Developers of proposed mixed-use building in Cortlandville provide updates

(Photo Source: Unsplash).

Representatives of Regan Development Corporation, in accordance with Barton & Loguidice (in Liverpool), presented updates on a proposed mixed-use building in Cortlandville at Tuesday’s town planning board meeting.

The proposed development, known in plans issued to the town as Cortlandville Commons, would be developed by New York State-based company Regan Development Corporation. The proposed location is at the Route 13/Bennie Road intersection in the town of Cortlandville.

Cortlandville Commons would be a four-story building for commercial and residential use. It totals 72 multi-family apartment units with 6,205-square-feet of commercial space. The commercial space within the multi-family building will comprise about 27 percent out of the total 22,500-square-feet found in the first floor.

According to documents submitted to the planning board, the breakdown of the 72 apartment units would be as follows:

  • 27 one-bedroom units, with rents projected between $500-$1,000 for 13 of the units. The remaining 14 units will have an anticipated rent price above $1,000.
  • 41 two-bedroom units, with rents projected between $750 to $1,100 for 20 of the units. The remaining 21 units will have an anticipated rent price above $1,100.
  • 4 three-bedroom units, with rents projected between $750-$1,250 for two of the units. The remaining two units will have an anticipated rent price above $1,250.

The multi-family portion of the project is designed to be workforce housing units. Regan Development will be seeking a Low Income Housing Tax Credit from New York State Homes and Community Renewal (HCR), according to the company’s plan. As defined by the state, workforce housing is classified as affordable housing and rent prices are estimated based on a percentage of area median income.

Proposed dwelling unit/retail space in Cortlandville. (Photo source: Larry Regan).

The project had an option to expand to 144 apartment units, but that second development phase was contingent on the success of the first 72 units. James Easton, a civil engineer hired by Regan Development to work on the project, noted that the second phase is not in consideration at this time.

“I don’t know what the future is (going to) hold,” Easton said. He noted that utility lines being able to service 144 units remains a concern. “I think any project that is successful, if that (second phase) comes down the road, that's great. There is a demand and need for workforce housing in your community and this would be a great location for that.”

In regards to commercial space within the building, Easton noted there could be some flexibility to offer businesses a lease below market value. 

“There is some flexibility within HCR. There is some underwriting that can be done for the commercial space in the building,” he said. “I do not know how much of a write-down is allowed per state law, but I know there is some flexibility there.”

Planning board member Ann Hotchkin noted she approves of the underwriting for businesses seeking to establish themselves within the mixed-use development. 

“There is an enticement to fill those commercial spaces in the building,” Hotchkin said.

According to Easton, the project would also bring three independent commercial pad sites totaling 7,400-square-feet to be used by retailers or fast-food restaurants. He added these pad sites would be leased at market value.

“The four-story building is 500 feet from the roadway. (However) due to how (visually) far it is set back, it will look smaller than the neighboring J.M. Murray corporate office building,” Easton said.

The project will require the town to approve a variance to stay in compliance. According to the plan, the project exists in the B2 and B3 zoning district. It requires multi-family developments to have a commercial element. For multi-story buildings, the plan notes that commercial use shall have a minimum gross floor area equal to the story with the greatest floor area.

Proposed dwelling unit/proposed site plan/PDF:

“This variance has been granted in the town before. The zoning board of appeals generally likes the contents of the plan,” Easton said. He noted he expects the project to go forward.

The board will not revisit the project until further into 2022, due to the project still seeking State Environmental Quality Review (SEQR) approval.

According to Easton, the traffic report, a survey, the environmental phase-one report, an archaeo analysis and the wetland delineation are “being prepared and done.”

“We have a lot of pieces done that will help the board get through the SEQR process,” Easton said. He mentioned more advanced plans “will be prepared soon.”