Hopefully, no more extensions are needed for Falconer project
Hopefully, no more extensions are needed for Falconer project
Trending
Falconer Village Board members did the right thing last week when they agreed to another one-year extension to purchase Main Street property that Peak Development has been working with the village to redevelop since a pair of fires destroyed the properties.
The lot has been vacant for nearly a decade since the March 22, 2017, fire that destroyed 29-39 W. Main St. Efforts to redevelop the site have hit stumbling blocks for years, though the receipt of a NY Forward grant in June creates the possibility of additional funding for a redevelopment project. The NY Forward grant application lists Peak Development Partners' 21-37 W. Main St. project as the village's top priority project. The $20,956,000 project requested $1.75 million in NY Forward funding to go with $19,206,000 in private funding, Empire State Development capital and Pro-Housing Capital. The mixed-use project will feature two four-story buildings with commercial space on the ground floor and 54 apartments above them.
This time feels a little different than past extensions. Lee Crewson, Peak Development president, said this year's extension on a purchase agreement for the Main Street properties is due to the NY Forward funding timeline. That funding is a key part of the project's financing. There is also a daycare and childcare center being developed, with funding specifically allocated for the Peak Development project that is separate from the NY Forward grant.
“Peak Development has stayed with this project and has reaffirmed many times its commitment to the village,” Falconer Mayor Jim Jaroszynski said. “We ultimately want to see economic growth, more affordable housing in the village, a more robust downtown, and this project will assist with achieving those goals.”
Both Peak Development and Falconer officials have worked hard to advance these Main Street buildings to this point. We can't argue with the village sticking with Peak Development, particularly if the need for the extension is driven by the NY Forward project. But the minutes of the Village Board's July meeting show some board members had questions about extending the sale deadline when there had been limited progress. And we can't blame those board members for having questions, since they're likely hearing those same questions from village residents.
Falconer officials and Peak Development have shown a lot of faith in each other throughout this lengthy process. We hope by this time next year we're reporting that ground has been broken or financing secured so that Main Street, Falconer, can complete its recovery from two devastating fires that have irrevocably changed the village's downtown corridor.