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City of Rochester backs incentives for boutique hotel on Park Ave.
Rendering of the proposed boutique hotel at 759, 771 and 775 Park Ave. (File rendering created by Hanlon Architects/provided by developers)
Rendering of the proposed boutique hotel at 759, 771 and 775 Park Ave. (File rendering created by Hanlon Architects/provided by developers)
City of Rochester backs incentives for boutique hotel on Park Ave.
Listen to this articleDevelopers of a proposed up-scale boutique hotel on Park Avenue have the blessing of the city of Rochester on a request for just shy of $4.4 million in tax incentives from the County of Monroe Industrial Development Agency (COMIDA).
759 Park Ave Partners, LLC intends to turn under-utilized, unkempt buildings at 759, 771 and 775 Park Ave. in a 42-room hotel, restaurant and spa.
The development team behind the $29.252 million endeavor is comprised of Dan Goldstein; Jonathan Swan and Charles Cerankosky of JAYCEE Real Estate, LLC; and Rufus Judson and William Tehan of 24 Cambridge Partners, LLC.
The group is requesting a special 18-year PILOT (payment in lieu of taxes) worth $3.860,677, a sales tax exemption of $885,746 and a mortgage recording tax exemption of $165,075 in order to ensure project feasibility.
“The requested PILOT will help close the remaining financial gap while enabling a transformative project that delivers substantial economic and community benefits,” according to the application filed with COMIDA.
A public hearing is scheduled for 10 a.m. Monday at City Place, with COMIDA slated to discuss and vote on the application at Tuesday’s noon board meeting.
In a letter to developers on behalf of the city, Erik Frisch, commissioner of Neighborhood and Business Development, said the project has his full support.
The hotel is projected to fill a gap in the market, and a study by national hotel advisory firm REVPAR International indicates a need.
Developers say transformation of the properties into a lodging and dining destination will continue the reactivation of Park Avenue and blend into the vibe of the neighborhood.
“This project is not intended to compete with existing limited-service hotels, but rather to complement the market by introducing a product type that is currently underrepresented: a small, high-quality boutique hotel that appeals to both leisure and business travelers,” the application says.
When completed, the hotel will offer 45 full-time and 25 permanent part-time jobs. MRB Group’s analysis of the project showed a benefit to cost ratio of 24:1.
“We are committed to working collaboratively with both COMIDA and the city to ensure that this investment delivers long-term value to the community,” the application says.
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