“A six-story, 73-unit building is the latest approval for the "Burling Triangle," a portion of land between Burling Lane and Interstate 95. NewRo Studios is expected to break ground in late 2018 and open in late 2019 … Hammel, of ELD Properties .. presented the proposal … as an "artist live-work space." Hammel said in August that the plans include … 73 studio apartments below market rate, a rooftop music performance space, an art gallery lobby and 3,000 square feet of artist work space in the basement." Lohud
Retail Space: 0 sqft
Permanent FT: 2
Permanent PT: 3
Planning Board Approval: 11/29/2018
IDA Approval: 11/29/2017
Constr. Start: 10/1/2018
Length: 12 months
Full Property Tax: $4,834,356
Owner Savings: $2,877,662
PILOT (yrs): 20
Mortgage Tax Exemption: $143392
Fair Share Mitigation: $60,692
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.