A plan to develop Syracuse's Inner Harbor cleared its first hurdle. On Monday afternoon, the Syracuse Common Council approved a "memorandum of understanding" between Syracuse Mayor Stephanie Miner and COR Development of Fayetteville. The action allows the developer to move forward on a $350 million proposal to transform the Inner Harbor near the southern shore of Onondaga Lake, into the city's newest neighborhood.
The company has proposed developing 28 acres around the harbor, which will include a satellite campus for Onondaga Community College, more than 500 apartments and townhouses, facilities to accommodate offices and stores, a hotel, community boathouse, and restaurants.
Now that the council has given the project a green light, the developers say they will be seeking state and federal funding for environmental cleanup, which could cost as much as $14 million.