CANTON -- A major redevelopment of the Midtown Plaza could fast track if the Village of Canton is a recipient of Downtown Revitalization Initiative funding.

The $14 to $16 million project would create a multi-use property highlighted by SUNY Canton’s Entrepreneurship Center. Regional DRI awards should be announced soon with applicants vying for two $10 million grants or one $20 million award.

“I’m really excited to be moving forward,” said Lenore VanderZee, Executive Director for University Relations at SUNY Canton. “We see so much potential.”

The process began in 2018 but the initiative has been slowed by the COVID-19 pandemic and heightened construction costs.

The vacant plaza and parking lot, 17-21 Miner St., is owned by Garry Cohen. The status of any property transaction remains confidential, said VanderZee.

The Saratoga Springs developers, who are working with SUNY Canton’s Canton College Foundation, visited Canton last week to gauge both residential and commercial interests. The visit included interaction with residential and commercial entities, said VanderZee.

To date, the college has secured $1.35 million from Empire State Development and $111,000 from the Northern Border Regional Commission.

“This project is a wonderful opportunity for our community,” said Mayor Michael Dalton. “It would really change the tone of our village.”

The project is a major component of the DRI application.

“The existing dilapidated structure will be demolished and replaced by an attractive three-story, mixed-use building. The first floor will house an Entrepreneurship Center and commercial space. The second and third floors will house 45 residential units. Improvements will be made to the parking lots and grounds resulting in an attractive 3.76-acre space integrated architecturally and economically with the village’s Main Street,” the proposal reads.

The DRI application also addresses the importance for downtown Canton, spurring economic growth and boosting the tax base.

The revitalization of the plaza will create additional retail space and housing options attracting both businesses and residents to the downtown corridor.

The construction will create jobs and once complete, the Entrepreneurship Center will foster increased economic activity by creating new businesses and job opportunities.

Another key component outlined in the project focuses on housing, an issue that has caught the eyes of elected officials.

“The project addresses these needs by injecting much-needed market-rate residential units in the heart of downtown Canton. This three-story facility will contain 45 residential units ranging from one bedroom to three bedrooms. The units will be affordable to the majority of area residents, and are located in the heart of the downtown area, near employment, recreation and commercial development. They will add to the diversity of housing stock in the area, and are available to residents from all age groups,” the document reads.