4th Quarter 2000
Selecting a Real Estate Appraiser
by Patrick W. Cahill, SRA
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When I graduated from Alfred State College in 1976, I had a strong interest in the Real Estate field. I first started out in Real Estate Sales, then in November, 1980; I had an opportunity to learn the Real Estate Appraisal profession.
Over the past 19 years, I have taken many appraisal courses offered by the Appraisal Institute, both commercial and residential topics. In 1988, I completed all the requirements to be awarded the SRA designation. I think it is important for all appraisers to strive to be the best they can be by educating themselves. Members of the Appraisal Institute are required to complete 100 hours of "continuing education" every 5 years. For an on-line subscription or copies of our past news summaries please visit our web site at www.btrcl.com. The Appraisal Institute reports that the both an SRA designation and the MAI designation differs substantially from appraisers who only gain the minimum qualifications of a state-licensed appraiser. According to Federal minimum requirements, SRA's and MAI's complete more hours of education, successfully pass a comprehensive exam, have a four-year degree or the equivalent, compete more hours of experience and write a demonstration appraisal report. The fundamental role of an appraiser is to provide a professional opinion, usually an estimate of market value, to be used in making a real estate decisions. Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction. Appraisers also provide opinions in litigation cases, tax assessment matters and investment decisions. |
Professionalism, responsibility and attitude are most important to the needs and concerns of our clients. The service you provide is an integral factor for success. Meet the needs of your clients by giving them a realistic expectation about what an appraisal is, produce a competent report, this is how you gain the respect of clients and ensure success in this industry.
Visit the Appraisal Institute web site at www.appraisalinstitute.com for information on becoming a member, schedule of educational courses/seminars and other upcoming events and news. |
ECONOMIC & BUSINESS
Xerox Corporation Job Cuts-- In October, Xerox, which employs 94,000 people worldwide, stated it would expand upon the 14,400 job cuts announced in 1998. The layoffs are needed as the company seeks to cut $1 billion from operations. In early November, Xerox cut 115 white-collar workers in Monroe County. The second round of layoffs, November 30, included 200 local union-represented workers. Another 75 temporary contract workers at inkjet design and manufacturing sites in Canandaigua and Farmington have also been cut. The unionized employees, all of whom work in Monroe County, will receive pay and benefits through January. The cuts are to be based on seniority and scattered throughout Monroe County. The labor contract covering union workers at Xerox provides that anyone cut from the work force is eligible to be re-called to their jobs within two years. (12/1)
Eastman Kodak Company-- Eastman Kodak Co. reported for the year 2000, sales were $13.994 billion, down less than 1% compared with $14.089 billion in 1999. Net earnings for the year totaled $1.407 billion, or $4.59 per share, compared with $1.392 billion or $4.33 per share in 1999. Earnings from operations for the year were $2.214 billion, up 11% from $1.990 billion a year ago. Earnings from operations in 2000 included charges of $350 million for restructuring and $103 million related to the exit of several businesses and product lines. The company reported that fourth quarter sales totaled $3.560 billion, a decline of 6% from $3.799 billion in the fourth quarter of 1999. Net earnings were $194 million, or $.66 per share, compared with a reported $475 million, or $1.50 per share, in the fourth quarter of 1999. Earnings from operations were $352 million, compared with $619 million in 1999. (01/17)
Eastman Kodak Company Wage Dividend-- Eastman Kodak Company announced that employees will receive a Wage Dividend payment equal to 3.5% of their 2000 pay. The Wage Dividend, estimated at $55 million, will be paid on March 13 to 32,800 employees in the United States. In the Rochester area, 26,500 employees will share in an estimated Wage Dividend payment of $44 million. (01/17)
Bausch & Lomb Inc.-- Bausch & Lomb announced plans to cut about 450 non-manufacturing positions over the next several months. The cuts, mainly in North America, will help reduce costs by $20 million to $30 million annually but will mean a fourth-quarter charge of $30 to $35 million. The company reported third-quarter income from continuing operations of $37.8 million, or 70 cents a share, excluding certain charges, compared with $37.3 million, or 64 cents a share, a year earlier. Operating revenues fell to $440.9 million from $446.3 million. Bausch & Lomb plans to reinvest the savings generated by the restructuring actions to accelerate the longer-term growth of the company. (10/12)
Paychex Inc.-- Paychex Inc. announced record net income of $62.1 million, or $.16 diluted earnings per share, for the second quarter ended November 30, 2000, a 36% increase over net income of $45.8 million, or $.12 diluted earnings per share for the same period last year. Total revenue services were $208.1 million, an increase of 21% over $172.4 million for the second quarter last year. For the six months ended November 30, 2000, net income increased 36% to $120.8 million, or $.32 diluted earnings per share, as compared to $88.8 million, or $.24 diluted earnings per share, for the same period last year. Total service revenues were $412.0 million, an increase of 22% over $338.8 million for the same period last year. Second quarter operating income for the Payroll segment increased 24% to $90.3 million from $72.6 million for the second quarter last year. Total payroll service revenues were $184.5 million, an increase of 19% over $154.9 million for the prior year period. For the six months ended November 30, 2000, operating income for the Payroll segment increased 23% to $177.9 million from $144.8 million for the same period last year. Total payroll service revenues were $366.4 million, an increase of 20% over $305.8 million for the same period last year. (12/20)
Area Unemployment-- Rochester-area unemployment in October was 3.5%, down from 4% in September and 3.9% in October 1999. According to a state Labor Department report, that compares with New York's overall jobless rate of 4.4% last month. The state rate was down 0.2% from September and 0.7% from October 1999. Nationally, unemployment was 3.9% in October, the same as in September. (11/17)
Area Home Sales-- Home sales in the greater Rochester area fell 11.7% from October to November but are only down 3.4% through the first 11 months of the year. According to the Greater Rochester Association of Realtors, through November, 10,706 homes sold in the 11-county region, down from 11,081 in 1999. In November, 885 existing single family homes were sold, down 9.4% from November 1999. That's also down 11.7% from October of this year. New November listings fell 22% from November 1999. For the year, new listings are down 4%. (11/13)
New Construction-- According to F.W. Dodge Co., overall construction starts fell 13% in October, down to $68.48 million from $78.96 million in October 1999. Residential work was off 45% from October 1999. Nonresidential work was up 52% for the month of October. From January to October, more than $957.5 million in construction projects were reported to Dodge, 8% more than the same period a year ago. Nationally, Dodge estimates that new construction will rise 3% this year, to an adjusted annual rate of $472.4 billion. Dodge defines residential construction as one-and two-family homes and apartments. Nonresidential construction includes industrial, office, commercial, educational and recreational buildings. (12/15)
Single-family Building Permits-- According to statistics compiled by the Home Builders group and the Greater Rochester Association of Realtors, 1,092 building permits have been issued so far this year, compared with 1,137 through July last year. So far this year, people have filed permits to build $5.3 million worth of buildings. Housing construction in August was running 7.6% lower than for the same month last year. (9/20)
OFFICE
Penfield-- Paychex has submitted plans for expansion at 911 Panorama Trail South. The proposal calls for a six-story, 300,000 square-foot building. An elevated walkway would link it to two existing buildings. The addition would bring Paychex headquarters to 440,000 square feet in size. The expansion will create room for 1,250 new employees. Paychex employment has reached 6,500, including 1,500 people in Rochester. About 550 are now at the Penfield headquarters. The company hopes to start construction late this winter and move in by the end of 2002. (10/31)
Perinton-- The Town Board has postponed a decision of a rezoning request by developer Charles Mills of Mill Associates, Willow-Brook Office Park. The developer is requesting a 3.2 acre parcel of land, adjacent to Perinton Square on Moseley Road, be rezoned from residential to business for construction of a proposed 3,000 square foot bank and 16,000 square foot office building on the site. The decision to postpone followed a discussion with area residents who opposed the development. (11/2)
RETAIL
Canandaigua-- Tops Friendly Market, the Williamsville-based food chain, has proposed a 57,000 square-foot store to be built between Parrish Street and Routes 5 and 20. Part of the 6.6-acre site is zoned for residential and office space. The company is asking the city to rezone the entire site, which includes nine parcels, to commercial use. (10/3)
Canandaigua-- Chase Pitkin Home & Garden on Routes 5 and 20 has received approval to add 32,000 square feet to its existing 66,000 square footage. The cost of the project has not been determined. The expansion will result in a larger kitchen and bath department as well as larger displays of lighting, doors windows and flooring. The store will remain open during the construction, which is scheduled to be completed by February. The store was completed in 1985 and an addition was added to the west side of the store in 1997. (10/20)
Canandaigua-- The Tea Garden Restaurant in the Raymour and Flanigan Plaza on Routes 5 and 20 has reopened for business. Owner, Pak Man Lee spent $300,000 in renovating and expanding the Chinese restaurant that was ravaged by an electrical fire in February. Lee purchased the Canandaigua eatery in 1982. (9/20)
Henrietta-- Tim Horton's Restaurant has been granted a special-use permit by the town to build on the southeast corner of West Henrietta and Lehigh Station roads. The application still needs Planning Board approval. The 2,810 square-foot building would be the first such operation in the Rochester area. Tim Horton's specializes in baked goods such as doughnuts, muffins and coffee, and offers a lunch menu of soups and sandwiches. The store is expected to be open 6 a.m. to 10 p.m. and have a 24-hour drive-through window. (12/13)
Pittsford-- Sammy Mina, owner of the Pomodoro Grill and Wine Bar on University Avenue has proposed building another Pomodoro Grill in Pittsford Colony Plaza, 3400 Monroe Avenue. The project includes indoor seating for 180 people and outdoor seating for 100 people. Mina needs a variance from the Zoning Board of Appeals to seat people outdoors. In addition, the project calls for an adjoining pasta manufacturing business next door to the restaurant. The pasta-making business would be housed in the space formerly occupied by the Pittsford Fish Market and Pomodoro would move into the space formerly occupied by the Priceless Kids store. (11/29)
Pittsford-- Roger S. Powers announced plans to renovate a cluster of vacant Schoen Place buildings he owns and turn them into retail or restaurant ventures. It would be the first time the tin and wood buildings would be used for something other than agriculture. Powers got approval from the village to repair a roof on one section but still needs to get site plan approval from the village before starting any major renovations. The red and gray buildings, between the Newcomb Oil Co. and Bill Wahl's Ice Cream, date to 1830 and have been in Powers' family since the early 1900s. (9/26)
Rochester-- Judge John Ninfo II has ruled that Midtown Plaza retail and office complex is worth $14.9 million. The decision clears the way for owner Peter J. Arnold to file a new reorganization plan and disclosure statements with the court. Arnold filed Chapter 11 in January 2000. Blackacre Bridge Capital LLC, the company that loaned Arnold $18.5 million to finance his purchase of Midtown from the McCurdy family in November of 1997, appears to have the power to force Arnold to give up ownership of the 38-year-old mall. (12/1)
Spencerport-- The Jubilee Supermarket, located in the Spencerport Village Plaza has closed its doors. The site of the store, which operated in the plaza for ten years, is empty. The village has been working with Goldstein Management, owner of the plaza, to secure a new grocery tenant for the location. The closest supermarket is a Big M approximately three miles away at Route 31 and Elmgrove Road. (11/24)
Victor-- Benderson Development, developer of Victor Commerce Park and the WalMart store must answer a 41-page detailed study as part of the Planning Board's project review. Benderson wants to open a 200,000 square-foot combination retail and grocery Wal-Mart store, two restaurants and additional retail stores on the north end of the site, which is located just north of the Thruway. A 100 to 125 room hotel, restaurant, and five office buildings would open at the south end of the site. Benderson wants to swap land with an adjacent property owner so all of the 95 acres is commercially zoned. Zoning must be addressed and decided on by the Planning Board. Benderson will look at what impact the project would have on neighborhood character, security and crime in the area, traffic, wildlife and the environment, and study issues such as lighting and noise. Donald Robinson, vice president of Benderson Development stated the scoping study should be completed in early 2001. (9/27)
Victor-- The Planning Board is beginning its review an application to build a McDonald's on the site of a 159 year-old cobblestone home at 236 High Street Extension. A 3,960 square foot restaurant with a stone base, windows with block-patterned panes, and a drive-thru is proposed. The cobblestone structure and nearly 2-acre parcel is owned by Zoe Smith. Before seeking Planning Board approval, McDonald's must obtain approximately 18 area variances and a use variance from the Zoning Board of Appeals in order to open a commercial business in a residentially zoned area. (11/7,11/15)
Webster-- Grocer Bruce Hegedorn has asked the town for permission to develop a Lowe's Improvement Warehouse on land he owns on Five Mile Line Road, between Route 104 and Ridge Road. Hegedorn has proposed a box store of 135,000 square feet with an additional 42,000 square feet of outdoor storage space. It would be the second Lowe's in the Rochester area. Hegedorn must submit an environmental study to the Planning Board before any approvals can be issued. (12/11)
INDUSTRIAL
Gates-- Heidelberg Digital LLC plans to add an additional 150,000 square feet to its 760,000 square-foot headquarters at Rochester Technology Park, formerly Eastman Kodak Co.'s Elmgrove complex. Heidelberg plans to make $2.4 million in improvements to the site, formerly Building 9, and use it for storage, warehouse and manufacturing space. The company is asking the County of Monroe Industrial Development Agency to add the space to the tax abatement package it received in June. (11/17)
Greece-- Rochester Photonics Corp., a wholly owned subsidiary of Corning Inc., has closed a deal to move to Canal Ponds Business Park off Ridgeway Avenue. Rochester Photonics purchased a 50,000 square foot building from Illbruck Inc. of Minneapolis, Minn. for $3.25 million. The move will add 60 jobs to the company's current 45-member work force in the next 12 months. The expansion is Corning's second major area project. In August, the company announced plans to build an $80 million factory in Henrietta. (9/27,11/15)
Henrietta-- Developers John Nichols of The Nochols Team Inc. and Henry Hansen have proposed plans to create a business park at the southwest corner of the Thruway and Interstate 390. The Town Board would have to change the zoning of the site from residential to industrial for the project to proceed, and a special-use permit, as well as other building approvals from the Planning Board, may be required. The types of businesses that could come to Eagles Landing would be high-technology, telecommunications, research and assembly firms, but not the high-use, manufacturing facilities commonly associated with industrial uses. Approximately 40 acres of the site would be for the business park, and another 70 acres would be dedicated for green space. (11/1)
Henrietta-- Rochester Institute of Technology will receive state money for building an information technology laboratory and developing a cooperative program with local telecom companies. The project will use $1.5 million from the state and technical support from Frontier Communications to build a 9,500 square-foot, two-story facility on RIT's campus, next to the Center for Integrated Manufacturing Studies. Construction could begin early next spring, with an opening in the summer. The building would include a research lab, a test bed for emerging technologies, a cooperative program for students, and a training facility for students and local telecom employees. (10/13)
Henrietta-- Verizon Wireless has agreed to purchase from the town, 8.7 acres for future development. The $700,000 deal involves a parcel of land at Calkins Road and Interstate 390. Town officials will use the money to help offset the construction cost of a new $2.8 million public works building. Verizon is not commenting on its plans for the property. (10/13)
Newark-- Seneca Foods Corp. is turning its Wayne County canning plant into a warehouse as part of its plan to consolidate production and improve efficiency. The closing means the loss of 100 seasonal jobs. Approximately 25 managers and other full-time workers will be relocated to other company sites. The plant was built in 1918; Seneca Foods bought it in 1973 and used it for canning operations. (12/6)
Rochester-- Kodak began knocking down the last portions of Building 25 as part of its five-year project to reshape the face of Kodak Park by demolishing empty and under-used buildings. Building 25, visible from Ridge Road, was formerly used to put color film into packages. Kodak said it needed to demolish the buildings to save money on operating costs and improve traffic flow within Kodak Park. In total, the demolitions claimed 1.6 million square feet. Kodak Park in total is more than 25 million square feet. Kodak reuses demolition debris as base for road and construction projects. (10/11)
Victor-- Per-Con Management Corp. of Rochester plans to open a second office and industrial use building at the 40-acre Victor Business Center. Per-Con Management will build a 66,000 square-foot building just west of their existing 187,000 square-foot building. Project plans have received concept and preliminary approval from the village Planning Board. Final approval is required before work can begin. Once the project gets final approval, Per-Con will start construction when they have secured tenants for at least 30% of the building. (9/25)
Victor-- Zoetek Medical Equipment and Repair Inc. has moved its offices to the former Messenger Post Publications building on Phillips Road. Currently, Zoetek Medical employs 20 people and plans to add at least four more jobs by the end of the year. The company completed extensive remodeling before moving into its new quarters at the end of September. The assessor's office shows that the 17,600 square-foot building sits on 2.2 acres and is currently assessed at $470,000. Zoetek received no assistance from the Industrial Development Agency or similar organizations in purchasing the building. (10/9)
Webster-- The Town Board has approved an industrial use permit for the expansion at Trident Precision Manufacturing, a contract manufacturer that employs nearly 200 people. The 66,987 square-foot expansion will allow the company to add another 40 jobs at its plant at 734 Salt Road. (1/24)
Webster-- Xerox declined to renew a lease for 125,000 square feet of warehouse space in two buildings owned by the Boulter Family. The vacated buildings sit one block east of Xerox's main facilities at 1720 Basket Road. The company also said it would not renew the lease for another 100,000 square feet of space in the next six months as part of a major cost-reduction effort. (11/17)
RESIDENTIAL
Gates-- The Town Board approved a request by the Episcopal Church Home to rezone a nearly 11-acre plot needed to build a senior housing complex from residential to multipurpose. The plan consists of an on-premise gift ship, beauty salon, chapel and gardens along with 70 single-occupancy assisted living units and 19 single or double occupancy cottages, a change from the 67 one-bedroom and four two-bedroom apartments originally planned. The church hopes to break ground on the $8.5 million project in April. (12/6)
Greece-- Woodcreek Development Corp. has received approval from the Planning Board for an extension of its Forest Glen subdivision called Forest Glen North. The subdivision, will be built north of Latta Road and northwest of Flynn Road and Whispering Pines Circle, and consists of 113 lots on about 69.4 acres. The average size lot in the project is about half an acre. The homes in the subdivision will be part of the Hilton school district and will be priced between $115,000 to $195,000. (11/16)
Greece-- The Planning Board approved revised site plans for a new senior-citizen housing complex on Mt. Read Blvd. The complex, which includes a combination of assisted and independent living units, will be built on a seven-acre parcel at 3330 Mt. Read Blvd., between Maiden Land and Stone Road. The project calls for two, two-story wood-frame buildings with a total of 96 units. A one-story community building will be built between the two residential buildings. The complex will offer meals, transportation, and other services for seniors. It is expected to be open by next September. (9/28)
Greece-- The Planning Board has approved Horizon Homes application to build a housing development of 123 lots on 72.1 acres north of Latta Road and east of North Greece Road. It will be called Field Stone Estates. The homes in the development will be part of the Hilton School district and will be priced between $115,000 to $195,000. The Field Stone Estates subdivision will be built southwest of the Forest Glen North Estates subdivision. (11/16)
Greece-- Woodland Village, a new senior-living community operated by Unity Health Systems is starting to move residents into the new facility. Woodland Village, located next to Park Ridge Hospital, consists of 122 one and two bedroom units. The complex is the newest addition to The Villages at Park Ridge, which includes two other senior-living complexes. (9/28)
Henrietta-- West Town Village, located at 60 Hendrix Road off Thruway Park Drive, is affordable rental housing for independent seniors. The development of West Town Village was a collaborative effort between many public and private partners. To finance the $5.7 million project, Providence Housing obtained a low-interest, 30-year loan of $1,770,000 from the New York State Housing Trust Fund. The New York State Division of Housing and Community Renewal approved low income housing tax credits for the project. Monroe County provided a $350,000 loan to the project. The Greater Rochester Housing Partnership and Chase Manhattan Bank provided construction financing. The Enterprise Social Investment Corp. of Columbia, Md., is providing equity as is Providence Housing. The project contractor was LeCesse Construction Co.; the architect was SWBR Architects, P.C.; and the engineer was SEA Consultants, LLC. The project consists of 43 one-bedroom and 16 two-bedroom apartments for seniors age 55 and older who have incomes at 50% or less of the area median income. Maximum income for an individual is $18,350 and $20,950 for a couple. Rents range from $355 to $445, depending on family size and income. Providence Housing, a not-for-profit corporation affiliated with Catholic Charities of the Diocese of Rochester, develops, finances and manages housing for individuals and families in the 12 counties of the Diocese of Rochester. (12/13)
Penfield-- Developer Richard Gollel & Cos. Inc. is close to submitting a proposal to build a 190-unit complex of upscale apartments at 1440 Empire Boulevard, a 27-acre bayside parcel east of the Bounty Harbor Marina. Town officials say Gollel is considering spending $15 million to $20 million on the project. (12/8)
Rochester-- Mark IV Construction is moving forward with plans to build a complex of apartments, shops and offices along the Genesee River called Corn Hill Landing. The project site is on Exchange Boulevard directly south of the Trop Howell Bridge. It will feature 125 market-rate luxury apartments. The units are expected to cost from $895 a month for a studio to $1,400 a month for a three-bedroom deluxe loft with a waterside balcony. The commercial end of the project consists of 15,500 square feet of space (100% preleased). Office space will account for ~ 20,000 square feet. The project, expected to take 18 to 24 months, will feature four buildings connected by enclosed bridges. Mark IV is expected to invest more than $15 million in the project. Construction is scheduled to begin in the spring. (9/29) Canal Landing is a partnership between Mark IV, the city, and New York State Canal Corp. The state recently completed construction of the flood wall and public walkway south of the Court Street Dam. The cost was about $1.64 million. The city is spending about $2.7 million to prepare the site. The project is one of the first steps in developing the stretch of the Genesee River that connects downtown to the Erie Canal. (10/1)
Webster-- St. Ann's Community is proposing a three-phase project that when completed, would consist of an assisted-living facility, an Alzheimer's disease care facility, and an independent-living facility with patio homes. In total, the project calls for 295 apartments on 26.4 acres of land at 1994 Empire Blvd. Developers hope to receive preliminary approval by December, with construction beginning sometime in the spring. (9/21)
OTHER
Bristol-- Foundation work has begun at the Bristol Harbour resort, a three story hotel expected to open in the spring of 2001. The hotel, located just west of The Lodge on Seneca Point Road will have a cedar and stone exterior and be connected to the lodge by brick walkways. The resort has also broken ground on the infrastructure for a 42-patio home complex and expects to begin building the model homes in the spring. Construction was approved in 1991 for the homes, which will be part of a homeowners association. The 454-acre resort, on the west side of Canandaigua Lake has a marina, golf course, beach, condominiums, town homes, patio and single family homes, a restaurant and its own water and sewer treat plants. (12/11)
Bristol-- Ski Valley Club, Inc., have handed ownership of the 122-acre resort over to the National Bank of Geneva, which began foreclosure proceedings. In 1970, area residents banded together and bought the resort as a not-for-profit venture. Ski Valley is located off of County Road 34. (9/12)
Canandaigua-- The Planning Board has granted final approval for the buildings at the new $17 million Roseland Waterpark off Routes 5 and 20. Paradise Waterpark, Inc., the company that will essentially run the park after its scheduled opening in May of 2001, must now apply for building permits. Aquatic Development, Inc., the construction company hired by developer Stephen Satterwhite, has begun clearing trees for the 56-acre waterpark. (10/25)
Fairport-- Bethlehem Lutheran Church is undergoing its third major construction project in 25 years. Plans call for construction of a 6,200 square-foot addition that will include five multi-use classrooms, 80 permanent seats in the sanctuary, a nursery and a preschool classroom. In addition, the main entrance will be relocated from Church Street to Perrin Street, making parking more convenient. The project will cost $1.2 million; congregation members have already raised $900,000. After the expansion, buildings will cover more than 40% of the church land. Perinton zoning law normally allows only 20% coverage, but the church was granted a variance. (12/3)
Palmyra-- The Town Board is considering relocating the town offices to 1180 Canandaigua Road; the site of a chapel owned by the Church of Jesus Christ of Latter-Day Saints. Church officials have offered to sell the property to the town for $500,000, approximately half the assessed value. The town plans to sell the current Town Hall at 201 E. Main Street. Town leaders would like the village to move its offices with them. However, the town would purchase the building alone and rent half of the space to non-profit organizations if necessary. (9/20)
Penfield-- The Northeast Penfield Fire District plans to build a new firehouse at Plank and Salt roads. The firehouse is expected to be completed in two years and cost approximately $100,000. Northeast Penfield Fire District will raise its annual tax in the neighborhood from $60 to $113 for the average homeowner. (9/29)
Pittsford-- Nazareth College announced it would undertake a five-year, $60 million expansion project to build new residence halls and athletic facilities, buy nearby land, and create new academic programs. The expansion includes a 73-acre purchase of land and three buildings owned by the Sister of St. Joseph. The land is just north of Nazareth. Financial terms of the deal were not disclosed. The property purchase will double Nazareth's land base and permit construction of a four-story residence hall on campus. The Sisters of St. Joseph mother house will be converted to a new administration and academic center, and its infirmary will become another residence hall. A field house, a softball field, a practice field, and a track and athletic complex is included in Nazareth's plans. Nazareth will use a capital campaign, loans, and the college's cash funds to finance the project. The town must review and approve plans by Nazareth before it begins construction. (9/27,10/4)
Rochester-- The city, Monroe County and the regional transportation authority have finalized plans for a new bus terminal on Mortimer Street. Riders would catch and exit the buses in an underground terminal located below an atrium of shops, restaurants, and offices at street level. The cost is estimated at $25 to $30 million. Mostly state and federal dollars would fund the project. The Greyhound and Trailways bus lines would also share the facility. (12/13)
Rochester-- SUNY College at Brockport expects to close on a $1.4 million deal to buy the landmark Rochester Chamber of Commerce building on January 1, 2000. The college and the Greater Rochester Metro Chamber of Commerce Inc. have been negotiating a possible sale of the structure since early this year. The 100,000 square foot Chamber building, located at 55 St. Paul Street was built in 1917. (11/10)
Rochester-- The former University Club has been transformed into downtown's first upscale boutique hotel. The 25-room establishment, known as The Inn on Broadway is owned by Tim McElduff, chairman and chief executive officer of Upstate Bank. Guests will pay between $175 and $300 a night for a room and breakfast. The inn's target customer is the working traveler. (12/1)
Victor-- FunScape, the 50,000 square-foot indoor amusement center behind Eastview Mall in Victor has closed. Regal Cinemas Inc. shut down all seven of the FunScapes the company began operating five years ago. FunScape is part of a 90,000 square-foot mixed entertainment center that includes a 13-screen movie theater. The theater will remain open. (12/8)
GENERAL
Penfield-- State and town officials approved a plan to spend $1.3 million altering traffic flow near the Route 441-Panorama Trail interchange. Improvements would include an additional turn lane on the off ramp that connects eastbound Route 441 to Panorama Trail and turn lanes on Panorama Trail. Construction is expected in 2002. (10/24)
Perinton-- The town has paid $950,000 to buy a 57-acre parcel of land on the east side of Turk Hill Road between Route 31 and Garnsey Road from William and Peggy DeWitt. The land may eventually be used as a limited park area, but will remain open space for now. Funds for the purchase came from the town's Reserve Fund for Open Space Acquisition. (9/29)
Rochester-- Remax First and Remax Portfolio of Properties have combined their local real estate franchises. The new entity, called Remax First, will likely be Rochester's second-largest agency by sales volume and will complete more than $250 million in transactions this year. The merger will give Remax First more than 65 agents in offices in Greece, Webster and Brighton. Terms of the deal were not disclosed. (10/11)
Victor-- The Town Board accepted a donation of a 57-acre parcel on Route 251. It also authorized the purchase of 46 acres of land adjacent to Fisher Park for $167,000. The town currently owns 210 acres of parkland. The money for the parcel will come from the town's Park Fund Account. (12/15)
Webster-- The county plans to spend $75,000 for a 10.4 acre plot of land on Devil's Cove along Irondequoit Bay. The undeveloped land will become Devil's Cove Park, the 20th park in the Monroe County system. The purchase, which must be approved by the County Legislature, is expected to be finalized by the end of the year. (11/15)
