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Construction on The Eastman Reserve by PathStone begins
Construction on The Eastman Reserve by PathStone begins
Listen to this articleWhat has been a desolate parking lot at Eastman Business Park will soon become a 17-building development of mixed-income housing as well as commercial space.
Groundbreaking for The Eastman Reserve, an undertaking of PathStone, began Wednesday afternoon along the western portion of Eastman Avenue.
The $52.9 million project will include 187 rental units, with 27 to be filled by homeless young adults who will have access to on-site support services.
The development is part of New York’s Homes and Community Renewal initiative.
“New York State has made it a priority to create affordable housing that brings renewed energy to our urban cores,” RuthAnne Visnauskas, commissioner of Homes and Community Renewal, said in a news release.
Rental units will be available for residents who earn between 60 percent and 130 percent of the area median income.
“Affordable housing is vital to building inclusive communities, and (the new project) will provide needed housing, as well as supportive services to Rochester-area residents,” said David Walsh, northeast regional manager for community development banking at Chase.
The Eastman Reserve continues the rebirth of Eastman Business Park, where Kodak began manufacturing photographic film and paper more than a century ago. The campus now supports nearly 100 companies that employ more than 6,000 workers.
The project will receive more than $25.5 million in tax exempt bonds, $10.6 million in state and federal New Construction Capital program funding, $5.1 million from HCR’s Middle Income Housing Program, and low income housing tax credits that will generate almost $20 million in equity for the project. NYSERDA provided $150,000.
“The Eastman Reserve is on the cutting edge of growth within Eastman Business Park,” Stuart Mitchell, president and CEO of PathStone Corp., said. “The burgeoning business growth in the park is creating reliable jobs for city and county residents. Additionally, The Eastman Reserve will provide high quality affordable homes for city residents.”
PathStone is working in conjunction with Christa Construction, NH Architecture, Marathon Engineering, EC4B, Jensen Engineering, Sustainable Comfort, Inc., and Flaherty Salmin CPAs on the project.
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