Development in and Around Syracuse Discussion

[shandeezy7]

I wish they would, but there would be 200 less apartments to sell, and the big money is in LUXURY. Its all about the extra amenities. I'm not sure what this places is planning to charge, but in the other new complexes they charge $1500 a month for one bedroom of a four bedroom suite. How many $6000 a month apartments are there in other parts of CNY ? If you're from NYC, Boston, Philly it may seem reasonable, but you could rent a really nice four bedroom house in Dewitt for half that.

The University area has been short on student apartments for forever, but it seems like there has to be a point soon where these luxury apartment complexes will be fighting hard to get the limited pool of tenants that can afford the price.

Especially considering that I believe the SU master plan is to have on-campus residency requirements for the majority of undergrads. It's the Wild West when it comes to housing for SU undergrads currently. But when that changes, I'm not sure how these mega-student housing complexes are going to survive. Hopefully the city isn't short-sighted when it comes to analyzing these proposed developments.

 

[Cusefan0307]

At what point is the state going to release the DEIS for 81? We were told early 2019 over a year ago. We are now in the 2nd quarter of the year. At some point movement needs to be made. It's getting quite ridiculous. They started studying this 10-15 years ago.

 

[shandeezy7]

At what point is the state going to release the DEIS for 81? We were told early 2019 over a year ago. We are now in the 2nd quarter of the year. At some point movement needs to be made. It's getting quite ridiculous. They started studying this 10-15 years ago.

Right, and they initially said that the end of useful life of the elevated viaduct was 2017. Over 2 years ago! How safe does that make you feel?

 

[Fly Rodder]

Hey now ... there is a lot of political pressure from fiscal conservatives to make a boondoggle tunnel be a considered a cost effective solution. Square pegs don't fit round holes on their own you know.

 

[shandeezy7]

New downtown Syracuse ‘Canal District’ in draft I-81 grid plan

 

[KellySyracuse]

In Today's Syracuse.com

Tech entrepreneurs: Choose community grid for a connected Syracuse (Your letters)

"To the Editor:

As the founders of Plowz & Mowz, Sidearm Sports, Spincar and TCGplayer, four of the fastest-growing technology companies in Central New York, we’re committed to the growth of downtown Syracuse. This commitment is evident in the significant investments we have made to establish new headquarters downtown and in the creation of hundreds of local jobs. As we continue to grow our companies, it is critical that we support the development of a vibrant community that offers mixed-use spaces, is walkable rather than car-centric, and is attractive to our workforce. Recent hires prefer to live and work in an urban, 21st century community that is connected and thriving. That’s why we’re confident that the community grid is the best choice for the future of Syracuse.

...We recognize that the community grid won’t solve all the challenges the city faces, but as members of the business community who want to grow and create desirable employment opportunities, we plan to do our part to support needed changes. The tech community is a willing partner to help craft solutions around modern transit, efficient lighting and enhanced tech-driven infrastructure...

 

[OttoMets]

In Today's Syracuse.com

Tech entrepreneurs: Choose community grid for a connected Syracuse (Your letters)

"To the Editor:

As the founders of Plowz & Mowz, Sidearm Sports, Spincar and TCGplayer, four of the fastest-growing technology companies in Central New York, we’re committed to the growth of downtown Syracuse. This commitment is evident in the significant investments we have made to establish new headquarters downtown and in the creation of hundreds of local jobs. As we continue to grow our companies, it is critical that we support the development of a vibrant community that offers mixed-use spaces, is walkable rather than car-centric, and is attractive to our workforce. Recent hires prefer to live and work in an urban, 21st century community that is connected and thriving. That’s why we’re confident that the community grid is the best choice for the future of Syracuse.

...We recognize that the community grid won’t solve all the challenges the city faces, but as members of the business community who want to grow and create desirable employment opportunities, we plan to do our part to support needed changes. The tech community is a willing partner to help craft solutions around modern transit, efficient lighting and enhanced tech-driven infrastructure...

On its face that's a "well, duh," but it's actually kind of a big deal. The TCGplayer founder was not a pro-grid guy until pretty recently.

That further strengthens the majority of major employers who are pro-grid. You know, the real business-people in the region, as opposed to the Mickey Mouse motel operators on Seventh North Street.

 

[Cusefan0307]

Bad news for the locals who crap on Syracuse...

 

[KellySyracuse]

On its face that's a "well, duh," but it's actually kind of a big deal. The TCGplayer founder was not a pro-grid guy until pretty recently.

That further strengthens the majority of major employers who are pro-grid. You know, the real business-people in the region, as opposed to the Mickey Mouse motel operators on Seventh North Street.

along with the hospitals and the university, the biggest employers in the region.

continuing the conversation, not sure if anyone listened to Grant Reeher's interviews with both sides of the 81 debate. It's interesting to hear the individual reasons from each on the solution they chose.

You can find the replays here:

https://www.wrvo.org/programs/campbell-conversations-wrvo-1-npr-news

 

[FrancoPizza]

Report: Destiny USA may default on its mortgage

I'll let others who are more in-the-know comment. Might be a sign of trouble or just another tactic by Pyramid.

 

[IthacaMatt]

At what point is the state going to release the DEIS for 81? We were told early 2019 over a year ago. We are now in the 2nd quarter of the year. At some point movement needs to be made. It's getting quite ridiculous. They started studying this 10-15 years ago.

That's because the campaign contributions kept flowing in to try to influence the vote to the tunnel. Now that Pyramid and the mall are in financial trouble, there is no way in hell we ought to take on the engineering problems (and expense) of a tunnel.

 

[IthacaMatt]

On its face that's a "well, duh," but it's actually kind of a big deal. The TCGplayer founder was not a pro-grid guy until pretty recently.

That further strengthens the majority of major employers who are pro-grid. You know, the real business-people in the region, as opposed to the Mickey Mouse motel operators on Seventh North Street.

Exactly! Once you take the Mall out of the equation, there is literally no case for keeping 81 going through the heart of the City. Every business on 7th North Street can be found in almost any other neighborhood of the City.

 

[FrancoPizza]

Exactly! Once you take the Mall out of the equation, there is literally no case for keeping 81 going through the heart of the City. Every business on 7th North Street can be found in almost any other neighborhood of the City.

Well to be fair that's like saying once you take the Dome out of the equation, there's literally no case for going to Marshall Street.

 

[Newhouser]

Report: Destiny USA may default on its mortgage

I'll let others who are more in-the-know comment. Might be a sign of trouble or just another tactic by Pyramid.

It's too big to fail no? The mortgage will just keep getting passed around. I think the mall is a house of cards. Same view on the Hotel Syracuse too. When the bills come due the money to pay will not be there.

 

[IthacaMatt]

Well to be fair that's like saying once you take the Dome out of the equation, there's literally no case for going to Marshall Street.

But that would be inaccurate, because you still have 15,000 students looking for places to go out to eat, shop and drink within walking distance of campus and their dorms.

 

[IthacaMatt]

It's too big to fail no? The mortgage will just keep getting passed around. I think the mall is a house of cards. Same view on the Hotel Syracuse too. When the bills come due the money to pay will not be there.

I'm worried about the Hotel Syracuse, too. I just don't see enough traffic when I drive by.

 

[Jake]

Well to be fair that's like saying once you take the Dome out of the equation, there's literally no case for going to Marshall Street.

Seriously?

You do realize that there are other employers up on the university hill other than the school right?

Upstate, Crouse and VA med center are all top 10 employers in the city.

 

[FrancoPizza]

Seriously?

You do realize that there are other employers up on the university hill other than the school right?

Upstate, Crouse and VA med center are all top 10 employers in the city.

C'mon jake you know what i meant. I don't go up to the hill unless it's for an SU game. I don't count my trips to the ER as a visit.

In other news, might as well shut the city down and pack everyone up. If destiny can't succeed on a tax-free diet and Hotel Syracuse can't succeed with all of the local pols and business leaders rallying behind it, there's not much hope for the future... outside of football season.

 

[KellySyracuse]

I think the hand ringing about the Hotel Syracuse in trouble is a bit speculative unless someone has their occupancy rate they want to post here

 

[shandeezy7]

I think the hand ringing about the Hotel Syracuse in trouble is a bit speculative unless someone has their occupancy rate they want to post here

Yeah I've heard some mixed things on Hotel Syracuse. Perhaps lower revenues/occupancy rates than projected, but I haven't heard that they are anywhere close to panic mode or in jeopardy of defaulting on a loan like Pyramid. That being said, anything that I've heard is third-hand knowledge, at best.

 

[Fly Rodder]

Yeah I've heard some mixed things on Hotel Syracuse. Perhaps lower revenues/occupancy rates than projected, but I haven't heard that they are anywhere close to panic mode or in jeopardy of defaulting on a loan like Pyramid. That being said, anything that I've heard is third-hand knowledge, at best.

Can't order hotel rooms through Amazon. Syracuse has needed more hotel rooms for a while. How much they cost is another. From what I've heard through the event planners, weddings are booked solidly at Hotel Syracuse.

ETA: Also, IIRC the entire Hotel Syracuse hasn't been renovated, there are still floors that are closed and unless there is a siginificant need, I doubt that they spend the money on them anytime soon. Unlike building a giant mall addition just as the economy was in a recession and malls in general were going the way of the dodo. The change in the tenant list at Destiny was telling as highend retail shops started there and were gradually replaced by discounters and then by services and advertising.

 

[shandeezy7]

Can't order hotel rooms through Amazon. Syracuse has needed more hotel rooms for a while. How much they cost is another. From what I've heard through the event planners, weddings are booked solidly at Hotel Syracuse.

As someone who explored having a wedding there within the past year, I could say with pretty high confidence that their wedding/event booking will be no issue at all any time soon. Booked solid and at probably the highest rates in CNY.

 

[TexanMark]

As for Hotel Syracuse...the lack of action on the structure across the street tells me all I need to know. I'd say there is an over supply of rooms in downtown right now. It doesn't mean the Hotel Syracuse is in trouble.

 

[shandeezy7]

As for Hotel Syracuse...the lack of action on the structure across the street tells me all I need to know. I'd say there is an over supply of rooms in downtown right now. It doesn't mean the Hotel Syracuse is in trouble.

It could be a sign of that or it could be a totally separate issue that has nothing to do with hotel supply in downtown Syracuse or with the well-being of Hotel Syracuse. In January, a Syracuse.com article painted it as a financing issue with Hayner-Hoyt. Not sure of the reasoning for those issues, though.

Developer: Downtown Syracuse hotel project still a go

 

[kingtidge]

Malls we're cool in the 1980's.

It's no surprise it's a dying footprint.

Congel's business model is now a distressed property business model...

Pull out and wash as much equity as you can, then flip over the table and walk away and let the mortgage holders and local community deal with the husk.