Seven story residential development with 184 units, including 54 studios, 100 one bedrooms and 30 two bedrooms.
Project Data*
Building
Studios: 54
1BR: 100
2BR: 30
3BR: 0
4BR: 0
Affordable: 19
Total: 184
Parking: 200
Stories: 7
Retail Space: 1500 sqft
Occupancy
Students: 6
School: Trinity
Jobs
Permanent FT: 6
Permanent PT: 1
Dates
Planning Board Approval:
IDA Approval: 4/30/2020
Constr. Start:
Length:
Completion:
Tax Incentives
Full Property Tax: $18,504,284
PILOT: $6,084,740
Owner Savings: $12,419,544
PILOT (yrs): 20
Mortgage Tax Exemption: $458931
Fair Share Mitigation: $459,246
Data Last Updated: 8/12/2021
*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.
