Plans for residential building near SU scale back 6 stories
A new building at 411 University Ave. scaled down six stories. The new proposal comes after project managers said high interest rates and tariffs made the original proposal “unattainable.” Tara Deluca | Asst. Photo Editor
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New building plans filed with the City of Syracuse by Gem Street Holdings LLC will scale back a proposed nine-story apartment building near Syracuse University’s campus, syracuse.com reported Monday.
The building, located at 411 University Ave., will now stand three stories tall and contain 30 apartments instead of the original nine-story, 47-apartment proposal.
The City Planning Commission voted to approve the smaller building on April 6 after project engineer Brian Bouchard told the commission that high interest rates and tariffs on building materials would make the original project unattainable.
The original project plans, approved on July 29, 2024, detailed a consolidation of two properties at 411 and 413 University Ave. into one lot. The plans show a nine-story multi-unit with studio apartments, including commercial space and a parking garage.
In 2024, the CPC approved the original proposal. However, Gem Street did not apply for a building permit and the approval expired, according to the April 6 plan review.
Both plans required that the two houses, with a combined 10 units, currently occupying the property be destroyed to construct the new building. The property sits next to the Ronald McDonald House Charities of Central New York and across the street from Grace Church.
Representatives from Gem Street, which syracuse.com reported owns 10 other student apartment buildings, said the building will be geared toward university students and young professionals. The building is three blocks from SU’s campus.
The building’s original proposal followed a slew of university and private investments to provide student housing in response to outgoing SU Chancellor Kent Syverud’s Strategic Housing Plan, although many were directly university initiatives, not private.
The building is required to designate at least 10% of the 30 apartment units as “affordable dwelling units” that comply with city income and rent restrictions, pursuant to a Syracuse Zoning Ordinance.
To build the units, Gem Street filed an application with the Syracuse Industrial Development Agency for multiple tax breaks for the $6 million project. The requested tax breaks include a $200,000 exemption on sales taxes on construction materials, a $38,250 state mortgage tax exemption and property tax discounts that will be determined by the agency.
Construction is set to begin in July and finish in August 2027.
Correction: A previous version of this article referred to the Syracuse Industrial Development Agency as the Syracuse Industrial Tax Agency and referred to two houses with 10 units as 10 apartment buildings. The Daily Orange regrets these errors.
