Wheat Street Apartments

255 Wheat Street is located in the Village of Cayuga in Cayuga County. The project included the redevelopment of a 40,000 square foot 1950’s era elementary school and associated property into 47 affordable housing units for low-and moderate-income individuals and families.

Project details

The former school building was sold to the Gavras Center in 2020 and had been vacant for 3 years after that. The Gavras Center entered into a purchase and sale agreement and joint venture agreement with INHS to redevelop the property into affordable housing.

The redevelopment included converting the existing school building into 31 apartments and the construction of 16 new 3-bedroom units in three new townhouse buildings adjacent to the elementary school. Included in the total unit count are 15 one-bedroom apartments, 16 two-bedroom apartments, and 16 three-bedroom apartments. The property is designed to meet the New York State Housing Opportunity Project policy goal serving large families in a high performing school district.

255 Wheat Street, Cayuga, NY

The Total Development Cost is estimated to be $17.6 million.

INHS is the developer responsible for completing key project tasks including preparing applications to NYS HCR, overseeing the design team, construction supervision, loan closings, organizational filings and all aspects of the tax credit syndication. INHS will form the ownership entities and INHS will manage the completed development. 

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