Post-Standard building developers seek Syracuse tax breaks for renovation
The Post-Standard building in downtown Syracuse will undergo a $30 million renovation by VIP Structures, the architecture and engineering company that recently purchased the building. Developers are seeking tax breaks from the city.
VIP Structures will relocate its offices into the building that was the former headquarters of The Post-Standard. The newspaper is still printed in the space. Nora Spillane, the executive director of the Syracuse Industrial Development Agency, said construction includes three new stories with 40 luxury and premium apartments and ten affordable units.
"VIP will occupy the full first floor and they intend to make it a very active space, really engaging with the streetscape, so it's not just people working in an office," Spillane said. "They intend to have some lighting, visuals that show what they're working on. Then, the top two floors will be apartments, 50 apartments, so it's a mixed-income project as well."
New York State has allocated $1.5 million to the project. Developers are requesting more than $800,000 in mortgage recording and sales tax exemptions from Syracuse's development agency, plus a yet to be determined payment in lieu of taxes or PILOT agreement on property taxes.
Spillane said the project, will transform Clinton Square.
“This is really one way that as a city, we can continue to encourage development of buildings that have been underutilized," Spillane said. "We are confident in their ability to get this project done. They’ve hired a fantastic architect out of Minneapolis to redesign the façade of the building, add the additional stories that will be residential. It’s a full city block on a prominent city space, so we’re really excited about what they’re working towards.”
A public meeting on the project will be held in August or September. Construction could begin later this year and be completed by the end of next year.