Sign In
Upcoming Event
Free Newsletter
COMIDA backs Clinton Square conversion, Henrietta project
Downtown Rochester's Clinton Square building. (Photo provided by Riedman)
Downtown Rochester's Clinton Square building. (Photo provided by Riedman)
COMIDA backs Clinton Square conversion, Henrietta project
Listen to this articleThe County of Monroe Industrial Development Agency (COMIDA) on Tuesday granted tax incentives that will provide more downtown apartments and help a Henrietta-based commercial electrical contractor keep up with expanding business needs.
Riedman was approved for $4,621,106 tax breaks on a $42.6 million renovation project at Clinton Square. The abatements include a 10-year PILOT agreement worth $2,978,070, a sales tax exemption of $1,365,845 and a mortgage recording tax exemption of $277,191.
Analysis by MRB Group shows a benefit-to-cost ratio of 9:1 based on property tax and sales tax revenue from temporary and ongoing jobs supported by the project.
The project will create 102 apartments of various sizes: 25 studios between 697-937 square feet with rent ranging from $1,799-$2,483, 51 one-bedroom units (841-1,139 square feet for $2,018-2,863), 22 two-bedroom units (1,293-1,727 square feet for $2,974-$4,145) and four penthouse apartments with 2,618 square feet of living space priced at $7,854.
Approximately 145,000 square feet of the around 300,000 total square footage of the downtown building is unoccupied, and the configuration of the building makes repurposing into apartments feasible.
Prolonged and increasing vacancies led to default on the Clinton Square mortgage in 2024, and the lienholder put the building up for auction in 2025. Riedman paid $11.5 million in July of 2025 with the intent of repurposing the top seven floors into upscale residential units.
COMIDA also approved a request from Lang and Son’s Properties LLC, an affiliate of Kaplan Schmidt Electric, for incentives to build a 16,000-square-foot building at 240 Lucius Gordon Dr.
Jeff Lang, president of Kaplan Schmidt, said the building will provide more warehouse and office space and allow for the hiring of four or five additional employees. The company currently employs 35.
The project has a price tag of $2 million, with tax incentives lessening the company’s cost by $174,993 ($87,103 from a 10-year PILOT, a $76,640 sales tax exemption and a $11,250 mortgage recording tax exemption).
The town of Henrietta Planning Board gave final site plan approval for the project last month.
[email protected]/(585) 653-4020
d
