A multi-million project in Cortland will restore a historic factory in the city's downtown area.
The $16 million Crescent Commons project will renovate the former Crescent Corset factory, which was built in 1923 and was used to manufacture "Lady Lyke" corsets for J.C. Penney. The restoration work will transform the building, which is on the State and National Register of Historic Places, into a mixed-use facility with commercial and residential space.
Once completed — the project is expected to be finished in the first half of 2018 — the building will have 47 loft apartments, a cafe, exercise room and lounge. The commercial portion of the structure will occupy more than 100,000 square feet of space.
Empire State Development, the state's economic development arm, will support the project with a $750,000 capital grant. An additional $200,000 will be provided through CNY Rising, the region's economic development strategy.
"Restoration efforts like Crescent Commons are crucial to revitalizing our communities," said Howard Zemsky, president and CEO of Empire State Development. "The transformation of this former corset warehouse is yet another great example of the governor's commitment to re-energizing downtowns as we look to the future."
The project will be spearheaded by David Yaman Realty Services, a real estate development firm, and Housing Vision Consultants of Syracuse. Yaman said in a statement that as construction begins, half of the building's middle floor has been leased to three organizations.
Christopher Trevisani, director of development for Housing Vision Consultants, said the renovation of the factory will make it a "premier destination" for businesses and tenants.
"Together with our local, experienced partner David Yaman, we will provide a quality, convenient and luxurious commercial and residential experience for the city of Cortland," Trevisani said.