Skyview Park Apartments. Image via Google Street View

PathStone Development Corp. has completed construction of Skyview Apartments, a 157-unit senior housing community in Irondequoit, N.Y.

The $44.3 million development is situated at the site of the former Irondequoit Mall. The community caters to individuals 55 and older earning an income at or below 60 percent of the area median income, with a total of 78 units set aside for seniors at risk of homelessness and in need of supportive services.

State financing for the community comprised $4.9 million in permanent tax-exempt bonds, Federal Low-Income Housing Tax Credits that generated $12.3 million in equity as well as an additional $23 million in subsidy from New York State Homes and Community Renewal. Additional financing included $134,200 from The New York State Energy Research and Development Authority, a $100,000 Community Development Block Grant award from the Town of Irondequoit and a $100,000 HOME award from Monroe County.

The development is part of Governor Katy Hochul’s plan to build more affordable housing. In the recently enacted State Budget, she secured a new $25 billion, five-year housing plan that will increase housing supply by building or preserving 100,000 affordable homes.

A more affordable Upstate New York

Rochester General Hospital’s ElderONE program will provide on-site supportive services, funded through the Empire State Supportive Housing Initiative and administered by the NYS Department of Health, for individuals at risk of homelessness. These services include identifying primary health needs, legal and financial assistance programs, meal and nutritional programs, counseling programs and personal care and home care assistance. PathStone Management Corp. will manage the property.

The former mall’s Sears department store was converted into 73 units, and an additional four-story building with 84 units was constructed nearby. The community offers one- and two-bedroom floorplans, ranging from 617 to 978 square feet, according to Yardi Matrix data. Community amenities include three open-air courtyards with community gardening space, two patios, a fitness room and a community room. A total of 155 parking spaces are also available, according to the same data provider.

Located at 200 Skyview Center Parkway, the property is surrounded by several shopping, dining and entertainment options. Rochester General Hospital is less than 2 miles southwest, while Irondequoit Parks & Recreation is less than half a mile in the same direction.

In February, another 45-unit affordable senior housing community was completed in Rochester, N.Y. The $14 million Zion Hill Apartments broke ground early last year.

The post PathStone Delivers $44M Upstate NY Affordable Senior Housing appeared first on Multifamily Real Estate News.


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