506 West Onondaga Street
Work Lofts & Small Business Acceleration
The property located at 506 W. Onondaga St. was obtained by Onondaga Commons in partnership with Short Enterprises in August 2013. Short Enterprises is serving as the lead developer on this adaptive reuse and redevelopment project and also coordinated efforts with the City of Syracuse to seize the property, which was severely distressed, significantly tax delinquent, and vacant at the time of purchase. The property is directly adjacent to the Onondaga Commons campus on the City’s Near Westside. With the assistance of the City of Syracuse and support from the Syracuse Common Council, the property was seized and will now be redeveloped as a component of the broader Onondaga Commons Urban Revitalization Initiatives.
The redevelopment of the facility will include a business incubator, co-working space, and live/work apartment units for entrepreneurs in residence. Project partners at the New York State Small Business Development Center at Onondaga Community College will provide an array of entrepreneurial development resources and support on-site. Our design is to connect entrepreneurs with opportunities, coaches, and new relationships with like minded forward thinking leaders to enhance the way we live and work. This new initiative is also intended to create a long‐lasting connection with Syracuse’s culturally rich and diverse urban lifestyle and provide an affordable safe work environment for promising employers of the future.
Business incubation programs have become essential economic development tools for communities that are trying to improve their economies and keep them healthy over the long run. The programs—which house very-early stage companies and provide support services such as business planning, management, and financial services—yield excellent returns. Data provided by the SBDC indicates that a high percentage of the companies that “graduate” from incubation programs remain in their communities, which serves to further strengthen local economies and create jobs.