A conceptual drawing of Gateway Lofts project at the Gateway Center in Jamestown
The Gateway Lofts Project has made another step forward.
The Chautauqua County Industrial Development Agency has approved a Brownfield Revolving Loan Fund loan of $325,000 to Southern Tier Environments for Living Inc. The loan will be used to install a sub slab depressurization system at 31 Water Street, which is required by the New York State Department of Environmental Conversation before development can take place.
The loan term is for 3-years at a half-percent (.5%) interest rate.
STEL Executive Director Tom Whitney said the $67 million project will include 110 units of affordable housing on the second, third, and fourth floors, “STEL would be providing wrap-around service to 40 units. We provide housing for people with disabilities. The YWCA is also going to have 15 apartments there. And then 55 (apartments) will be generic, affordable housing. And also on the first floor, we’ll still have Community Helping Hands there, the MHA in Chautauqua County has an office there. I’m not sure if St. Susan’s (center) is going to stay or not. They’ve been debating whether they’re going to stay or not. It’s a great location for a number of reasons. One of which is drug and alcohol counseling right across the street at the hospital.”
Whitney anticipates closing on on the property by sometime in 2025 which is also when construction is anticipated to begin.
This is the first loan by the IDA from the Brownfield Revolving Loan Fund since it was established after receiving a $600,000 grant from the Environmental Protection Agency (EPA) in 2022.
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