Franklin Street Building Awarded Funding by State

WATERTOWN, N.Y., June 30  —  

Highlights from Neighbors of Watertown:

These awards substantially complete the funding for the Franklin Building Renovation. This project is the substantial rehabilitation of a historic, three story building for mixed use located in a downtown public square. 

The project will have an elevator to serve 16 residential units for occupancy by families on the upper floors. Commercial units will occupy the street level. Design features include Energy Star appliances, light fixtures, and heating systems or the equivalent and other requirements to meet the Green Building Initiative. 

The project will provide two accessible, move-in ready units for persons who have a mobility impairment and two units will be fully accessible and fully adapted for persons who have a hearing or visual impairment. All sixteen units will be visitable. Unit amenities will include Energy Star central air conditioning.

Funding for the residential portion of this project will be provided by the NYS HOME program, the federal Low-Income Housing Credit program, the New York Main Street program, and Historic Tax Credits. The commercial portion of this project will include funding from Urban Initiative Program, New York Main Street Program, Historic Tax Credits, Community Development Block Grant, National Grid, and Restore NY.

The housing and historic tax credits are expected to produce an equity contribution of $3,814,078.  

The development team consists of Neighbors of Watertown, Inc. as the developer and the management agent, Con-Tech Building Systems as general contractor, Crawford & Stearns Architects and Brooks Washburn Architect, PC as green building specialist.

Upon completion, the project will be owned by Public Square Developers, L.P. having the developer as general partner.

The gross rents (rent plus utilities) will range from $422 to $597 a month and will be affordable to households with incomes at or below 60% of the area median income.

In addition, five units will be targeted to families who are homeless. 

Official: Neighbors of Watertown

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