60-Unit Housing Development Includes a Rooftop Terrace, Recreational and Commercial Space
Investment Complements “Finger Lakes Forward”—the Region’s Successful Upstate Revitalization Initiative to Create a Strong Economy and New Opportunities
ROCHESTER, NY – PathStone Corporation, New York State Homes and Community Renewal, the City of Rochester, officials and development partners today celebrated the opening of Wedgepoint Apartments, a new $16 million New York State funded 60-unit affordable housing development in Rochester’s South Wedge neighborhood. The investment enhances Finger Lakes Forward, the region’s successful economic development initiative that is creating new opportunities for individuals and families, and revitalizing communities throughout the Finger Lakes.
Located at 390 South Avenue, Wedgepoint involved new construction of 60 one, two and three-bedroom apartments totaling 68,000 square feet. In addition to the residential space, Wedgepoint includes nearly 5,000 square feet of first-floor retail space. Fountain of Youth Fitness has signed on as the property’s first commercial tenant.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Instead of vacant lots and abandoned houses, the culturally and economically diverse South Wedge neighborhood is now a place where residents can find affordable and attractive homes and thriving businesses. Governor Cuomo knows that access to affordable housing is a key component of economic development and opportunity. Wedgepoint complements the Governor’s comprehensive Upstate Revitalization Initiative that is growing strong local economies and improving quality of life in Rochester and throughout Finger Lakes communities”
“The City of Rochester is thankful for PathStone’s partnership and vision in this project. Access to affordable housing is critical to our mission of creating safer, more vibrant neighborhoods, more jobs and better educational opportunities throughout our city,” said Mayor Lovely Warren. “The unique and iconic Wedgepoint Apartments represent the transformation of a vacant lot into a true neighborhood asset and the completion of a gateway into the South Wedge from our Center City.”
Wedgepoint is located at the entrance of the South Wedge neighborhood, one of Rochester’s most culturally and economically diverse communities. Easily accessible to public transportation, child care and employment opportunities, the South Wedge neighborhood is experiencing an economic rebirth. Aligning with the vision of the Rochester-Monroe Anti-Poverty Initiative and the Governor’s Upstate Revitalization Initiative, Wedgepoint offers high-quality, affordable housing for those who seek a stable living environment where the promise of economic mobility is a reality.
“PathStone is one of the leading housing developers in the national NeighborWorks network. They have a dynamite development team that has taken on some of the hardest projects and consistently builds beautiful, high quality housing. With Wedgepoint, they have transformed a vacant lot into the perfect gateway to the Rochester’s South Wedge neighborhood,” said Judith Rose, Senior Relationship Manager, NeighborWorks America.
“PathStone has been a cutting edge developer in neighborhoods throughout Rochester and Monroe County, including underserved and growing communities. CPC is proud to partner with PathStone to provide affordable permanent financing to make Wedgepoint a reality in the South Wedge Community,” said Miriam Zinter, CPC’s Mortgage Officer for the Rochester area. “For many years this parcel of land was a blight on the neighborhood. Now it is stalwart beacon of renewal and hope for the community and the residents who live here.”
The $16 million development is being financed with public and private resources. Through its Unified Funding program, New York State Homes and Community Renewal provided $3.48 million from the Housing Trust Fund; $235,000 for the NYS HOME program; $865,000 in Federal Low-Income Housing Credits; $250,000 in State Low-Income Housing Credits; and, $431,000 from the Community Investment Fund. The Federal and State Low-Income Housing credit allocations generated nearly $10 million in equity. Additional funding included $400,000 in City of Rochester HOME program funds, a $151,000 grant from the New York State Energy Research and Development Authority, a sponsor loan, and a deferred developer fee. The tax credits were syndicated by Enterprise Community Partners. PathStone also worked in conjunction with Nathaniel General Contractors, SWBR Architects and Passero Associates to successfully complete this project.
“Our entire team has worked extraordinarily hard to create this iconic housing community. I believe this family housing building will bring a new vibrancy for the entire neighborhood. We are proud to be a major contributing member to the future of the South Wedge neighborhood,” said Stuart Mitchell, President/CEO of PathStone Corporation.
Each unit has a unique floor plan following the footprint of the building. All units offer an open concept living and dining room with an open energy-efficient kitchen, generous closet space, beautiful bathrooms and central air conditioning. To encourage healthy lifestyles, the building offers ample recreational space including a courtyard, playground and large rooftop terrace. The rooftop terrace features planters where residents can create a community garden. Residents also have access to a secure indoor bike storage area; great for the bike-friendly neighborhood. The development is already at seventy-five percent occupancy.
PathStone Senior Vice President of Real Estate Development, Amy Casciani, said of the project, “Wedgepoint is PathStone’s first mixed income/mixed use project. This development meets the South Wedge Community’s needs while enhancing its unique diversity.”
New York State’s FY 2018 Budget continues funding for the state’s $20 billion comprehensive, five-year plan for affordable and supportive housing to ensure New Yorkers who are homeless or at risk of homelessness have safe and secure housing. The Budget includes $2.5 billion in funding to advance the creation or preservation of 100,000 affordable and 6,000 supportive housing units.
“Today’s ribbon cutting for the Wedgepoint Apartments reminds us how much can be accomplished when government, non-profits and the private sector come together to create affordable housing for need New Yorkers,” said Jolie Milstein, President and CEO of the New York State Association for Affordable Housing (NYSAFAH). “Congratulations to PathStone, the Cuomo Administration and all of the partners who made this project a reality.”
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About New York State Homes and Community Renewal:
NYS Homes and Community Renewal’s (HCR) housing and community development agencies work to create, preserve and improve affordable homes and vibrant communities, in keeping with Governor Andrew M. Cuomo’s vision of a more inclusive, affordable, sustainable, and resilient New York. In 2016, HCR set a record for the third year in a row, financing the creation or preservation of more than 17,000 affordable homes and apartments, creating nearly 2,000 homeownership opportunities for first-time homebuyers, and was once again the #1 affordable housing bond issuer in the nation with $2.8 billion issued. For more information on HCR agencies, programs and initiatives, please visit: http://www.nyshcr.org/
PathStone (www.pathstone.org) is a Rochester, NY based not-for-profit community development and human services organization, that provides services to low-income families and economically distressed communities throughout New York, Pennsylvania, New Jersey, Ohio, Indiana, Virginia, Vermont, and Puerto Rico. It is a certified Community Development Financial Institution (CDFI). PathStone has developed, improved or acquired over 3,700 units of high-quality, multi-family housing and single-family homes. PathStone specializes in creating housing to meet the needs of low-income, working families, as well as “at risk” individuals and families – the homeless, disabled adults and the elderly.