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Penfield apartments, Culver Road office receive tax incentive approvals
Penfield apartments, Culver Road office receive tax incentive approvals
A proposed 60-unit apartment community in Penfield and renovations for the Security Risk Advisors, Inc. office at the Culver Road Armory received approval for tax incentives from the County of Monroe Industrial Development Agency on Tuesday.
Howitt Bayview LLC, owned by the Howitt family, will build a four-story, 86,560-square-foot apartment building along Wilbur Tract Road, just off Empire Boulevard and near K2 Brothers Brewing.
There will be 15 units per floor, with the first floor reserved for residents 55-and-over. Seven of those first-floor apartments also will be meet affordable housing requirements and three will be ADA-compliant.
To gain approval for the $13.4 million project from the town of Penfield, developers agreed to create a left-turn lane to ease traffic issues along Empire Boulevard. The road construction is expected to cost around $420,000.
COMIDA granted a sales tax exemption of $541,545, a mortgage recording tax exemption of $82,500 and a PILOT (payment in lieu of taxes) agreement that will provide a net benefit of $1.12 million to the developer.
Re-creating the space for Security Risk Advisors will ensure longer-term tenancy and enable the Philadelphia-based firm to continue to grow Rochester operations.
The firm has 16 full-time and four part-time employees in Rochester and expects that number to grow to 40 over the next several years, officials told the COMIDA board.
The $405,000 renovation was granted a sales tax exemption of $43,920.
Developer Fred Rinaldi of Whitney Baird Associations, LLC, said property owners often must recapitalize spaces for tenants during a lease to make them “future proof.” It’s a trend Rinaldi said “is likely to continue for the next series of years.”
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