CORTLAND, NY (607NewsNow) – New York is committing to revitalizing neighborhoods.

On May 22, the state announced a $50 million investment in 50 projects across nine regions to reduce blight and spur investment.

The money comes from the Restore New York Communities Initiative. In Cortland, nearly $242,000 will go toward demolishing the Roundhouse Mill on Elm Street. The vacant, deteriorating building will be cleared for future development.

The 1.5-acre site is part of the city’s Brownfield Opportunity Area.

Elsewhere in Central New York, the Village of Cayuga was awarded $1 million for a project at the Beacon Bay Marina.

A 20,000 square-foot vacant and deteriorated office building will be transformed into a waterfront lodging destination, complete with 10-15 one or two-bedroom suites, and an outdoor rooftop event space.