The final financing hurdle has been cleared for redevelopment of the historic Triangle Building at the corner of East Avenue and East Main Street in downtown Rochester.
Jays Acquisition II LLC, managed by real estate developer Angelo Ingrassia, was granted $1.583 million in tax incentives by the County of Monroe Industrial Devel0pment Agency (COMIDA).
The $9.227 million project will create 36 apartments on floors two through five intended for students at the Eastman School of Music, as well as a new home for the Colgate Rochester Crozer Divinity School (CRCDS) on the ground floor.
Ingrassia, through Jays Acquisition II, asked COMIDA for a waiver of sales and mortgage recording taxes, as well as a PILOT agreement that will slice just shy of $1.4 million off the real estate tax bill over 14 years. The COMIDA board unanimously approved the request at Tuesday’s meeting.
Another $3 million in project financing was acquired in May from the state’s Restore New York Communities initiative.
In his application to COMIDA, Ingrassia said the PILOT agreement with the county ensures “that commercial rents remain affordable to assist with the continued operation of CRCDS” and also “makes the operating budget predictable, thereby ensuring continued affordability for the students of the School (of Music).”
The approximately 10,700 square feet on the ground floor for the Colgate Divinity School will be leased at a rate substantially lower than market rate, with the school paying around $1.50 per square foot, the application says.
There will be around 35,000 square feet for student living, including apartments and common areas. Plans call for eight studios (comprising a total of 3,700 square feet), 20 one-bedroom units (taking up 20,000 square feet) and eight two-bedroom units (a total of 8,000 square feet).
Rents will range from $785 to $1,100, according to the application to COMIDA.
Ingrassia has been involved in numerous projects, including redevelopment of the former Medley Centre mall in Irondequoit and the former Colgate Divinity School campus at 320 N. Goodman St.
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