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COMIDA approves Cascade District project, two others
The Knowlton Building at 69 Cascade Drive is part of a planned $22.7 million renovation project by Cascade District LLC. (Photo by Gene Avallone/provided by Anchor Real Estate Advisors)
The Knowlton Building at 69 Cascade Drive is part of a planned $22.7 million renovation project by Cascade District LLC. (Photo by Gene Avallone/provided by Anchor Real Estate Advisors)
COMIDA approves Cascade District project, two others
Listen to this articleA $22.7 million project that will modernize two buildings in the Cascade District —nearly doubling the number of apartments within the properties — was approved for tax incentives by the County of Monroe Industrial Development Agency (COMIDA).
Cascade District LLC, headed by Spoleta Construction & Development CEO Michael Spoleta, was approved for a $2.2 million in tax breaks to revitalize the Knowlton Building at 69 Cascade Drive and Cascade Centre at 72-78 Cascade Drive.
The $1.336 million PILOT agreement, $729,636 sales tax exemption and $136,500 mortgage recording tax exemption were unanimously approved by COMIDA at Tuesday’s April board meeting.
Cascade District LLC intends to upgrade the 28 existing loft-style apartments and add another 58 one- and two-bedroom loft apartments. Four existing apartments are being eliminated through the reconfiguration. About 20 percent of the units will be designated affordable for tenants earning no more than 80 percent of the Area Median Income.
The project includes the addition of gathering space and an exercise area, upgrades to the sprinkler system, renovation of existing elevators and the addition of two new elevators, Spoleta told the board.
The developer also plans to upgrade commercial space and seek new tenants. About 12 to 14 percent of the total space in the properties is currently occupied by commercial tenants. Tenants include Frontier Abstract, NiCoForm, Rochester Software Associates, Netsville, Fish & Crown Creative and the Association of Supervisors & Administrators of Rochester (ASAR).
The buildings were part of a multiproperty purchase in May 2024 from James and John Loftus.
Along with Michael Spoleta, the development group includes Anthony Mastrodonato, Sam Messina, David Spoleta, Terry Giangreco, Richard Gray and Mark Paciorek.
COMIDA also approved incentives for two other projects:
• Morris Holdings Group LLC was approved for $392,282 in incentives on a $4.62 million showroom, warehouse and fabrication facility for Upstate Marble & Granite at 2975 Brighton Henrietta Townline Rd. in Henrietta.
The incentives include property, sales and mortgage recording tax exemptions.
• XC International LLC was granted $847,678 in property, sales and mortgage recording tax exemptions on a $6.3 million warehouse project in Chili.
The new 42,000-square-foot facility will provide warehousing and operational efficiency for two locally owned truck firms, Cargo Transit, Inc., and Xtreme Logistics Transportation, Inc.
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