"At 500 Main St., an approximately $200 million, 26-story building is planned. The property will include a 23,000-square-foot church on the ground floor, which can be converted into a basketball court ... The site will also have 462 rental apartments and 2,180-square-feet of retail space. Another feature will be an automated parking system with an elevator to carry cars from the ground floor to a "parking vault" on the third, fourth and fifth floors ... Covenant Church will occupy the space in the new building." Lohud.com

Project Data*

Budget: $227,270,712
Studios: 110
1BR: 218
2BR: 149
3BR: 0
4BR: 0
Affordable: 48
Total: 477
Parking: 452
Stories: 26
Retail Space: 2476 sqft
Residents: 884
Students: 31
School: Trinity

Construction: 300
Permanent FT: 10
Permanent PT: 0
Status: IDA Approved

Planning Board Approval: 7/24/2018
IDA Approval: 11/21/2019
Constr. Start: 1/10/2020
Length: 26 months
Completion: 1/12/2022
Tax Incentives
"As Is" Tax: $1,512,906
Full Property Tax: $45,912,512
PILOT: $27,695,735
Owner Savings: $18,216,777
PILOT (yrs): 20

Mortgage Tax Exemption: $1477260
Fair Share Mitigation: $705,627

Data Last Updated: 12/14/2019

*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 calculated 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.

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