Distributive Property: property is currently for sale Now

Distributive Property: property is currently for sale Now

• They had visions of a different kind of Westcott Street development. The property is currently for sale

Distributive Property

• Syracuse, New York — Three friends who grew up in the Westcott neighborhood are abandoning their plans to build a novel style of mixed-use residential and commercial development in the center of the neighborhood’s business district.
• This week, the owners of 534 Westcott St.
• listed the property for sale as part of their Westcott Remix project.
• The listing cost is one million dollars.
• In its most recent iteration, Westcott Remix was supposed to consist of a three-story structure with ground-floor commercial space (retail or restaurant) and upper stories of mixed-income apartments.
• It would take the place of the older structure and land that Dorian’s Pizza & Deli currently occupies. (Dorian’s is still the property’s tenant for the time being).

Distributive Property

1. Damian Vallelonga, Brendan Rose, and Zach Bloomer, the partners in Westcott Remix, introduced the concept in 2018. In 2020, they paid $550,000 for the property, which they bought under the name Fastbreak Knights.
2. The name was a reference to Dorian’s former establishment, Fastbreak Deli, which they used to frequent while attending Nottingham High School.
3. Despite their continued belief in the potential of their plan, the partners have not been able “to make the numbers work for us,” according to Vallelonga.
4. They hope that by working on this project for the past six years, they will “inspire” a new developer to take on a similar project.
5. “We find it extremely frustrating,” Vallelonga remarked.
6. We are native to this neighborhood, so this was a very personal matter for us.
7. We sincerely hope that something positive occurs here.
9. At first, the Westcott Remix project had trouble meeting zoning regulations in the city.
10. Additionally, there was some opposition from the neighborhood, mostly in relation to parking and the building’s size—it was originally intended to be four stories.
11. Afterwards, the partners decided to only build three floors.
12. They also placed their hopes in the city’s ReZone, or updated set of zoning and planning regulations.
13. Approved in 2023, that plan included expedited clearances for mixed-use development.
14. Vallelonga stated, “We had no problems with (zoning) variances after that.”
15. However, he acknowledged that it is “a tough nut to crack” to put together a mixed-income project that isn’t targeted at the fully subsidized market or the luxury market.
16. The property is presented in an optimistic light in the real estate listing, which also highlights its close proximity to hospitals and Syracuse University as well as the county’s “much-anticipated Micron chip factory.”
17. According to the listing, “the Westcott Remix project laid much of the groundwork for this redevelopment.”
18. “Investors can build on the project’s existing framework or realize their own visions.”