Conifer Realty LLC has completed the $118 million rehabilitation of Park Square, a 335-unit fully affordable housing community in Rochester, N.Y. The property will be targeting tenants earning up to 60 percent of the area median income.
Completed in 1974 under the New York State Mitchell-Lama Program, Park Square comprises two adjacent buildings, situated at 10 Manhattan Square Drive and 16 Savannah St. The project received various types of financing:
- $12.3 million in permanent tax-exempt bonds;
- Federal Low-Income Housing Tax Credits that generated $33.8 million in equity;
- $31.5 million from the Mitchell-Lama Loan Program from New York State Homes and Community Renewal;
- $30.7 million in existing debt refinanced and subordinated by HCR;
- $1.4 million in HOME funds provided by The City of Rochester.
Park Square is part of the city’s Inner Loop East Transformation project and also part of Governor Kathy Hochul’s $25 billion, five-year housing plan to create or preserve 100,000 affordable homes across New York. The scheme includes 10,000 units with support services for vulnerable residents, as well as the electrification of 50,000 homes.
A thorough rehabilitation
A parking garage and 40 obsolete townhouses have been demolished for the rehabilitation of the community. The coming phases of the development will rebuild the razed townhouses and will create additional affordable units.
Park Square encompasses studio, one-, two- and three-bedroom units ranging between 438 and 1,223 square feet, according to Yardi Matrix. The upgraded common-area amenities include a community room, a fitness center, a playground, walking paths and parking lots. The renovated units now feature new appliances, new windows and doors. Other improvements comprise the replacement of the roof, high-efficiency boilers, along with replacing obsolete water, sewer and electrical systems.
The community is close to the conjunction of the city’s Inner Loop and Interstate 490. There are many entertainment venues, retail spaces, schools and dining options in the proximity, such as Rochester Contemporary Art Center and Rochester Museum & Science Center. Highland Hospital and University of Rochester are within a 2-mile radius from the community.
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