“The Grand’s oversized layouts, opulent finishes, rooftop garden, social room, wine vault, tasting room and convenience of professional services will be your community of choice. The convenience, security and social setting will appeal to those adults seeking refuge from the burdens of home ownership in favor of hotel-like living. Construction estimated for Q4 2019, tenancy planned for Q4 2020." ELD Properties
Progress Gallery
Project Data*
Building
Studios: 30
1BR: 40
2BR: 0
3BR: 0
4BR: 0
Affordable: 7
Total: 70
Parking: 50
Stories: 6
Retail Space: 0 sqft
Occupancy
Students: 1
School: Lincoln
Jobs
Permanent FT: 4
Permanent PT: 3
Dates
Planning Board Approval: 3/26/2019
IDA Approval: 5/1/2019
Constr. Start: 12/1/2019
Length: 10 months
Completion: 8/31/2020
Tax Incentives
Full Property Tax: $5,186,007
PILOT: $3,115,657
Owner Savings: $2,070,350
PILOT (yrs): 20
Mortgage Tax Exemption: $154392
Fair Share Mitigation: $
Data Last Updated: 5/26/2019
*Data listed here is subject to change. FOIL/FOIA requests are pending to obtain any missing data. Some of these numbers are estimated. Data comes from city documents.
** GLOSSARY TERMS: "As Is" taxes are the taxes of the property before development. Full Property Taxes are the taxes of the property after development. PILOT means Payment in Lieu of Taxes, which is less than full property taxes. Owner savings is the property tax abatement in dollars and as a percent of Full Property Taxes. PILOT length is the number of years that the PILOT is in effect. Fair Share Mitigation (FSM) fees are monies collected by the City from the developer to cover future infrastructure needs. The school system gets approximately 2/3 of the FSM fees.
*** Residents are calculated as follows: Studios = 1, 1BR = 1.5, 2BR = 3, 3BR = 4.5 (NDC formula) Students are calculated as follows: Studios (*0), 1BR (*0.014), 2BR (*0.141), 3BR (*0.213) (NDC formula)
*Data updating and collection is done by volunteers and may contain the occasional error or miscalculation.
** New Rochelle Parking Code including Minimum number of Spaces