Syracuse’s Parkside Commons to Undergo $269 Million Transformation

The redevelopment plan targets the existing 10-building site along Westmoreland and East Fayette Streets. Developers will renovate six buildings to provide 200 updated apartments, while simultaneously constructing two new four- and five-story structures to house 193 units. Once the new units are ready, residents from four of the oldest, dilapidated buildings will be relocated, allowing those structures to be demolished and the land cleared for future community-focused development.

Funding for the project is anchored by a $116 million construction loan from the Urban Investment Group at Goldman Sachs. Additional capital flows from New York State Homes and Community Renewal, utilizing federal and state Low-Income Housing Tax Credits, which are expected to generate over $100 million in combined proceeds. City and state officials, including Syracuse Mayor Sharon F. Owens, have framed the initiative as a critical investment in local housing stability. Construction is scheduled to conclude in phases, with renovations finishing by early 2028 and the new buildings ready for occupancy by late 2028.