By Kate Hill
Staff Writer
Earlier this month, David and Louis Muraco of Marketplace Partners RT 20, LLC announced the opening of the Theophilus Cazenove building at 126 Nelson St. in the Cazenovia Market development.
Marketplace Partners RT 20, LLC is the developer and owner of both the Theophilus Cazenove building and the ALDI grocery store next door.
David is the founder and president of Empire Management of CNY, Inc. — a real estate development firm that specialized in “the redevelopment of vacant, abandoned or underutilized land and buildings.”
His son, Louis, oversees the firm’s commercial division.
The pair formed Marketplace Partners RT 20, LLC in 2018.
The company’s new mixed-use building features 12 luxury apartments — known as the Lofts at Cazenovia Market — on the second and third floors, with six units per floor.
The facility also features two first floor retail spaces; a first floor community room; a main lobby with mailboxes; and a three story elevator.
“We have never built such a nice product,” David said. “We’ve stepped up the class of rental living in Cazenovia by a couple notches. The people who are moving in and are already in are really, really happy . . . We are not done with it yet — we still have some [finishing touches] to do — but we are very happy with it and glad we did it. Hopefully the community accepts it, because it’s a great spot for people to [transition] from large homes to simple living with lots of included amenities.”
The building’s aesthetic design is based on the historic F.M. McLaughlin building on Albany Street.
So far, eight of the building’s 12 apartments have been leased.
According to Louis, tenants began moving in a few weeks ago.
“I believe this is a positive development for Cazenovia, further expanding the footprint of the village up through scenic Route 20,” Louis said. “The Theophilus Cazenove building provides modern and luxurious amenities while featuring many of the historical architectural characteristics that make Cazenovia so unique.”
Each two bedroom, two bathroom apartment is equipped with wood soft close kitchen cabinets, stainless steel appliances, laundry machines, granite counter tops, high-efficiency LED lighting, electric fireplaces, advanced security systems, oversized closets, luxury vinyl plank flooring, high ceilings, and other custom finishes.
The three different apartment layouts range in size from 1,190 to 1,240 square feet and are ADA/Handicap adaptable throughout.
The rental price, which includes heat and hot water, ranges from $1,750-$1,900.
The 2,000 and the 3,000 square foot retail spaces are still under construction.
“We are working with two prospects right now, but leases have not been signed, [so] the spaces are still available for lease,” Louis said. “We are seeking all retail uses — including restaurant, medical, banking or office uses — and offering full build outs of the interior. Each space will have front and rear signage on the building.”
The resident-only community room is also under construction.
Once completed, the space will include fitness equipment, computers, storage lockers, a conference table and a lounge area.
The Theophilus Cazenove building is Phase II of the Cazenovia Market development project.
According to Louis, Marketplace Partners RT 20, LLC has already received approval for the construction of a drugstore on the other side of ALDI and four additional buildings containing 12 apartments each, behind the Theophilus Cazenove building.
“We expect to begin construction on that portion of the property in the very near future as we fully lease the Lofts at Caz Market,” Louis said.
Empire Management of CNY, Inc. handles the day-to-day operations for both Cazenovia Market buildings.
The company’s real estate portfolio also includes the Town & Country Plaza (Tops plaza); the F.H. McLaughlin Apartments; and the Carriage Garden Apartments.
For leasing information, call Empire Management’s main office at 315-445-8990 or email [email protected].
