IADC’s Alta Vista project brings more housing to downtown Rochester

State and local leaders joined officials from the Ibero-American Development Corp. (IADC) on Thursday afternoon to officially christen the transformation of four vacant lots in the heart of downtown into a residential community.

Alta Vista is a six-story residential new build at 101 Franklin St., next to St. Joseph’s Park. The $35 million project, part of the 2022 New York State Downtown Revitalization Initiative (DRI), provides 76 affordable and supportive housing units.

Built by Hamilton Stern, the facility also provides commercial space that will be used by the Landmark Society of Western New York public and private events.

IADC and consulting developer Edgemere Developed partnered on the project, which used $16.5 million in Federal and State Low Incoming Housing Tax Credits, nearly $11.8 million in capital subsidies from New York State Homes and Community Renewal and $1.2 million in DRI funding.

“This new construction of 76 affordable homes next to St. Joseph’s Park compliments other impactful projects we have done in Rochester and the surrounding region,” Gov. Kathy Hochul said in a news release. “Alta Vista shows what we can do when state agencies, developers and nonprofits band together to address the housing crisis and bring affordable housing to communities across New York State.”

Funding also included $2.6 million from the New York State Office of Temporary and Disability Assistance through its Homeless Housing and Assistance Program, $1.3 from Community Preservation Corp. and $1 million from the city of Rochester’s HOME program.

“Alta Vista and St. Joseph’s Park is IADC’s newest contribution in the city of Rochester to what we collectively recognizes as an essential need for individuals and families,” said Eugenio Marlin, IADC vice president. “By developing 76 more units of new housing, IADC continues to be true to its mission of creating quality, safe and affordable housing, as well as spaces for service and common enjoyment.”

Within the all-electric, L-shaped building are 73 one- and two-bedroom apartments, plus three two-bedroom townhome-style units. Rent ranges from $680-$1,246 and residents must earn at or below 70 percent of the Area Median Income.

There are 14 units reserved for individuals and households struggling with homelessness. The YWCA of Rochester and Monroe County provides on-site services, helping individuals become independent and self-sufficient through job, education, transportation and counseling assistance.

“This building stands as a testament to the collective efforts of the city of Rochester, the state of New York, local stakeholders and all financing partners to support a legacy organization’s transformation of underutilized space, bringing new life to downtown,” Edgemere Development partner Chris Roland said.

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