The Hurbson Building sign letters were removed from the facade to signal the beginning of construction.

CONSTRUCTION BEGINS ON FORMER HURBSON BUILDING
One of the Last Vacant Buildings in Armory Square will be Redeveloped into Retail & Residential Units

SYRACUSE, NY - The Downtown Committee announced the start of construction at the former Hurbson Building in Armory Square. CRS Companies will convert the historic structure into a mix of residential and retail space, redeveloping one of the last vacant properties in Armory Square.

CRS Companies will build out the Hurbson Building's 22,000 square feet of space into 14 one- and two- bedroom apartments on the top four floors, and 4,500 square feet of street level retail space. The high-end units will feature such amenities as stainless steel appliances, fireplaces, and ceramic and hardwood floors. The building will be completely renovated including a new roof, new elevator and new windows on the east side of the building, which is currently a solid wall.

"I am thrilled to join in the exciting revitalization that is taking place in downtown Syracuse," said Skip Cerio, developer of the Hurbson Building. "Armory Square is a great asset to Syracuse and serves as an example for other cities of successful urban revitalization. I have been involved in many renovation projects around the Buffalo area and look forward to expanding my work into my hometown of Syracuse."

Funding for the $5 million project includes a $1.3 million grant from the Restore NY program, as well as a $250,000 loan from the Syracuse Economic Development Corporation. The Community Preservation Corporation (CPC) is providing the construction loan and permanent financing. The Hurbson project is part of the $6.3 million Restore New York Communities Initiative project for downtown Syracuse's "Connective Corridor, Building Upwards" initiative.

"I'm thrilled to see that, thanks in part to a $1.3 million Restore New York Communities Initiative grant from Governor Paterson and New York State, construction has started at the former Hurbson Building in Syracuse, taking an existing building and developing it into something that is useful and vital to the community," said Empire State Development Chairman & CEO Dennis Mullen. "The Restore NY program leverages private investment to encourage community development and neighborhood growth. This is clearly an exemplary project that will not only revitalize downtown Syracuse's Armory Square but encourage people to live and work in our downtown communities."

"The redevelopment of the former Hurbson Building is yet another example of the strong interest in our community for downtown living," said David Mankiewicz, Executive Director of the Downtown Committee. "Downtown housing is at a 99% occupancy level and demand continues to grow. Skip's renovation of this historic structure is just the type of environment urban dwellers are seeking."

CRS Companies acquired the former Hurbson Building in 2005. Built in 1871, the building is part of the Historic Armory Square District. It housed the Hurbson Office Furnishing Company from the 1950s until 2003 and has been vacant since that time. Project completion is anticipated in May 2011.

About CRS Companies

The CRS Companies is a leader among real estate development and management companies in northeastern United States. Headquartered in Amherst, New York, the CRS Companies offers a comprehensive package of high-quality design/build services that work together to create award-winning, aesthetically pleasing and functional properties of distinction. For more information, visit www.thecrscompanies.com.

About the Downtown Committee

The Downtown Committee is a private, not-for-profit, professional downtown management organization, representing all property owners and tenants within the central business district. The organization was created by the City of Syracuse in 1975 at the request of the private-sector leadership. A special assessment district was created to provide the financial resources necessary to ensure the proper management of the area bound by Interstate 81, Interstate 690, Onondaga Creek, and Adams Street. The Downtown Committee undertakes programs to improve downtown's image, strengthen its economic base, increase its attractiveness, and assure that it's clean, safe, and accessible. For more information, visit www.downtownsyracuse.com.

Senator John DeFrancisco removes the 'H' from the Hurbson sign on the facade.