A former corset factory in Cortland, New York, has become an apartment and office property as part of a CPC-led adaptive reuse project
Crescent Corset Co. is the first subsidiary of J.C. Penney Co. and the manufacturer of its private brand Lady Lyke corset, which was built in 1923 at 165-177 Main Street.
Located on the National Register of Historic Places, the Crescent Factory is a model of daylight industrial architecture in the early 20th century, with steel frames and large glass windows. At the peak of the company in the late 1920s, it was a major employer, providing employment opportunities for approximately 700 women.
CPC and its development partners, Housing Visions and David Yaman Realty Services, recognize that the transformation of long-term vacant sites may have an important impact on the reconstruction and revitalization of Cortland.
Create new rental housing, expand the housing stock of the community, and new commercial spaces that help catalyze economic opportunities, support local government goals, and meet the needs of local residents.
The long-overdue 149,000-square-foot industrial building was transformed into a new moon public area with 47 mixed-income apartment units and 103,490 square feet of high-quality commercial space.
The financing includes a $12.5 million construction loan from CPC and a $8.5 million SONYMA insurance permanent loan through a CPC funded by the New York State Common Retirement Fund Agreement.
A grant of $1,000,000 was provided to the Regional Economic Development Board. State Grid has awarded a grant of $250,000 for the project. The project also received a historical tax credit of approximately $4.3 million.
The city of Cortland has approved a $300,000 loan and the project has received a 15-year PILOT from Cortland County IDA.
Ben Lockwood, President and CEO of Housing Visions, said, “The adaptive reuse of this historic building on Cortland Street is the first realization of commercial and residential tenants. We work with local experienced partner David Yaman to provide quality for Cortland. Convenient, luxurious business and residential experience.”
“By working with CPC and local organizations, we are investing money in local communities in New York, while generating significant returns for national pension funds,” added New York State Auditor Thomas P. DiNapoli.
The residential area offers one and two bedroom apartments ranging in size from 564-895 s / f. There are a total of 28 single-bedroom units for a rent of about $900 a month, and 19 two-bedroom units for a rent of about $1,200. Each unit includes an EnergySTAR device and an HVAC system. Common facilities include a café, fitness centre and laundry facilities. External highlights include a landscaped courtyard, private secure access and ample parking.
More than 103,000 s / f of commercial space is located in the middle and lower floors. About half of the first floor has been leased.
Commercial components will be suitable for high-tech issues, retail or wholesale, service companies or light assembly offices for use, research and development. Pre-leasing tenants include consulting centers, real estate offices and home care service providers.