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COMIDA OKs breaks for I-Square, ITT site and apartment projects

Rochester Business Journal
March 19, 2013

An entity of Rochester real estate development firm Mark IV Enterprises was approved for tax breaks Tuesday on its $7.5 million plan to renovate Alexandrian Apartments on the East End for mixed use.

The County of Monroe Industrial Development Agency also approved exemptions for the I-Square development project in Irondequoit, for the redevelopment of adjacent apartment buildings on North Water Street and Andrews Street and for ITT Space Systems LLC’s $3.65 million renovation at its Lee Road facility in the Eastman Business Park.

COMIDA granted tax breaks of $606,291 to Alexander East LLC to upgrade a 55,400-square-foot building on two acres on the southeast corner of Alexander Street and East Avenue. The projected benefit to the community is nearly $1.4 million, COMIDA representatives said.

The building was constructed as a seminary prior to 1900, officials said. Mark IV plans to convert it to 60 apartments, parking and retail space, with six jobs created over three years.

The complex is marketed to young professionals, with monthly rents for one- and two-bedroom units averaging $1,100, officials said.

Developer Michael Nolan’s $9.9 million I-Square project on Titus Avenue at Cooper Road was approved for tax abatements of nearly $3.7 million. The projected community benefit is just more than $2 million.

Nolan’s I-Square LLC plan calls for seven new buildings, an outdoor amphitheater, parking and residential space, with 12 jobs created in three years.

The project is supported by the Irondequiot Town Board and the West Irondequoit School District, officials said.

Riverview Commons I LLC was approved for exemptions of $94,985 to upgrade apartment buildings at 168 North Water St. and at 144 Andrews St. The community benefit is projected to be $238,809.

The $4.2 million project will result in a redesign of the buildings, improved security and technology, and 16 new loft apartments to go with 42 existing units, officials said. Two jobs will be created over three years.

ITT Power Solutions Inc. was granted breaks of $112,000 on sales taxes as it renovates and equips existing space at 800 Lee Road in Greece to accommodate the relocation of its Massachusetts operation. The projected community benefit is $6.9 million.

The supplier of remote sensing and navigation solutions plans to add 50 jobs over three years.

Commercial roofer Elmer W. Davis Inc. was approved for sales tax incentives of $7,040 for the purchase of trucking equipment. The community benefit is $77,609. The $88,000 investment will affect 145 workers, with two jobs to be created in three years.

Employee Relations Associates Inc. was granted tax breaks of $9,200 for its $115,000 investment in infrastructure upgrades at its Linden Park offices. The community benefit is $44,652, with two jobs added over three years to its existing workforce of 18, COMIDA officials said.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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