CPC funds Downtown Watertown restoration.

Financing from The Community Preservation Corporation is providing for the revitalization of Downtown Watertown, which took a step forward with the renovation of the historic Marcy Building. Federal, state, county and city officials gathered in Watertown, NY in March to celebrate the start of the $3.8 million project, located at 237-255 State Street, in the city's Public Square Historic District. The four-story Marcy Building is being gut rehabilitated for the development of new commercial office rentals and retail space.

Along with a $1.585 million construction loan by The Community Preservation Corporation, the project, developed by Neighbors of Watertown, a not-for-profit Neighborhood Preservation Corporation, is being financed by a number of organizations. They include $650,000 in investor equity from tax credits, $600,000 from the Watertown Local Development Corporation and $100,000 from the Empire State Development Corporation. The Jefferson County Industrial Development Agency has committed $316,000 to provide financing for those prospective office and retail tenants who may not have enough capital for buildout costs. The permanent loan on CPC's construction financing will be insured by the State of New York Mortgage Agency and sold to the Common Retirement Fund.

"Today is the realization of a dream that began some 16 years ago when Neighbors of Watertown first proposed restoring this historic building. CPC was one of the first financial organization to step up to the plate, along with Watertown Local Development Corporation, with construction financing for this project," said developer Gary Beasley of Neighbors of Watertown, which has invested $965,000 in the renovation project. "This project is an important step in our continuing efforts to restore and revitalize Downtown Watertown," he added.

"We are pleased to provide construction financing for this unique and innovative project that is a key element in the continued revitalization of Downtown Watertown.