Jamestown Planning Commission meeting (February 20, 2024)
The Jamestown Planning Commission has received a status update on the Gateway Lofts project.
Chairman Mike Laurin requested an update on that project and any other projects that were outstanding in the city at the Commission’s meeting Tuesday.
City Corporation Counsel Elliot Raimondo said financing seems to be the issue now for the Gateway Lofts project, “Unfortunately, during the Pandemic, the financing, the prior bank they were working with decided they weren’t going to go in that direction of getting tax credits to finance. They are looking for a new bank, or I believe they have a new bank but I’m not sure where they are on that process.”
Southern Tier Environments for Living Director of Real Estate Development Steven Ald told the Jamestown Zoning Board of Appeals in August 2023 that STEL had borrowed $1 million for the project. He said both STEL and Community Helping Hands, who is located in the Gateway Center, are committed to moving forward once financing is in place.
In August, Ald said the various tax credits were a “sticking point” for potential investors given the complexity of the project.
The estimated cost to complete all aspects of the project was cited at $42 million.
The Gateway Lofts project calls for creating 110 total units, with 56 of them intended for homeless individuals who currently don’t have any other long-term housing options available. The other 54 units would be intended for low or fixed income renters.
Raimondo also shared that there is an interested developer of The Beer Snob, which announced its closure on February 8. While he did not share specific information about the business, there were comments made at the meeting that indicate the interested developer may be in the craft brewing business.
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