said the city “absolutely sees the benefit of the children's [Rising] center” and that city staff would “work very hard to try to fill these gaps.”

What’s next

Council action on the transfer was discussed as an imminent item; developers said a council resolution might trigger the closing window. Projected construction was described as roughly a year of work once construction begins, with common-area and site work possibly extending into the following spring. Project leaders urged continued cooperation among the Housing Authority, the City, developers and community stakeholders.

Ending

No formal City Council vote on the redevelopment is recorded in the transcript excerpt provided; the meeting ended after council business and a motion to adjourn. Officials characterized the current actions as steps toward site control and financing, not final guarantees that the Children’s Rising Center or all redevelopment components will be completed without additional funding.