1st Quarter 2000
City Apartment Market in Rochester, N.Y.
by Christopher S. Tillett, MAI, SRA
The City of Rochester apartment market (5 units or more) appears to be heating-up with 28 sales over the last 24 month. Sale prices per unit have ranged from $10,000/unit to $63,000/unit with most ranging from $10,000 to $25,000/unit. The breakdown is as follows:
| Price/Unit Range | No. of Sales |
| $10,000-$15,000 | 9 |
| $15,000-$20,000 | 9 |
| $20,000-$25,000 | 6 |
| $25,000-$30,000 | 2 |
| $30,000-$40,000 | 1 |
| $40,000-$50,000 | 0 |
| $60,000+ | 1 |
| Total No. of Sales: | 28 |
Overall capitalization rates have ranged from 10.75% to 16.0% with most of the sales within the narrow range of 11.0% to 12.0% for stabilized, well managed properties. Operating expense ratios range from 45% to 63% with most within the range of 47% to 53%. Specific expenses on a per unit basis are:
| Expense Type | Expense/Unit |
| RE Taxes | $700-$1,100 |
| Insurance | $150-$250 |
| Utilities (sep.) | $400-$700 |
| Utilities (Central) | $1,000-$2,000 |
| Refuse | $65-$90 |
| Repairs/Mntc. | $300-$800 |
| Advertising | $50-$150 |
| Water/Sewer | $125-$175 |
| Supplies | $30-$60 |
The expense list above reflects the typical expense categories for investors in this property type. The Utilities have two ranges; the lower representing properties with separate utilities, the higher for properties with central utilities.
Gross rent multipliers are the relationship between sale price and potential gross income. The overall range for this valuation indicator is between 2.0 and 4.0. There are two distinct ranges within this relatively wide range. Rates between 3.0 and 3.5 represent desirable properties located in the premier Rochester locations such as Park Avenue and Corn Hill. The range between 2.0 and 2.5 are indicators for the secondary locations of Rochester.
Rental rates overall can best be described as stable. Declining welfare rolls do not appear to have negatively impacted market rental rates in the secondary locations. Vacancy rates are dependent upon management skills of particular owners. Market vacancy rates range from 4% to 12% including collection losses.
Reasonable seller expectations of price have fueled recent transfers as well as 1970's and 1980's investors liquidating inventory. The stability of this particular market has not yet reached the smaller 2-4 unit apartment buildings in the City of Rochester. Investors have learned that profitability is more likely with a greater number of units under one roof.
Increasing demand from owner occupants would enhance stabilization of the 2-family market. This market has been severely impacted by declining values over the past 5-8 years. These declining values and exodus of City owner-occupants has eroded the City's tax base by increasing the percentage of tenant occupancy ratios and further discouraging owner-occupants.
In conclusion, overall supply and demand of 5+ apartment buildings is in balance at this time in the City of Rochester. The 2-4 family market continues to struggle with respect to demand and prices.
ECONOMIC & BUSINESS
Eastman Kodak Company-- Eastman Kodak Company reported first quarter sales of $3.095 billion, essentially level with the $3.100 billion posted for the first quarter of 1999. Net earnings were $289 million or $.93 per share, up 58% on a per-share basis from $191 million, or $.59 per share a year ago. On an operational basis, net earning for the first quarter of 2000 were $297 million, or $.95 per share, up 19% on a per-share basis from $259 million or $.80 per share in the 1999 first quarter. The operational comparison excludes accelerated depreciation charges and relocation costs associated with the sale and exit of an equipment manufacturing facility this year and charges related to existing non-strategic businesses in 1999. (4/17)
Bausch & Lomb Inc.-- The company announced first-quarter earning rose 59% as sales of laser surgery products and contact lenses increased. Profits from operations rose to $23.9 million or 42 cents a share, from profit from continuing operations of $15 million, or 26 cents, in the year-earlier period. Revenue rose 4.4% to $406.9 million from $389.8 million a year ago. Revenue from its surgical business rose 14% while contact-lens sales rose 8%. (4/11) Bausch & Lomb repurchased 4.5 million shares during the first quarter, and will buy back another 100,000 shares in the second quarter. It bought 500,000 shares in December. Including $15.2 million from a patent litigation settlement with Alcon Laboratories Inc., Bausch & Lomb earned $39.1 million, or 68 cents a share compared to $22.4 million, or 39 cents a share in the year-earlier quarter. (4/17)
Paychex Inc.-- Paychex Inc. announced record net income of $49.6 million or $.20 diluted earnings per share for the third quarter ended February 29,2000, a 37% increase over net income of $36.2 million or $.15 diluted earnings per share for the same period last year. Total service revenues were $192.2 million, an increase of 21% over $158.4 million for the third quarter last year. For the nine months ended February 29,2000, net income increased 37% to $138.4 million or $.55 diluted earnings per share as compared to net income of $101.2 million or $.41 diluted earnings per share for the same period last year. Total service revenues were $530.9 million, an increase of 20% over $440.7 million for the same period last year. (3/16)
Global Crossing Ltd.-- Global Crossing Ltd., the company that acquired Frontier Corp., expects to soon complete its U.S. network and begin additional expansion, creating 300 to 500 jobs here. The job creation in Rochester will occur over the next two years. The company has already begun leasing additional space across the county. The company employs 3,217 here. (3/3)
Restaurant Acquisition-- Kessler Family LLC of Henrietta, have purchased 29 Friendly's restaurants in the Rochester, Syracuse and Buffalo area from the Friendly Ice Cream Corp. The company plans to develop 15 more Friendly's in those areas over the next seven years. The terms of the deal were not disclosed. Kessler Family LLC is an affiliate of the Kessler Group, which owns 22 Burger Kings in upstate New York. Publicly traded Friendly Ice Cream Corp. owns 589 full-service restaurants and franchises 90 others in 15 states. The company, with sales of $529 million in its last three quarters, also manufactures a line of frozen desserts that are distributed through 5,000 supermarkets and other retail outlets. The company was privately held and owned all its restaurants until about two years ago, when due to mounting debt, it went public and began selling off some of its restaurants to franchisees. (1/19)
Home Sales-- According to the Greater Rochester Association of Realtors, sales of single-family homes in the 11-county Genesee region fell to 680 in January, down 13% from 784 in the same month a year ago. Purchase offers accepted on single-family residences in January grew to 579, up from 423, or 37% over last year. Overall in January, real estate agents sold $68.5 million worth of houses. The median sale price was $82,250. Closings increase ~ 6.7%, while Monroe County sales fell 16.8%. (2/9) Year-to-date figures (through December 1999) showed existing single-family home sales in Monroe County 5.2% ahead of 1998 and sales in the City of Rochester 12.9% ahead of 1998. Dollar volume of sales was up 5.5%, reaching $1,290,902,830 by December. (1/2000) In the City of Rochester, over a two year period from 1997-1999, existing single family home sales increased 24%. (2/8)
Exports-- According to a report released by the International Business Council of the Greater Rochester Metro Chamber of Commerce, exports from the Rochester area were up 1.4% in 1999. Companies in the nine-county Rochester region exported approximately $14 billion worth of goods and services in 1999, exceeding the 1998 total of $13.8 billion. (1/11)
OFFICE
Bushnell's Basin-- Canandaigua National Bank & Trust Co. will lease approximately 25,000 square feet in Basin Park on Route 96 for a large financial support center. The bank will offer commercial, trust and investment services there and will use the space as a satellite for check processing and support services for all its recently opened branches. The support center is expected to be operational by May. (2/29)
Rochester-- The Chase Manhattan Bank is closing two of its area branches; the Four Corners branch at 1 Main Street and the Irondequoit Mall branch are slated to close May 18 and 19. Downtown clients will be transferred to Chase Tower at 1 Chase Square. The Irondequoit clients, mostly mall merchants, will shift to the branch at 1982 E. Ridge Road. The combined staff of 15 also will transfer to nearby locations. According to the Federal Deposit Insurance Corp., Chase has grown by less than 1% over the last five years and its deposits slipped from $1.3 billion in 1998 to $1.2 billion last year. Chase ranks fifth locally, with 13% of local deposits as of June 30, 1999, behind Citibank (New York State), HSBC Bank USA, M&T Bank and Charter One Bank. (2/18)
Rochester-- Canandaigua National Bank & Trust Co. will continue its expansion by opening a downtown branch in 4,000 square feet of what formerly was the Columbia Banking building on East Main Street, across from First Federal Plaza. When the facility is opened, the bank, whose main office is at 72 S. Main Street in Canandaigua, will have 10 of its 18 sites in Monroe County. (2/29)
Rochester-- Harter Secrest & Emery is relocating its law offices from Midtown Tower to One Bausch & Lomb Place. The law firm will be exiting the four floors its 90 lawyers occupied, leaving yet another large vacancy in the Midtown complex that filed for Chapter 11 bankruptcy protection late last week. (1/28)
RETAIL
Geneseo-- WKSC, a Traverse City, Mich. development firm, has proposed building a $350,000 fast-food facility on Route 20A. According to papers filed with the village clerk, construction of the Taco Bell/KFC restaurant would take ~ 90 days. The restaurant is tentatively planned for a chunk of land on the village's east side between an HSBC bank building and a small strip mall. (1/26)
Greece-- Lone Star Steakhouse & Saloon has closed two area restaurants at 2670 W. Ridge Road in Greece and 1150 Jefferson Road in Henrietta. Lone Star restaurants, based in Wichita, Kansas, have closed 24 "underperforming" restaurants in the United States. (3/7)
Honeoye Falls-- Juniper Beans, a new coffeehouse and eatery will open in the town's historic 1827 Lower Mill this February. The new restaurant will be part of the already established Mill Art Center & Gallery in the grist mill at 61 North Main Street. The restaurant will be open Monday through Saturday for lunch and host live music on Friday and Saturday evenings. Juniper Beans, with a seating capacity of 45, will have room to cater parties of up to 250. (1/28)
Irondequoit-- Benderson Development Co. of Buffalo expects to purchase Irondequoit Fair plaza at 1850 E. Ridge Road within a month from its owners, Brown and East Ridge Partners. The 70,000 square-foot plaza, built in 1990, has been plagued with low occupancy since 1996; having been completely vacant for about a year. Benderson plans to change both the plaza's name and its façade to attract new tenants. Benderson would not disclose the purchase price. The assessment roll has the property valued at $1.35 million. (2/15)
Perinton-- Wegmans Food Markets are seeking town Planning Board approval for a 28,300 square-foot addition to their existing store at 6600 Pittsford Palmyra Road. Plans call for the 90,700 square-foot store to be expanded to 111,000 square feet with an additional 8,000 square-foot mezzanine. The addition on the east end of the building would be used for a larger prepared food section and dining area. Date for completion depends on town approval. (2/10) The Planning Board denied Wegmans revised request for preliminary and final site-plan approval due to traffic, drainage and lighting conflicts. As part of the revised expansion, Wegmans was proposing to extend parking between the east wall of the store and Wendy's. Traffic improvements in the proposal included a traffic light at the Route 31 entrance, across from Perinton Hills. The Planning Board gave Wegmans a number of stipulations to meet if the company reapplies for approval, including resolving drainage issues, adding a roof over the proposed loading dock to the plan, reaching a consensus with the town about lighting, and making sure adequate parking is available. (3/9)
Pittsford-- Hunter's Pharmacy, located in the brick-with-white-trim Wiltsie and Crump building, 1 N. Main Street, will close its doors after thirty years of business. Hunter's is one of the last of a dwindling number of independent pharmacies in Monroe County. Co-owner, Randy Hunter stated that numerous factors prompted the decision to close the pharmacy. The pharmacy's prescriptions will be transferred to the Eckerd pharmacy in Pittsford Plaza. (12/22)
Pittsford-- Loews Pittsford, the three-screen movie complex at 3400 Monroe Avenue will close on February 24th. The theater could not compete with the new multiplexes that offer expanded comforts including stadium seating, colorful lobbies, high-tech sound, giant screens, and espresso bars. Several of the Loews Pittsford employees will probably be offered jobs at the Webster Theater. (2/23)
Pittsford-- Benderson Development Co. is proposing Pittsford Square, an upscale retail and restaurant complex on Monroe Avenue on a vacant piece of land between Leary's Cleantown and Rite Aid. Plans call for a two-building complex that would include a one-story retail plaza in the front and a two-story building with offices and a restaurant in the back. The two buildings together would total 35,000 square feet. The town Planning Board has already reviewed building designs for Pittsford Square. The next step is for the plan to come before the board for concept approval. (1/5)
Pittsford-- Wendy's has submitted sketches to the Planning Board for a restaurant on Monroe Avenue on a vacant parcel of land next to Petco, across from Wegmans. The company is meeting with the Planning Board and town officials to discuss the color scheme, entrances, curb cuts and the positioning of the building on the parcel of land. Wendy's would build as soon as it gets the necessary approvals. (2/23)
Rochester-- Benderson Corporation plans to build a 13,000 square-foot Eckerd, with a drive-through pharmacy, at the corner of Lake Avenue and Ridge Road. Construction would begin in the spring. Benderson has purchased the one-acre site now occupied by an old funeral home on Ridge Road, the Dunn Tire Store at the corner of Lake and Ridge roads, as well as Lee's Oriental Foods and Wub's Tavern on Lake Avenue. The corporation also plans buy, then demolish, three houses on the north side of Parkdale Terrace. The demolition of the three houses would leave neighbors with a view of Eckerd's parking lot. Benderson has agreed to construct a solid wooden fence on the north side of Parkdale Terrace to block the view of the parking area. The company also agreed to landscape the perimeter of the Eckerd property. (12/24)
Watkins Glen-- The village Planning Board is working with a Wal-Mart engineer on a site plan for a proposed 145,000 square-foot store, which would open on Fourth Street. The superstore is just the latest example of growth and development on Seneca Lake. The proposed store would increase the tax base and create jobs in economically struggling Schuyler County. (2/10)
Webster-- Town officials want to build a road to connect Route 104 with Webster High School. The road would run through a proposed strip mall, which could be built east of Five Mile Line Road and south of Route 104. The Town Board approved a progressive development district for Expressway Plaza, a strip mall that would include two main buildings of 180,000 and 140,000 square feet and a total of 433,000 square feet when completed. The district will allow grocer Bruce Hegedorn to develop the mall in stages on 48 acres near his grocery store. The town would need state permission to build the road; it would require an entrance and exit on the access road on the south side of Route 104. (1/8)
INDUSTRIAL
Chili-- The Planning Board approved a preliminary site plan by Rochester Cornerstone Group to erect a 37,000 square-foot warehouse with additional office space in the Rochester International Commerce Center. The building will be used as a sales distribution center for Harris Seeds Co. Harris Seeds will close its site on Saginaw Drive in Henrietta when the new facility is completed in May or June. The move will bring 60 to 80 seasonal and 26 full-time employees to Chili. The board also approved the resubdivision of five lots within the Commerce Center, one of which will house a 25,000 square-foot Motor Freight Service Center owned by Con-way Transportation Services Inc. of Ann Arbor, Michigan. Conway will construct a cross-dock truck terminal warehouse at the 16-acre site. The site, adjacent to Jetway Business Park is zoned limited industrial. (2/21)
East Bloomfield-- Crosman Corp., which makes airguns and accessories, announced it will layoff more than half of its work force of 300 due to the decline in the demand for its products. According to the consumer affairs manager, the layoffs are temporary and occur at least once per year. According to recent figures from the Ontario County Industrial Directory, Crosman, located on Routes 5 and 20, is the town's largest employer, and one of the top 10 employers in the county. The company has been in East Bloomfield for 34 years. (1/27)
Gates-- Heidelberg Digital, which bought the Eastman Kodak Co.'s former copier business, is negotiating to purchase the building they currently lease at the Elmgrove site. Heidelberg is looking to buy approximately 17% of the 5 million square-foot Elmgrove complex. Based in Heidelberg, Germany, the Heidelberg Group is a leading provider of print and publishing technology. (2/3)
Gates-- The utilities at the Eastman Kodak Co.'s Elmgrove campus are for sale. The utilities include steamed heat, compressed air, chilled water and electrical power that have been owned, managed and maintained by Kodak since Elmgrove was built in 1966. According to the property broker, David Wallace, executive vice president of the Rochester branch of CB Richard Ellis, a minimum of two or three specialized companies will likely buy the various utilities, including the equipment, buildings and power lines that go with them. (2/25)
Henrietta-- The Rochester Institute of Technology has requested the town to rezone 250 acres, the northwest corner of John Street and Bailey Road to industrial. The request could open a dialogue between school and industry in a pursuit to form a new cooperative venture where RIT students and staff may be able to explore educational and occupational opportunities. The land was one of 13 sites designated by the state to be explored for development of a computer chip manufacturing facility. The state mandates that each site be explored for a possible 1 million-square-foot facility approaching 70 feet in height with 5,000 parking spaces. The school has yet to develop any specific plans, like possible business partners or new construction for the 250-acre site. The college would be forced to obtain a special-use permit from the Town Board, and would need site-plan approvals from the Planning Board, if it decided to go forward with plans for any use not covered under the town's industrial-zoning designation. A chip-factory and some other high-tech uses are not covered by the designation. (2/16,2/24)
Perinton-- PacTec Communications Inc.'s new 100,000 square-foot headquarters in the Willowbrook Office Park on Route 96 will cost $11.4 million and add 220 jobs. The local telecommunications company, now in Fairport, was founded in 1998 by former ACC Corp. executives. It currently employs 550 nationwide, with more than 200 in Rochester. The company is expected to quadruple its sales in 2000. (1/11)
Pittsford-- Monoco Oil, an asphalt plant located at 75 Monroe Avenue was ordered closed after a state Supreme Court Justice ruled it presented a public nuisance. Monoco repeatedly had violated state clean air, clean water and oil spill laws. Monoco operated in Pittsford since the 1930s as a fuel oil storage and transfer facility, then was converted to an asphalt storage and transfer facility in September 1983. The law firm representing Monoco Oil stated the company may appeal the decision. (3/1)
Rochester-- Advent Tool and Mold, a local injection molding company located on Ridgeway Avenue, has completed a $1.4 million expansion project. The expansion, a 17,760 square-foot addition to Advent's 35,100 square-foot building, will increase the company's work force to 185 within three years. For creating 60 new jobs, Advent will get a $100,000 grant from Empire State Development to help the company reduce its debt service costs. (3/7)
Rochester-- City Brewing Co., a subsidiary of New York City investment company Platinum Holdings Inc., has agreed to buy Genesee Corp.'s brewing division, the nation's fifth-largest brewer, producing 1.6 million barrels of beer and ale. The deal, announced in mid-December, is expected to close in several weeks. City Brewing is acquiring all of Genesee Brewing's brands and operating assets, including its 3.3 million-barrel brewery. City Brewing expects to add 50 employees and produce 20 million gallons of ethanol at the St. Paul Street plant, contingent on approval of state subsidies for ethanol production. The facility wants to begin ethanol production in Rochester next year, making it 20% of the brewery's business. Ethanol, a colorless alcohol usually made from corn, is used as a fuel additive to reduce pollution because it burns cleaner. (3/3)
Rochester-- The Children's Beverage Group Inc. has signed an agreement to purchase an existing 80,000 square foot facility on Maple Street. The 7½ acre site is currently owned by Leone Industries of New York Inc. Children's Beverage Group plans to open a bottling and juice-packaging plant that will employ 120 to 180 workers. The firm primarily markets flexibly packaged fruit juice as a private labeler to Wal-Mart Stores Inc. (2/11)
RESIDENTIAL
Canandaigua-- Home Properties of New York Inc. announced that issues have been resolved regarding a proposed housing project along Buffalo Street Extension. The existing Old Brookside proposal calls for 177 homes, 160 apartments, 48 senior apartments and 33,000 square feet of commercial/office use on 137 acres of land between Buffalo Street Extension and Routes 5 and 20. Those numbers will be revised when the preliminary site/development plans are submitted to the Planning Board in a few months. Phase I of the project now calls for construction of 26 single-family homes, at an average cost of $125,000, and possibly as many as one-third of the 168 apartments that are now proposed for the development. (12/30)
Egypt-- Pride Mark Homes Inc. of Rochester is proposing an "upscale community" called Tuscany Village off of Mason Road near Broadmoor Trail. Pride Mark Homes would have to get approval to rezone part of the 40 acres it plans to build on from its current Residential B zoning. Pride Mark is proposing 10 duplexes and 19 two-floor apartment buildings. The project would have a total of 148 units as well as a community center, pool, tennis court, exercise facility and business center. The duplexes would fit under the Residential B zoning classification, the apartments require apartment district zoning classification. The two-family duplexes would have two bedrooms. The apartment buildings would include a mix of one, two or three bedrooms as well as one or two attached garages. Rents would range from $750 to $1,200. (2/3)
Greece-- Guiliano Development Corp., has sold the land at Fetzner Square to Al Spaziano & Companies for an undisclosed sum of money. The Rochester-based developer plans to go ahead with the previously approved apartment complex. The Town Board approved the development, which included a plan for 12 two-story apartment buildings, with 148 apartments and 52 townhouses. The 15-acre parcel of land was rezoned from single family homes to multi-residential housing in July 1998. Construction of the complex is scheduled to begin this spring. (3/9)
Greece-- The Whitney Group, a Rochester-based development firm has proposed building an 83-house subdivision near Canal Ponds Park. The Canal Side Estates development is planned for about 80 acres just south of the park. The houses would be built on approximately 1.5-acre lots, and are expected to cost between $200,000 and $350,000 according to preliminary plans. The developer is planning to start construction as early as this spring. A formal application is expected to be submitted to the town this week. Planning Board approval is required before the project can move forward. (3/2,3/9)
Greece-- Residents are prepared to take legal action to stop the construction of new townhouses and an elderly-living center next to Carriage Glen Apartments. According to preliminary plans submitted to the town, the development, being proposed by Bierworth-Riedman Homes Inc. and Wegmans Companies, would include a two-story, 115-unit senior citizen assisted-living facility and 18 new townhouses. The project is planned for approximately four acres west of Long Pond Road, between English and Mill roads. The land is zoned for single-family houses and would require the Town Board to approve a zoning change for the parcel before the project moves forward. (2/10)
Penfield-- Construction will begin this spring on the Baywinde Senior Living Community, located on a 18-acre site between Bay Road and the Irondequoit Bay, across from the Wegmans Food Markets store. The $12 million senior citizen complex will consist of a total of 212 units, including 78 assisted-living units, 120 independent-living units, and 14 patio homes. The developer, Planning Plus LLC, will be required to plant trees near the edge of the property on top of 6-foot high mounds. The town rezoned the site from single-family housing last year to allow construction of the complex. The site will include two main buildings plus seven smaller duplexes. (2/6,2/24)
Perinton-- Health Care Holdings Corp. has submitted a proposal to the Planning Board to building a nursing home near the intersection of routes 250 and 441. The complex would be situated on a 14-acre site at the southwest corner of Penfield Plaza, near the Wegmans Food Markets store. The complex could include an 81,300 square-foot senior living complex with 140 beds and 40,000 square feet of office space that could be used for doctors' offices. (2/28)
Rochester-- The city of Rochester has begun the construction phase of the Anthony Square Development Project. The 7.4-acre parcel, bounded by West Main, Reynolds and Troup streets, will be developed into a new residential community in southwest Rochester. (2/3)
Victor-- The Pioneer Corp., a developer from Cortland, will make its first formal presentation to the Planning Board to build 154 apartments on 37 acres on Rawson Road not far from the village. Plans for the upscale complex include 22 apartment buildings, housing up to eight apartments each with garages, a club house and pool. The apartment rents would range from $800 to $1,300 per month. The complex would be located in the existing Drumlins subdivision between two tracts of single-family homes. Approximately 55 clustered town homes are also in the subdivision. (2/28)
Victor-- Rochester developer U.S. Homes is seeking the town to rezone 10 acres so it can build 144 independent and assisted-living units aimed at mid-market pricing on High Street. It would be Victor's fourth senior housing project. (2/10)
OTHER
Canandaigua-- Construction is scheduled to start in June on Roseland Waterpark, a $17 million facility on man-made Muar Lake off Routes 5 and 20. Roseland will be built by Paradise Waterparks, a private company founded by Victor resident Stephen Satterwhite, but owned by the Canandaigua Recreation Development Corp., a nonprofit entity created by the Canandaigua City Council. The Rochester Fund, a $5 billion area investment company is investing $15 million in the project. In addition, $1.5 million to $2 million is coming from small local investors. Canandaigua will build $400,000 in infrastructure connections to the site. (2/9)
Canandaigua-- Messenger Post Newspapers has purchased the 6,300-circulation Gates-Chili News, a weekly paper in western Monroe County. With the addition of the News, the total paid circulation of Messenger Post papers is 60,000. The Messenger Post declined to give details about acquisition costs. (12/30)
Irondequoit-- Wilmorite Inc. is seeking planning board approval for a 70-room Holiday Inn and International House of Pancakes restaurant. The $4 million project would be built in a corner section of the Irondequoit Mall parking lot at Goodman Street and Route 104. The Holiday Inn would be the first hotel or motel in Irondequoit in 60 years. The hotel and restaurant combined would employ 80 people and could generate $275,000 in tax revenue for Monroe County. (2/26)
Perinton-- The U.S. Postal Service has signed a 20-year lease for the former location of the Perkins Family Restaurant, 6760 Pittsford-Palmyra Road, at Perinton Square Mall. The 4,100 square-foot freestanding building has been vacant for two years. Once the former restaurant site is renovated, the Ayrault Road site will close to the public and will serve primarily as an in-house facility for letter carriers. (2/3)
Pittsford-- Nazareth College of Rochester expects to invest more than $19 million in development of its campus over the next several years. The college plans to build new facilities and renovate existing ones through either acquiring adjacent land from the Sisters of St. Joseph of Rochester or by making do with its existing campus. Incoming freshman enrollment numbers have increased 57% while total full and part-time enrollment of undergraduates and graduate students has risen ~ 29%. The project is expected to be completed by fall 2001. (12/31,1/19)
Rochester-- The Rochester Rhinos have hired Kansas City-based HOK Sports Facilities Group to design their $44 million multipurpose facility. There are four potential sites for the 20,000 + seat stadium. The team hopes to break ground this summer and be playing in the stadium for the 2001 season. (1/11)
Victor-- Victor developer RKH Golf plans to start construction on an 18-hole public golf course north of the village by the New York State Thruway this spring. The course will be located between Lynaugh Road and Brownsville Road. Plans include a two-story, 9,000 square-foot clubhouse and pro shop, a maintenance building and lighted driving range. The 190-acre golf club and course should be open in July 2001. RKH received planning board approval for the project last month. (3/1)
GENERAL
Gates-- The results of the town's first town-wide property assessment indicate that 50% of all residential, commercial and industrial property owners will pay higher taxes next year. The 50% increase surpasses the 33% increase normally associated with town reassessments. The increased assessment is connected to the reduced assessment of Eastman Kodak Co.'s Elmgrove plant, which is closing. (2/9,2/24)
Henrietta-- According to figures compiled by the town's development coordinator, the estimated cost for new construction in 1999 was ~ $72 million, a 24% increase over 1998, which totaled ~ $58 million. In 1999, 181 permits were issued for commercial and industrial renovations or additions, representing more than $17 million in construction. In addition, 157 new houses and 27 commercial or industrial structures were built. In 1998, 111 houses and 29 new structures were constructed. Some retail buildings are still vacant despite the new construction. The former Hechinger site on West Henrietta Road and the old Lechmere building on Jefferson Road remain empty. (3/3)
Perinton-- The Town Board approved a new sewer district, which will serve an industrial office park tentatively named Keenan Industrial Park. The development is located on approximately 110 acres north of Pittsford-Palmyra Road, at the border of Monroe and Wayne counties. The district would serve properties zoned for industrial and restricted business uses. The town has awarded a contract to Beardley Pipeline of Livonia for the project, estimated to cost $455,000. A $470,000 state grant will be used to pay for most of the work. (12/30)
Victor-- The Town Board has endorse a transportation plan in an attempt to deal with the town's growing traffic problems. The plan was unanimously incorporated into the town's comprehensive master plan on February 14th. The plan recommends improvements according to growth, such as adding two I-490 access ramps at EastView Mall and identifying possible access road to Route 96 and other thoroughfares. The board wants to require developers of new residential subdivisions to preserve at least 50% open space, to protect green space and rural character. Non-residential subdivisions, such as commercial subdivisions, would require a minimum of 35% open space. (3/9)
