Loan to Aid Turning the Academy Building Into Apartments

July 12, 2012

The Rochester Business Journal

July 10, 2012

The Community Preservation Corp., the State of New York Mortgage Agency and Fitzhugh Associates LLC announced Tuesday the closing of a $3.7 million loan to develop the Academy Building into 21 upscale apartments.

The 140-year-old historic property was the site of Rochester’s first public high school.  All the apartments will be available at market rate, officials said.

“Downtown Rochester has seen a significant resurgence with over 26 buildings renovated and converted into mixed-use properties since 2000,” said Nicholas Petragnani Jr., Community Preservation’s senior vice president and central and western New York regional director, in a statement. “We are excited to build on this success with the addition of the Academy. This former site of the first free high school, city municipal court and headquarters of the board of education, will be redeveloped and converted while retaining its historic architectural roots.”

Located at 13 S. Fitzhugh St., the Academy Building will house 21 apartment units across the top three floors of this four story-building. There will be six one-bedroom, 1.5 bath units; 14 two-bedroom, 2.5 bath units; and one three-bedroom, 3.5 bath unit. The first floor will be renovated for retail space.

In addition to CPC’s $3.7 million construction loan, the non-profit agency will provide a $3.25 million SONYMA-insured pension fund permanent mortgage. The city of Rochester and New York State’s Empire State Development Corp. have committed an $800,000 Restore NY grant and a $700,000 construction bridge loan. The project also will receive federal and state historic tax credit equity, officials said.

The renovations are expected to be completed by spring 2013.