Salt City Market

Salt City Market project is a new 78,000 SF mixed-use development project transforming a vacant lot, located at the intersection of 3 impoverished neighborhoods in Syracuse, NY, into a mixed-use, multicultural, community hub. It features a 24,000 SF public market and grocery store on the first floor, 9600 SF not-for-profit office space on the second floor, and a total of 26 mixed-income apartments on the upper 2 floors with a tenant mix of 25% low-income housing (under 60% AMI), 25% market rate and 50% workforce housing (60-120% AMI). 6 apartments received HUD HOME funding to ensure affordability. The Salt City Market features 10 food incubator stalls for high-potential food entrepreneurs as well as a 2,500 SF co-op grocery store in a high-density, walkable, transit-connected area. The project sponsor, the Allyn Family Foundation holds a ten-year lease for 3200 SF of non-profit office space.

Investment
Project financing includes $18.01 million in New Markets Tax Credit allocation, of which RUGF is providing $16.01 million and the partnering CDE, Chase New Markets Corporation is providing a $2.0 million NMTC Allocation. JP Morgan Chase Bank is the NMTC investor. 

Salt City Market has received two government subsidies and is working to secure a third. The first is a $1.0 million grant from the New York State regional economic development council (REDC) and the second is a $350,000 HUD HOME subsidy for 6 affordable apartment units. The Sponsors are working to secure a Payment In Lieu of Taxes agreement with the Syracuse Industrial Development Agency

Market
The Salt City Market project is located strategically on a 5-corner intersection and is a gateway for future residents to access downtown Syracuse.  The Market is in a severely distressed area designated as a food desert with a 39.9% poverty rate.  The project is in a designated Opportunity Zone and is an approved project within New York State’s Downtown Revitalization Initiative.

Salt City Market will catalyze additional investments in the surrounding area. The project site intersects with a series of projects that are slated for development including Hyatt Place, an extended stay hotel directly across from the Salt City Market, and a renovation of a building across the street, which will include 128 apartment units and close to 40,000 SF of office space for future tenants. 500 yards from the Salt City Market, there are ongoing efforts to transform an abandoned high school into a STEAM high school that would accept students from anywhere within the county.

Community Impact
Salt City Markey is projected to create 50 permanent FTE’s, the majority of which will be accessible to the low-income community, and 93% of the positions are expected to pay above the county’s living wage. Employment benefits will be available to 70% of employees medical and dental benefits.

Extensive technical assistance will be provided to start up food stall entrepreneurs of which 70% are expected to be owned and operated by minority tenants and all tenants will benefit from a variety of flexible leasing terms.

A community room and teaching kitchen will be available for use by not-for-profits and community partners at a reduced cost to host events, conferences, ets.  Programming will be conducted by staff encouraging community to use the space for activities such as yoga, book clubs, children reading times, and movie screenings.  The teaching kitchen is fully outfitted to provide the community with health, food and nutritional education classes.

A 2500 SF Healthy Food Grocery Coop is located on the first floor and will provide fresh healthy food to the low income community.  The Coop is expected to obtain federal and state funding that allows a dollar for dollar match for qualified recipients to use on fresh produce.

Salt City will include 26 mixed income units with amenities and benefits such as relaxed leasing qualifications, free internet, indoor bike access, and basement storage.

The project is located across from Onondaga County’s central transportation hub, and the project will include sustainable practices including composting and reclamation of heat generated by compressor units used to heat the domestic water and glycol systems in addition to heating the sidewalks in the winter.

Developer/Sponsor
Founded in 1954, the Allyn Foundation has a long history of philanthropy in Central New York. In the last 15 years, the Foundation has distributed over $40 million in charitable grants to build a more inclusive and prosperous community. As a local, community-based funder, the Foundation focuses on disrupting concentrated poverty in Syracuse neighborhoods by empowering residents to fulfill their full potential, while contributing to the wellbeing of their families and the revitalization of their neighborhoods. Allyn’s equity-based approach centers on people, place, and opportunity.

Investor
JP Morgan Chase Bank is the NMTC is the Investor as well as a participating CDE in this project.