Investment of $3.72 million for the construction of 60 retirement homes at market price in three phases
BATAVIA, NY – The Board of Directors of the Genesee County Economic Development Center (GCEDC) has accepted an application from Ivy Village Corp. for a $3.72 million investment that would create 20 market-rate senior housing units in the village of Le Roy at its board meeting on Thursday, July 7, 2022.
The proposed project will be located on 16 acres off Lake Street with easy access to village amenities and is a twenty minute drive from downtown Rochester. In each phase, the construction would consist of 10 duplexes creating 20 units.
The phase one building will be approximately 35,312 square feet. “We are pleased to see increasing interest from developers in our economic development efforts to increase rental housing stock and
single-family homes in Genesee County,” said GCEDC President and CEO Steve Hyde.
A 2018 study by LaBella Associates determined that there is significant long-term demand for approximately 4,800 new housing units, including market-to-market housing in Genesee County.
Ivy Village Corp. is seeking approximately $805,000 in mortgage, land and tax incentives. The fiscal impacts of the project (indirect income on payroll and taxes) are estimated at more than $3.5 million over the
of PILOT’s mandate, with $6 of local project benefits for every $1 of public investment. The project will create 2 new jobs.
The project plans to build two additional future phases to bring the development to 60 units in total.
A public hearing will be scheduled on the proposed financial assistance.