Tax Breaks Granted to Rochester Residential Development
A series of redevelopment projects that will bring a host of new housing and retail to Rochester and another that will allow a local video eyewear maker to expand were granted tax breaks on Tuesday by the County of Monroe Industrial Development Agency.
Two of the projects will transform vacant or largely vacant high-rise buildings into a mix of market-rate apartments and retail/office space.
The Terminal Building on West Broad Street has been empty for a decade and developers DHD Ventures have proposed a $9.1 million project to convert the 8-story building into 61 apartments. The company was approved for sales and mortgage tax exemptions totaling $388,000 for the project.
Adam Driscoll, DHD’s director of development said the building would be gutted to make way for the new residential units.
“We’re excited about this project,” he said.
At Tuesday’s meeting, DHD Ventures also secured $632,913 in sales and mortgage tax exemptions for a $16.5 million conversion of the 15-story former Lincoln Alliance Bank building at 181-187 E. Main Street into 130 residential apartments, with floors 1 through 3 reserved for commercial use. The project, to be done in conjunction with Morgan Management, will preserve the historic character of the 1926 structure.
DHD’s other ventures in Rochester include renovating the National Clothing Company building on East Main Street into a Hilton Garden Inn, renovation of 111 East Avenue and development of the Button Lofts on Rutgers Street.
Also on Tuesday, $14,400 in mortgage tax exemptions were approved for a project undertaken by Chestnut Elm LLC to acquire and renovate the 8-story Cadillac Hotel on Chestnut Street into a mixed-use development of market rate apartments with first floor retail space and lobby. The hotel has often served as temporary housing for homeless people. Earlier this month, Rochester Mayor Lovely Warren asked City Council to endorse an application for $500,000 in state funding to assist developers with the $7.9 million project.
Ron Zour, development partner for the project, declined comment for this story, but told COMIDA board members that Chestnut Elm would coordinate with county human services agencies to ease any housing transitions for current residents of the property.