New York, NY, October 01, 2010 – Infinity Real Estate (“Infinity”) is pleased to announce the opening of the new Urban Outfitters in Syracuse, NY’s historic Armory Square District. In early 2009, a partnership between Infinity and Brookline Development purchased the 1890s constructed McArthur, Cooney and Wirth Building – a three-story property located at 221 Walton St. in the heart of downtown Syracuse. The partners net leased the property to Urban Outfitters shortly thereafter, and carefully initiated the required rehabilitation and modernization of the Building’s structural and mechanical systems. The project was also awarded an urban-renewal grant from the Metropolitan Development Agency, in addition to low-interest loans from the Syracuse Economic Development Corporation and the Greater Syracuse Business Development Corp.
The historic redevelopment of 221 Walton included selective interior redesign, structural reinforcement, complete replacement of mechanical and electrical systems, and careful rehabilitation of the Building’s original façade. Urban Outfitters, which now occupies all three stories, underwent a substantial interior retrofit throughout the past 6 months to prepare for its Fall, 2010 opening. The debut of the Philadelphia-based chain is representative of the recent resurgence of the Armory Square district, where in addition to the growing campuses of Syracuse University and Le Moyne College, the relocation of professional firms such as O’Brien and Gere and the Sugarman Law Firm have bolstered the local economy.
Along with the Urban Outfitters project at 221Walton, Infinity’s recent acquisition and renovation of the nearby Bentley Settle and Piper Phillips buildings have played a major role in the revitalization of Armory Square, now listed on the National Register of Historic Places. Along with its partner, Brookline Development, Infinity real Estate is proud to be a lead contributor to the renaissance of historic downtown Syracuse.