October 29, 2013
The Public Broadcasting Council of Central New York, Inc. (WCNY) will celebrate its grand opening at 415 W. Fayette Street, on Syracuse’s Near Westside tomorrow October 30, 2013.
The new construction will function as a facility for the existing WCNY operations. It will house TV and Radio stations, related production offices and a contemporary education center. It will include two television studios, a studio for WCNY FM Station, TV and Radio production are and support space.
The project is located on the site of a former warehouse complex, the project involved the renovation of 28,000 square feet of existing vacant space and the construction of 27,000 sq. ft. of new space, designed to meet LEED Gold standards. The building is located in Syracuse’s economically-distressed Near West Side, a neighborhood that has endured extensive disinvestment over the last 50 years. The site is in a Federal Empowerment Zone and a qualified low-income census tract that meets deeper distress criteria.
NMTC allocation was used to leverage grant and capital campaign funds to create the new broadcasting facility. Leveraged Funds include grants from New York State and Syracuse University, proceeds from WCNY capital campaign and a bridge loan from JP Morgan Chase. NDC’s $11.1 million Qualified Equity Investment in the $20.4 million project was combined with financing from Chase Bank. Additional NMTC allocation was provided by Enhanced Community Development, resulting in the creation of 300 construction jobs and 15 permanent job
For more details about the event visit the WCNY webpage.