"The project will yield 280 residential rental units, and 294 on-site parking spaces. It will also preserve and restore the façade of an abandoned Lowe’s Theater, and dedicate 10,000 square feet to a new black box theater. Nearly 8,000 square feet will be made available for retail use ... RXR Realty, Brause Realty, and ABS Partners Real Estate are the developers. Paulus, Sokolowski and Sartor (PS&S) is the architect." New York YIMBY (10/10/17) The project has recently been rebranded from '587 Main' to '360 Huguenot.'

Project Data*

Building
Budget: $11,000,000
Studios: 54
1BR: 125
2BR: 101
3BR: 0
Affordable: 0
Total: 280
Parking: 298
Stories: 28
Retail Space: 16836 sqft
Occupancy
Residents: 607
Students: 16
School: Columbus

Jobs
Construction: 751
Permanent FT: 66
Permanent PT: 49
Dates
Status: IDA Approved

Planning Board Approval: 7/6/2018
IDA Approval: 9/21/2016
Constr. Start: 11/30/2016
Length: 26 months
Completion: 1/1/2019
Tax Incentives
"As Is" Tax: $1,107,000
Full Property Tax: $31,125,309
PILOT: $18,775,672
Owner Savings: $12,349,637
PILOT (yrs): 20

Mortgage Tax Exemption: $1015300
Fair Share Mitigation: $488,986

Data Last Updated: 11/7/2018

*Data listed here is subject to change. FOIL/FOIA requests are pending to obtain any missing data. Some of these numbers are estimated. Data comes from city documents.

** GLOSSARY TERMS: "As Is" taxes are the taxes of the property before development. Full Property Taxes are the taxes of the property after development. PILOT means Payment in Lieu of Taxes, which is less than full property taxes. Owner savings is the property tax abatement in dollars and as a percent of Full Property Taxes. PILOT length is the number of years that the PILOT is in effect. Fair Share Mitigation (FSM) fees are monies collected by the City from the developer to cover future infrastructure needs. The school system gets approximately 2/3 of the FSM fees.

*** Residents are calculated as follows: Studios = 1, 1BR = 1.5, 2BR = 3, 3BR = 4.5 (NDC formula) Students are calculted as follows: Studios (*0), 1BR (*0.014), 2BR (*0.141), 3BR (*0.213) (NDC formula)

*Data updating and collection is done by volunteers and may contain the occasional error or miscalculation.

Progress Gallery

11/4/2018


The view from top!

11/3/2018


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10/17/2018


Photo by red359a

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