(Monday, June 19, 2017) – Mayor Lovely A. Warren Joined Home Leasing, LLC and the Community Preservation Corporation (CPC) to celebrate the opening of Charlotte Square at the East End, an $18 million project bringing 72 newly constructed rental apartments to the East End neighborhood of downtown Rochester.
“I’d like to thank Nelson Leenhouts and Home Leasing, LLC for building Charlotte Square at the East End on a property that stood vacant for years,” said Mayor Lovely Warren. “Charlotte Square phases 2 & 3 will further add to the revitalization that is coming to the East End. And as development begins on the land created by filling in the Inner Loop, we’ll see a complete transformation of this part of our city. All of this is vital to our efforts to bring more jobs, safer and more vibrant neighborhoods and better educational opportunities to our residents.”
“Home Leasing is humbled to have the trust and support of Mayor Warren to develop Charlotte Street. The City of Rochester is working tirelessly to create a thriving downtown and we are thrilled to be celebrating the completion of Charlotte Square at the East End, the first of three planned developments.” said Nelson Leenhouts, Chairman & CEO of Home Leasing, LLC. “The construction of our for-sale townhomes, and the financing approval from New York State Homes and Community Renewal for additional apartments on Parcel 1 of the inner loop is truly unique as it makes diverse housing options available for all our residents along two short blocks, including market rate and affordable rentals as well as for-sale townhomes.”
Charlotte Square was awarded the RFP by the City of Rochester for the purchase of the site in 2015 to develop longtime vacant land bound by Pitkin, Charlotte, Scio Street and Haags Alley. Charlotte Square is future focused and thoughtfully planned for the residents, the East End, the City of Rochester and our environment through the attention to detail, amenities and innovative design.
Financing for Charlotte Square was backed by M&T, private investors and equity partner the Community Preservation Corporation (CPC) and incentives through Grow Monroe.
Charlotte Square, which is CPC’s first project completed under its new equity investing platform, continues the company’s commitment to investing in the resurgence of Rochester and its historic downtown area. Since 1993, CPC has provided more than $90 million in lending capital to finance 55 multi-family housing projects with more than 3,460 units in Rochester. The nonprofit community revitalization finance company recently created an equity investing business as a way to increase its positive social impact by investing with like-minded partners, like Home Leasing, to support the long-term revitalization and housing needs of communities.
“As our local economy continues to grow, so does the demand for living accommodations for individuals looking to move here and local residents relocating within Monroe County,” said County Executive Cheryl Dinolfo. “I’m proud to see this project become reality in downtown and I look forward to the continued revitalization of our community.”
“Charlotte Square is a great project that will help anchor the East End neighborhood and advance the city’s redevelopment plans,” said Elizabeth Propp, Senior Vice President, the Community Preservation Corporation. “At CPC we believe that long-term investments in projects like Charlotte Square can foster vibrant, stable, mixed-income neighborhoods, while contributing to the sustainability and growth of the overall community. We’re fortunate to have had such extraordinary partners in Home Leasing, as well as the City of Rochester, who both share our commitment to this project and to the continued revitalization of the community.”
Home Leasing Construction completed Charlotte Square at the East End. It is one of two LEED Gold certified market rate apartment buildings in the Greater Rochester Area. The 72-apartment building includes one, two and three-bedroom apartments, 64 of which are market rate and 8 of which are income qualified. Rent, heat, electricity, water, parking, Direct TV®, and Greenlight™ fiber optic Internet are all included in the Monthly Charlotte Living Expense. Unique amenities include spacious private outdoor terraces and balconies, secure 1st floor parking with an electric car charging station, Pocket Park with public art, Roc City Wheat, by artist, Kevin Dartt, CrossFit® inspired fitness center, community sound proof practice room, community room with full prep kitchen and media center, community terrace, roof top solar panels, bike storage, and planned community events. The community is pet friendly.
Currently for sale and under construction are 10 highly anticipated Charlotte Square Townhomes. “Home Leasing is proud to expand homeownership opportunities in center city. Each of the 10 townhomes will include garages, private outdoor space and customizable design. This is a rare opportunity to take advantage of all downtown living has to offer,” said Kimberly Russel, Executive Vice President, Home Leasing, LLC.
Planned development of Charlotte Square on the Loop will include 50 mixed income apartments on Parcel 1 of the Inner Loop East Development. This third phase has been awarded financing from New York State Homes and Community Renewal. It is anticipated these will begin construction in the Fall. SWBR is the architect for all 3 developments.
About Home Leasing, LLC
Rochester-based Home Leasing, LLC specializes in the development, construction and management of high-quality apartment communities. Founded in 2006 by veteran real estate developer and former co-CEO and co-Chairman of Home Properties Nelson Leenhouts, the company is owned and operated by three generations of the Leenhouts Family. Home Leasing today employs over 100 people who provide support to or are directly involved in the day-to-day operations of affordable, mixed income and market rate residential communities across New York, Pennsylvania and Maryland.
About The Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. We provide innovative capital solutions, fresh thinking and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face. To date, CPC has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of affordable housing. Our work with our partners has helped revitalize countless neighborhoods throughout New York, and provided quality housing for families, senior citizens, and individuals with disabilities.