Syracuse, N.Y. – The Syracuse Common Council today voted unanimously to approve the sale of 23 hillside acres near the Rosamond Gifford Zoo to a Long Island developer who will build 260 affordable apartments for people with below-average incomes.
Pending a December closing on its state financing, the Albanese Organization plans to begin construction in early 2026 and complete the work in 30 to 36 months, company principal Chris Albanese said.
In addition to two five-story apartment buildings to be built by Albanese, the nonprofit Home HeadQuarters plans to build 27 townhomes at the site.
When the apartment buildings open in 2029, they will be rented to people with incomes between 50% and 80% of the area median. Currently, that’s roughly between $36,250 and $58,000 for a single person.
The townhomes will be sold to people with incomes no higher than 100% of median, or about $72,500 for a single person.
In future phases, Albanese plans to build two additional buildings – one with 100 market-rate apartments and the other with 100 affordable senior apartments. And Home HeadQuarters plans eventually to build as many as 85 townhomes.
Common Councilor Pat Hogan, who represents the district, had initially expressed concerns that if the market-rate units do not materialize the neighborhood would not have the wide mix of incomes that city officials hoped for. But Albanese has agreed to set up a committee with city representatives who will provide ongoing input to the company, Hogan said.
Albanese will manage the property after it’s built. Hogan said the project will provide much-needed housing.
To move the $134 million project forward, the city council today approved several measures.
- They confirmed that the property will be sold to Albanese for $20,000 per apartment unit, or about $5.2 million.
- The city will set aside $11 million in state funds to provide low-interest loans to Albanese for site work.
- The city will bond for $18.8 million to pay for new roads, sewers and other infrastructure. Some of that work is expected to be covered by state funding.
The council today also approved spending up to $3,000 for an appraisal of the acreage to be sold to Albanese, although the outcome will not affect the sales price. Councilor Corey Williams, who chairs the finance committee, said councilors wanted an appraisal for the record even though it could not be arranged before the deal was approved.
“We’re looking to figure out the value of it, just so we have the full context,’’ Williams said after the vote.
Mayor Ben Walsh’s administration had pressed for the deal to be approved today, saying it was necessary if Albanese were to close on its state financing in December.
Walsh thanked the council for their vote today, saying it will help to “reactivate the long vacant site as a strong and healthy neighborhood providing much needed housing.”
Some of the 47-acre site is being held for future light industrial development, although there is no specific plan yet. Separately, Onondaga County has expressed interest in acquiring a portion of the land to expand the zoo.
The former developmental center opened in the 1970s as a home for children and adults with developmental disabilities. It closed in 1998 and fell into serious disrepair under private owners.
The city seized the 47-acre site for back taxes in 2019 and cut a deal with Albanese to redevelop the property. Gov. Kathy Hochul provided a kick-start to development when she agreed in 2022 to provide $29 million for demolition and infrastructure work.
Demolition work wrapped up this year.
The state Division of Housing and Community Renewal will provide 4% low-income housing tax credits for the first two apartment buildings. Those can be sold to an investor for about $44 million. Goldman Sachs has agreed to buy the credits, city officials said.
In addition, the state housing agency will provide about $73 million in very low interest financing through its New Construction Program. The agency plans to close on that financing with Albanese in December, said Eric Ennis, deputy commissioner of business development.
The Common Council in December 2024 approved a 30-year payment in lieu of taxes deal that will save the developer an estimated $11.6 million. Albanese will make PILOT payments starting at about $254,000 and increasing 2% each year.
“We’re going to have a property up there that’s not only going to be great -- we’re going to address the glaring need for housing in the community -- but we’ll also garner about a quarter of a million dollars in tax revenue off a property that’s never really paid any,’’ Hogan said.
If Albanese and Home HeadQuarters fulfill their plans for 460 apartments and up to 85 townhomes, it would be the biggest housing development in Syracuse since the 596-unit Brighton Towers were built in the early 1970s, Ennis said.
Staff writer Tim Knauss can be reached at:email|Twitter| 315-470-3023.
