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Prospect Hill
Prospect Hill refers to the immediate neighborhood surrounding St. Joseph's Hospital (SJH), one of the largest employers in Syracuse and the economic anchor of Syracuse's Northside. The Prospect Hill Development Initiative, which has been underway since January of 2008, is defined as a collaborative effort to expand existing businesses, attract new business, stabilize housing, and connect all of these assets with the Northside's rich history and culture.
Prospect Hill Development is multifaceted in its approach, encompassing the following objectives:
- Spurring business development in the Prospect Hill neighborhood and adjacent commercial corridors;
- Preserving and expanding luxury, market-rate and qualityaffordable housing options within the neighborhood;
- Making the neighborhood safer and aesthetically vibrant;
- Creating a comprehensive workforce development program for un- and underemployed residents; and
- Showcasing the heritage and culture of the neighborhood through the arts.
Housing
The housing goals within the Prospect Hill Development Initiative are multifaceted. The first goal is to stabilize a significant amount of high quality, well managed affordable housing. To achieve this goal, St. Joseph's Hospital, Home HeadQuarters, and Housing Visions Unlimited have joined together to spur a major affordable housing development just blocks south of the grant target area. Home HeadQuarters has spent $1,922,250 in order to acquire nineteen blighted properties adjacent to the hospital. Thirteen of those properties will be demolished, while six will be renovated, all to develop 50 units of Housing Visions Unlimited rental property. Housing Visions has received approximately $10 million in tax credit funds to complete the development.
This effort will dramatically impact the affordable housing market in Syracuse as Housing Visions has established a reputation for producing a great housing product, effectively managing tenants, and positively contributing to the neighborhood. To stimulate mixed income owner-occupied housing, Home HeadQuarters is acquiring blighted one- and two-family homes near the target area with the intent to rehabilitate them and sell them to owner-occupants. SJH has offered a "guaranteed mortgage" program to their employees who purchase properties in the neighborhood, and the Prospect Hill Development team is developing an on-site "First Time Home Buyer" class to be located at SJH.
The Prospect Hill Development team is also looking to create more economic diversity in the neighborhood by enhancing, developing, and marketing market-rate and luxury housing. This becomes both strategically viable (and socially conscionable) once affordable housing is preserved, and we can be assured that such efforts do not stimulate disproportionate displacement of current neighborhood residents. This is being addressed through the aforementioned efforts. In the last year, a number of high-end rental properties have been developed within or near that grant target area, and these properties are obtaining high occupancy rates.
Meanwhile, the Northside Collaboratory, Metropolitan Development Association (MDA), and SJH are working with local property managers and owners in order to better market these housing options to SJH staff and physicians (as well as the broader community) in order to keep their occupancy rates up and encourage other developers to invest in such projects.
Please check back soon for more information, as well as regularly posted updates related to Prospect Hill evelopment.
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