Home Leasing, CPC Open $18M NY Apartments
- Jun 23, 2017
Home Leasing and the Community Preservation Corp. opened Charlotte Square at the East End, an $18 million project in Rochester, N.Y. The community is one of two LEED Gold certified market rate buildings in the Rochester area. Charlotte Square was awarded the request for proposal by the City of Rochester for the purchase of the site in 2015 to develop on vacant land bound by Pitkin, Charlotte, Scio Street and Haags Alley.
Located at 50 Charlotte St., the 72-unit, pet-friendly property offers one-, two- and three-bedroom floorplans ranging from 765 to 1,640 square feet, with 64 market rate and eight income qualified apartments. The monthly Charlotte Living Expense includes rent, heat, electricity, water, parking, Direct TV and Greenlight internet. Interior features include nine-foot ceilings, in-unit laundry, walk-in closets, island kitchens, plank flooring, quartz countertops, maple cabinets, porcelain tiled walk-in showers and ceiling fans. Residents have access to amenities such as outdoor terraces and balconies, a CrossFit-inspired fitness center, a community room with prep kitchen and media center, bike storage, fire pits, grilling areas, secure first floor parking with electric charging stations, a community sound proof practice room, a Pocket Park with public art by Kevin Dartt, a community terrace and planned community events.
“Charlotte Square is a great addition to Rochester’s East End neighborhood and one that we believe will serve as a catalyst for its continued revitalization,” Elizabeth Propp, senior vice president of the Community Preservation Corp., told Multi-Housing News. “Making long-term investments in projects like this can help foster vibrant, stable, mixed-income neighborhoods, while contributing to the sustainability and development of the broader community. My thanks to Home Leasing and the City of Rochester for their collaboration and commitment to making a positive impact in our communities.”
Phase II and III of Charlotte Square are underway, starting with the sale and construction of 10 Charlotte Square Townhomes. Phase III’s Charlotte Square on the Loop will include 50 mixed income apartments on Parcel 1 of the Inner Loop East Development. The development has been awarded financing from New York State Homes and Community Renewal. Construction on both phases is anticipated to begin in the fall of 2017.
“The City of Rochester is working tirelessly to create a thriving downtown and we are thrilled to be celebrating the completion of Charlotte Square at the East End, the first of three planned developments,” said Nelson Leenhouts, chairman & chief executive officer of Home Leasing. “The construction of our for-sale townhomes and the financing approval from New York State Homes and Community Renewal for additional apartments on Parcel 1 of the inner loop is truly unique as it makes diverse housing options available for all our residents along two short blocks, including market rate and affordable rentals as well as for-sale townhomes.”
Charlotte Square is CPC’s first project completed under its new equity investing platform. Financing for the project was provided by M&T, private investors, the CPC and incentives through Grow Monroe. SWBR is the architect on all three developments.
Images courtesy of Charlotte Square at the East End