"a four-story addition to a two-story building at 545 North Ave., the smallest structure among the projects discussed but arguably the most innovative. The 90-year-old building is across the street from City Hall and has storefronts and offices. The ground floor retail space will be kept and 56 apartments will be built. The four-story addition will employ “mass timber” technology, in which cross-laminated timber is prefabricated and then quickly assembled on site like a Lego kit. The wood weighs significantly less than concrete, enabling the old building to support more floors." (westfaironline.com)

Project Data*

Building
Budget: $18,383,385
Studios: 17
1BR: 24
2BR: 13
3BR: 2
Affordable: 6
Total: 56
Parking: 0
Stories: 6
Retail Space: 7500 sqft
Occupancy
Residents: 112
Students: 3
School: Ward

Jobs
Construction: 75
Permanent FT: 2
Permanent PT: 3
Dates
Status: IDA Approved

Planning Board Approval: 
IDA Approval: 5/30/2018
Constr. Start: 4/1/2020
Length: 18 months
Completion: 10/1/2021
Tax Incentives
"As Is" Tax: $1,453,347
Full Property Tax: $5,524,102
PILOT: $3,369,375
Owner Savings: $2,154,727
PILOT (yrs): 20

Mortgage Tax Exemption: $119142
Fair Share Mitigation: $107,335

Data Last Updated: 11/28/2018

*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.

Progress Gallery

2/10/2019


2/10/2019


7/1/2016


7/1/2016


1/1/1930