Rochester based not-for-profit PathStone Corporation recently celebrated the grand opening of CanalView apartments with government officials and residents, as well as the agencies and corporations that assisted in the transformation the three-acre site into a new affordable housing complex for senior citizens in the heart of the Village of Lyons. Construction began in February 2008 on the 36-unit, $4.5 million dollar affordable apartment complex available to seniors 55 and older who meet eligibility standards. PathStone partnered with Spoleta Construction and Passero Associates with Spoleta serving as general contractor and Passero serving as the architect and engineer.
The formerly abandoned 70 unit apartment complex was originally opened in 1975 had fallen into disrepair over the years. In 2005, PathStone began working with officials in Wayne County and a survey was conducted by the village that showed a strong interest in senior housing and pubic community space.
“I am very proud to be a part of the development of this beautiful asset to the Lyons community,” said Amy Casciani, Senior Real Estate Developer for PathStone. “It was long in coming, but I think it has been well worth it and that it will be a shining star for Lyons. Hopefully, it will be the jump start for more positive changes in Lyons.”
Funding came from the New York State Division of Housing and Community Renewal in the form of loans and tax credits; PathStone; NeighborWorks America; the National Equity Fund; Federal Home Loan Bank of New York through its member bank, Maple City Bank; and LISC. Rental assistance was provided by the Newark Housing Authority, and construction financing was provided by HSBC Bank USA.