A historic Syracuse building that was empty for 25 years has been revitalized.
The Dietz Lantern Factory, which is near Leavenworth Park on the city's west side, has been transformed into commercial and residential space. The residential area includes 92 loft apartments, 65 percent of which have already been leased.
The lofts are equipped with hardwood kitchen cabinets, granite countertops, stainless steel appliances, and ceramic tile bathrooms with tiled walk-in showers.
"The historic rehabilitation of the former R.E. Dietz Lantern Factory provides a neighborhood and building with a strong past an even brighter future in the Syracuse community," said Matthew Paulus, president of Paulus Development and a partner on the development team.
The multi-million dollar project received significant support from nonprofit organizations and state and local governments. A $19.2 million construction loan was provided by the Community Preservation Corporation, an organization that funds revitalization projects in Syracuse, and two lenders — NBT Bank and Pathfinder Bank.
An additional $16.2 million loan was provided by the Community Preservation Corporation through an agreement with the state Common Retirement Fund.
The state supported the project with a $900,000 grant from CNY Rising, the region's Upstate Revitalization Initiative plan. Onondaga County provided a $517,000 Save the Rain grant to help fund the renovation.
Howard Zemsky, president and CEO of Empire State Development, called the building's rehabilitation "a great addition to the ongoing renaissance taking place in downtown Syracuse."
"The momentum is due in large part to Governor Cuomo's unwavering support of upstate, which is leading to concrete investments that are transforming the region's economic future," Zemsky said.
The R.E. Dietz Company was founded in Brooklyn in 1840. It moved to central New York after a fire destroyed its New York City plant in 1897.
The company, which manufactured lanterns, shifted its production to Hong Kong in the early 1970s. It closed its Syracuse operation in 1992.