Write a commentThe Lakeside Commons project involves the construction of a new market rate student apartment complex to be located at 7112-7114 New York State Route 104 in the Town of Oswego.
The project includes 11 residential buildings containing 84 units (320 bedrooms), a 9,000-square-foot clubhouse, a 1,600-square-foot maintenance building, surface parking for 240 cars, and a footpath connecting to SUNY Oswego. The clubhouse will feature a fitness center, game room, study rooms and a fire pit. The development site is approximately 7 acres. The developer, Newman Development Group, LLC, is from Vestal, NY.
In late March, the County of Oswego IDA approved a 15-year payment-in-lieu-of-taxes (PILOT) agreement for the project. as part of the financial assistance being provided by the Agency. After the PILOT expires, the property will go back on the Town of Oswego's tax roll for the full assessed value.
Prior to closing on the two parcels, Newman Development received permission from the seller to begin clearing the land. Purcell Construction, based in Watertown, will be in charge of construction. Local laborers, subcontractors, suppliers and vendors will be hired. Construction is expected to begin in 2017. The apartments should be open for residents by Fall semester 2018.
Financial assistance for the $22 million project will be provided by NBT Bank and the County of Oswego IDA. The project will create 8 jobs.
