Construction has begun on downtown Rochester’s latest affordable housing project. According to 13 WHAM News, a groundbreaking ceremony on Thursday, June 28, began the construction for a 50-unit apartment complex on Charlotte Street dubbed Charlotte Square on the Loop.
“I think [it’s] very important that when we’re doing projects like this that we’re looking and forward thinking about building a neighborhood that encompasses everyone,” said Mayor Lovely Warren.
Charlotte Square on the Loop is being funded by KeyBank Community Development Lending and Investment. KeyBank provided Home Leasing, LLC with $15.5 million in for the construction of the complex and a $6.6 million construction loan to the city.
Charlotte Square on the Loop is expected to have up to 50 multifamily units. The units will target households of mixed incomes.
At least eight of the units will be set aside for those who are earning 30% area median income. Approximately 26 of the units will be available for those earning 60% AMI. And 16 units will be available for those earning 80% AMI.
Charlotte Square on the Loop isn’t the only apartment complex expected to be constructed in Rochester over the next few years. Mayor Warren announced on Wednesday, June 27, that two more pieces of land may be sold to developers should the decision be approved by the City Council.
Warren says the change at the old Inner Loop Eastside is expected to bring new investment to a part of Rochester that was previously divided from other residential neighborhoods.
“These latest developments will increase the momentum of that transformation, connect our city, and speed our efforts to create more jobs, safer and more vibrant neighborhoods and better educational opportunities for our children,” Warren said.
Home Leasing, LLC has been recommended as the preferred developer to buy the land between East Ave and Broad St. The land, known as Parcel 3, would be used to build a mixed-use development valued at $18.5 million.
The development would provide Rochesterians with 66 apartments including those set aside for affordable housing for low-income families. It would also provide a new pharmacy for Trillium Health.
The second developer to make a proposal to purchase the second piece of land on Howell Street, Parcel 7, is 138 Monroe Avenue Associates.
The developer plans to use the space to create a development valued at $30.5 million. The space would include 101 residential apartments and three commercial spaces for restaurants and retail stores.
How long the projects will take is currently unknown. The projects may move more quickly depending on the techniques used during the construction projects.
For instance, horizontal directional drilling is currently the most cost-effective method for highway bores between 2 to 48-inch diameters. Because HDD is less invasive, construction crews don’t need to take as long to repair the damage.
Additionally, up to 70% of unplanned equipment shutdowns in the last three years by manufacturing companies have been caused by incorrect lubricant selection. That said, if the correct metalworking lubricants are used on the construction vehicles we can expect the development projects to be built efficiently.
Yet, before both projects are able to move forward, the proposals for the developments need to be approved by the City Council. Legislation for the sales of Parcel 3 and 7 are expected to be submitted later this year.