Imagine Monroe approves incentives for two apartment projects

Imagine Monroe, formerly the County of Monroe Industrial Development Agency, has approved financial assistance for two area projects expected to retain four jobs and create four new jobs.

49 Stone Street LLC, a Schenectady County-based property development company, will purchase and renovate property on Stone Street, behind the South Avenue Garage. The development company plans to convert the building into 20 one-bedroom apartments and a studio apartment, along with street-level commercial space and a rooftop deck.

Ten percent of the apartments will be set aside for affordable housing and rental rates will range from $1,200 to $1,600 monthly. The $4.8 million project will create one full-time job and another 14 full-time jobs from the leasing of the commercial space.

The development company is seeking mortgage and sales tax exemptions for the project.

Imagine Monroe also approved sales and mortgage tax exemptions for 2695 Apartments II LLC to construct 249 market rate rental units on 34 acres in Henrietta’s Town Center. The property is adjacent to the former Dome Arena site on East Henrietta Road.

The proposed 11 buildings will create one- to three-bedroom apartments and townhouses totaling more than 365,000 square feet. The $44.6 million project is projected to create three full-time jobs over the next three years.

The Town of Henrietta requested the incentives as part of its strategic plan for the community. The project is the second phase of residential development by the owners; Phase 1 included the construction of 124 apartment units and a clubhouse, which received tax exemptions in July 2016.

Imagine Monroe approved 107 projects in 2017 that were expected to create more than 1,000 jobs and retain nearly 3,100 jobs. The projects attracted a total of $1.3 billion in private investment in Monroe County, officials said.

“We’ve seen incredible interest this year from employers looking to locate or expand in Monroe County as a result of Imagine Monroe’s reputation as a one-stop-shop for economic development,” Monroe County Executive Cheryl Dinolfo said in a statement. “Our strong, year-end job creation results are just the latest sign that Monroe County is open for business!”

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