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Boards receive updates on downtown development: 178 Maple, Foothills Builders and DRI Phase 1 face financing/ cost challenges
Summary
Staff reported progress on 178 Maple Street and Foothills Builders projects and flagged steep contractor bids for remaining DRI Phase 1 work (bids discussed in the meeting ranged from about $1.4M to $1.8M compared with an earlier budget near $400,000), prompting plans for value engineering and coordination with state agencies.
During project reports at the Jan. 2 session, CEO Jeff Flagg and staff updated the boards on several downtown development efforts and raised affordability and procurement issues for the remaining DRI (Downtown Revitalization Initiative) scope.
Flagg said 178 Maple Street's work is largely interior and that construction began in time to satisfy ESD/Restore program requirements; the team expects building completion later in the year. He also reported the authority recently closed on 76 Lawrence Street and highlighted the South Street/Tech Meadows development as an important recent private-sector project supported by the IDA.
The Foothills Builders project at 109–115 Warrens was described as progressing through financing, but the site has residual fuel-tank contamination from its prior use as a car dealership; remediation costs are complicating lender work and may affect project scope and timing. Staff circulated an application to the developer and will monitor eligibility for Restore grant support.
Most notably, the board discussed bids for the remaining work tied to the DRI/36 Elm project. Members said a general-contractor bid came in far above budget; meeting discussion referenced bid numbers ranging roughly from $1.4 million to $1.8 million compared with a previously budgeted figure near $400,000. The board discussed options including breaking the scope into separate contracts, conducting value engineering to reduce costs, and meeting with Department of State and Empire State Development staff to reconcile budgets and project completion plans. Chair asked staff (Amber/Venaccio) to provide detailed cost breakdowns and percent-complete figures for Phase 1 and occupancy/rental status for reporting to state partners.
No new project resolutions were voted at this meeting; the board called for follow-up reports to quantify cost exposures and next steps with state agencies.
