Developers Get $1.85M For Woolworth Building Work

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The state has awarded nearly $2 million dollars to developers who plan to turn a downtown Watertown landmark into an apartment building.

Georgica Green Ventures and White Birch Enterprises received $1.85 million to renovate the Woolworth Building.

"We're thrilled," said Erich Seber of White Birch Enterprises. "We're very excited for Watertown."

The developers plan to turn the property into a 50-unit apartment building to provide affordable housing in the community.

The first floor would be used for commercial space.

Seber said they plan to begin work in late September or early October.

The project should be complete by the end of 2014, he said.

"When you look at the progress on the Woolworth Building and the tremendous progress we've seen in reaching an agreement on new ownership for the Mercy complex, these are great days ahead for downtown Watertown," said Watertown Mayor Jeff Graham.

Governor Andrew Cuomo announced $91 million in awards for shovel-ready projects to build affordable housing across the state.

The low-interest loans and tax credits will build and preserve 2,060 units of affordable housing and are expected to leverage more than $485 million in grants, loans and private resources.

The funds were available through New York State Homes & Community Renewal (HCR)'s Unified Funding Application.

See Cuomo's news release

Wednesday, November 26, 2014
, Watertown, NY

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