Community Preservation Partners Completes $24.5M Affordable Housing Rehabilitation in Potsdam, N.Y
The completion marks continued momentum in the eastern U.S. for the developer
By: Community Preservation Partners
At the time CPP acquired the community, 20 of the dwellings had been in ruins for months following a fire. True to its mission of enriching the lives of residents, CPP not only restored all of these units, but also breathed new life into the entire complex with a host of high-quality amenities and upgrades. This was CPP's second venture in Upstate New York together with Rochester's Cornerstone Group.
"We're very pleased to continue our momentum in both New York and the eastern U.S. with this rehabilitation,"
Upgrades made during the rehabilitation include:
• New roofing and windows
• Solar panel installations
• Picnic tables and outdoor grills
• Playground, outdoor exercise area and dog run
• Energy efficiency improvements up to 30 percent with lower energy bills
• New flooring, closets and doors
• New bathrooms and kitchens
• Upgrades to the common space, management office, laundry room and community room
• New baseboard heaters, ultra-high efficiency boilers, air conditioning and lighting
• New landscaping & outdoor amenities and bike racks
• Upgraded computer rooms, business center, community-wide WiFi and security infrastructure
• Social services for the residents
"We were pleased to work with the professionals at CPP who ensured that several local contractors were used to preserve and rejuvenate the Lawrence Avenue Apartments,"
In addition to the renovations, the property's recapitalization has opened the homes to lower income residents, including those with area median incomes at or below 60 percent of the greater Potsdam area.
"Between the global crisis of Covid-19 and the ongoing affordable housing crisis, it's more important than ever to do what we can for those struggling with lower incomes," said CPP President Anand Kannan. "The Lawrence Avenue rehabilitation is a great example of what we do – extending affordability, assisting area lower-income residents and giving people a home they can be proud of."