Cortland business incubator project awarded $500,000 grant

This building at 40-42 Main Street will house the Cortland Business Innovation Center (Cortland Voice file photo)

CORTLAND, N.Y. — The Cortland Downtown Partnership will receive half a million dollars from a state grant to complete its work on the Cortland Business Innovation Center project.

New York Gov. Andrew Cuomo announced Thursday that 75 projects across the state have been awarded funding as part of the state’s Restore New York Communities Initiative. The “Restore NY” grants are meant to support the redevelopment of blighted properties in local municipalities.

The Cortland Downtown Partnership will use the funding to complete renovations inside the Business Innovations Center, which will be open to aspiring entrepreneurs and emerging businesses.

“What we’re doing is well-adapted to our market in Cortland County,” said Adam MeGivern, executive director of the downtown partnership. “Although it has a physical presence in downtown Cortland, the outreach can extend well beyond the footprint of the building.”

MeGivern said the building is open to new tenants.

Architectural designs for the Cortland Business Innovation Center (photo provided)

The building at 40-42 Main Street was acquired by the CDP in 2011 in part through funds secured by New York State Assemblywoman Barbara Lifton. Renovations began in 2013, with the first phase of construction costing about $350,000 and the second phase running at about $650,000. The Restore NY Grant will support the third and final phase of the project.

The first floor of the building will include retail businesses, with co-working offices on the second floor and space for an “entrepreneur in residence" on the third floor.

MeGivern says they hope to begin construction on the project later this year.