UTICA, N.Y. (WUTR/WFXV/WPNY) – On Wednesday, July 27th, as part of the Downtown Revitalization Initiative, Artspace Projects, Inc. announced a $4.9 million tax credit award from New York State Homes & Community Renewal (HCR), for the development and construction of ‘Artspace Utica Lofts.’
“This is a great example of how positive things can be achieved through collaboration and public-private partnerships,” said Mayor Robert M. Palmieri. “This project will attract artists and provide needed housing. With the support of New York State Homes & Community Renewal, and local organizations such as the Community Foundation, this project is coming to fruition.”
The Artspace Utica Lofts is set to provide 43 affordable catalytic, energy-efficient housing units, as well as 940 square feet of community space. Considered one of the landmark projects of the Downtown Revitalization Initiative, the area is designated as a United Nations resettlement community. Local city officials want to take a creative placemaking approach with the goal of stimulating economic investment.
The 4-story building will be located at 1020 Park Avenue, between the Stanley Center for the Arts and Munson-Williams-Proctor Arts Institute, which is the intersection of the downtown commercial and Arts & Cultural Districts with an estimated cost of around $16 million. Additionally, the $4.9 million award from HCR includes a 9% Low-Income Housing and New York State Low-Income Housing Credits. Housing will be for those earning between 40% to 80% of the area median income with a focus on local area artists.
“We have long supported Artspace’s planned presence in Utica, and it’s exciting to see the development moving forward,” said Alicia Fernandez Dicks, Community Foundation president, and CEO. “Its complementary commitment to artists and affordable housing will be another of the transformational pieces of an increasingly vibrant neighborhood and community.”