A $22 million renovation plan for the Lincoln Alliance Building collapsed because of asbestos problem. Now the destiny of the historic building is uncertain.
According to the buyers, they were not informed regarding the amount of asbestos present in the building at 181-187 E. Main St. They say removing the dangerous material will cost in excess of $2 million. But the seller says it is just a fabricated and overstated excuse for providing an out for a fiscally inept development team.
Doug Sutherland, the owner of Franklin Properties, a Syracuse-based development company, said they do not have a project.
City Council had granted a low-interest loan of $3 million for Sutherland and his partner Patrick Dutton to start the work. But the money was not disbursed because the deal in no way closed.
Sutherland said they needed an addition $2 million. Per the purchase agreement, Conifer Alliance, the seller, has the onus to reveal the asbestos issue, Sutherland said. “It did not happen, whatever may be the reason,” Sutherland said.
Asbestos is a deadly substance that can cause diseases like lung cancer and asbestosis. Renovation is possible only after removing the substance because it can be more dangerous if disturbed.