A conceptual drawing of Gateway Lofts project at the Gateway Center in Jamestown
The Gateway Lofts Project has been approved for additional loan funding to help remediate the site of the future project on Water Street.
In September 2024, the Chautauqua County Industrial Development Agency Board had initially 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.
IDA Chief Financial Officer Rich Dixon said STEL then requested an additional $275,000 from the Brownfield Revolving Loan Fund, “This money that we’re putting in actually gets leverage because if they don’t borrow this money, this loan, they would have to use the tax credit money at a 70% discount. So this money is very valuable to them and will really help with this project. And, more importantly, it helps get things done right away and keep the tenants that they have.”
IDA CEO Mark Geise said this loan approval would use up the rest of the monies in the revolving loan fund, but the agency will be receiving an additional $1 million from the Environmental Protection Agency that will replenish the fund.
The total $600,000 loan is for 5 years at .5%
The $77 million project will rehabilitate the former Chautauqua Hardware building into 110 units of affordable housing.
Site remediation is expected to start this summer and be finished by the end of the year.
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