“Six-story, 60-unit multi-family residential building ... incorporates studios, one-bedroom, and some two-bedroom apartments, and includes a parking garage on the ground level along with retail space. The project incorporates a community art benefit space at the first floor" dobanarchitecture.com. The developer is Rye-based, CAC Realty.

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Project Data*

Building
Budget: $18,710,836
Studios: 20
1BR: 33
2BR: 7
3BR: 0
Affordable: 7
Total: 60
Parking: 57
Stories: 6
Retail Space: 2400 sqft
Occupancy
Residents: 100
Students: 1
School: Columbus

Jobs
Construction: 20
Permanent FT: 8
Permanent PT: 2
Dates
Status: IDA Approved

Planning Board Approval: 7/26/2016
IDA Approval: 5/30/2018
Constr. Start: 11/1/2016
Length: 11 months
Completion: 9/30/2017
Tax Incentives
"As Is" Tax: $850,408
Full Property Tax: $4,766,808
PILOT: $2,890,856
Owner Savings: $1,875,952
PILOT (yrs): 20

Mortgage Tax Exemption: $158600
Fair Share Mitigation: $62,437

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

7/1/2016


7/1/2016