Investment from NBT CEI-Boulos Impact Fund to Help Transform Historic Green Mansion in Syracuse

Syracuse, NY (March 10, 2026) - The NBT CEI-Boulos Impact Fund, a high-impact real estate equity investment fund managed by CEI-Boulos Capital Management, LLC, with NBT Bank as the sole investor, has closed an equity investment in the transformative Green Mansion Redevelopment Project at 366 West Onondaga Street, Syracuse. The historic, transit-oriented, mixed-use redevelopment project will restore the 9,780-square-foot Green Mansion in the Near Westside neighborhood, creating four units of affordable workforce housing, commercial space, including a new headquarters for the Greater Syracuse Land Bank, and community meeting space.

The rehabilitation of this highly visible historic landmark is expected to serve as a catalyst for the further reactivation of the Near Westside neighborhood. The project will also help address Syracuse’s housing shortage and affordability crisis by creating four new, high-quality apartments within walking distance of Downtown Syracuse. Three of the four rental units will be formally restricted to rent to households earning 80% or less of the Area Median Income (AMI) for Onondaga County. The Green Mansion will be renovated by partners Luke Esposito and Chris LaBerge of Hanover Real Estate Development, a Syracuse-based firm with extensive experience in community-focused adaptive reuse projects.

The Green Mansion Redevelopment project enjoys broad support from local organizations, including Westside Tomorrow’s Neighborhoods Today, West Onondaga Neighbors, and the Syracuse Reno-ssance Networking Group. In addition to the NBT CEI-Boulos Impact Fund’s equity investment, the project has received grant support from New York State’s Downtown Revitalization Initiative, Empire State Development’s Regional Council Capital Fund, Onondaga County’s Main Street program, and National Grid’s Main Street Revitalization Grant Program. The project also received a PILOT tax exemption agreement with the Syracuse Industrial Development Agency. The redevelopment project will preserve key historic features and meet necessary standards to make it eligile to receive federal and state Historic Tax Credits from the National Park Service and New York State Historic Preservation Office.

The Greater Syracuse Land Bank will serve as the anchor tenant for the project. An independent nonprofit and a local public authority created by Intermunicipal Agreement between the City of Syracuse and Onondaga County, the organization’s mission is to return vacant, abandoned, underutilized, and tax-delinquent properties to productive use in ways that support the community’s long-range vision for its future. The land bank has been instrumental in the Green Mansion’s redevelopment, having previously taken title to the property and saving it from demolition, now signing a ten-year lease as the project’s anchor tenant.

The property is close to the Centro Transit Hub, providing direct bus access to local and regional destinations, and sits directly across from the Onondaga Creekwalk, a 4.8-mile multi-use trail connecting neighborhoods throughout the city.

The Green Mansion, also known as the Whedon-Schumacher House, was originally constructed in 1892 for Dr. George Denison Whedon, a prominent Syracuse physician and Civil War veteran. Designed by Archimedes Russell, one of Syracuse’s most prolific 19th-century architects, the Queen Anne-style home features ornate wood carvings, a three-story turret, elaborate wood shingles, parquet floors, and other historic details. Following Dr. Whedon’s death and subsequent family ownership, the building was converted to a funeral home, run first by the Schumacher family and then by the Whelan family, the latter operating there until the mid 1990’s. The home was subsequently sold a number of times and fell into disrepair. The property was seized by the City of Syracuse for unpaid taxes in 2018 and transferred to the Greater Syracuse Land Bank. In 2019, the building was listed on the State and National Register for Historic Places for its significance in terms of social history and architecture. Its redevelopment will preserve and restore an important historic structure and bring it back to productive use.

"At NBT Bank, we believe strong communities are built through purposeful investment, and the Green Mansion Redevelopment Project is a powerful example of that commitment," said NBT Bank Regional President David Kavney. "By restoring a historic landmark, expanding access to affordable workforce housing and supporting the Greater Syracuse Land Bank’s mission, we’re helping create long‑term, inclusive growth. We’re proud to play a role in this project that preserves Syracuse’s heritage while opening new doors for residents, businesses and community partners."

“CEI-Boulos Capital Management is dedicated to working with local communities to revitalize neighborhoods that have been overlooked or underinvested through impactful developments like the Green Mansion Redevelopment Project,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “The reuse of this historic property will help anchor the revitalization of the Near Westside neighborhood, providing much needed affordable workforce housing and creating a new headquarters for the Greater Syracuse Land Bank, boosting energy and economic activity in the area.”

“The redevelopment of the former Whedon-Schumacher House into The Green Mansion is an exciting milestone as one of the priority projects identified through Syracuse’s Downtown Revitalization Initiative (DRI) as part of the Southeast Gateway,” said City of Syracuse Mayor Sharon Owens. “This conversion of the longtime vacant property at 366 West Onondaga Street will restore one of the City’s remaining historic mansions along its section of the West Onondaga Street Corridor, while also welcoming new housing and commercial space, and establish a new home for the Greater Syracuse Land Bank. I am thrilled to see this project break ground and thank all those involved for their commitment to making this investment a reality.”

Onondaga County Executive Ryan McMahon said, “Congratulations to everyone involved in bringing this important project to life. The restoration of the Green Mansion is a powerful example of what can be achieved when partners come together with a shared commitment to strengthening our community. Onondaga County is proud to have supported this effort through our Main Street funding, helping to make new workforce housing possible and breathing new life into a long-vacant historic property. This investment moves us closer to meeting our region’s housing needs while contributing to the broader revitalization of the Near Westside. We’re excited to see this transformation take shape and grateful to all who worked so hard to make it a reality.”

"The Greater Syracuse Land Bank is excited to see this project commence and we look forward to occupying an office that illustrates the kind of transformative neighborhood revitalization that the Land Bank is all about," said Katelyn Wright, Executive Director of the Greater Syracuse Land Bank.

“Hanover Development is thrilled to be partnering with the NBT CEI-Boulos Impact Fund to move the redevelopment of 366 West Onondaga Street forward,” said Chris LaBerge, partner in Hanover Development and one of the developers behind the project. “The Green Mansion project has been a labor of love and we cannot express enough our gratitude to CEI-Boulos, NBT, our neighbors, the Land Bank, the city, the county, National Grid, and numerous other members of the community who have supported and encouraged us in realizing our vision for the property. We believe the project will have a tremendous positive impact and we cannot wait to welcome our neighbors and the community at-large once construction is complete!”