WEDGEPOINT APARTMENTS
Rochester, NY
South Ave. and Byron St. Corner
Byron Street Entrance
Design: Overall Site Plan
Existing
Building
Main Entry
Existing
Building
Outdoor
Community
Space
49 parking stalls
Existing
Building
Existing
Building
Project Summary
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390 South Avenue, Rochester
4-story wood-frame construction
60 units in a mix of 1, 2 & 3 BR’s
9 units set aside for ABVI
3 units are fully adapted and
60 units are visitable by a person
in a wheelchair
Targeted to families earning
between 40% and 90% of the
Area Median Income
Three commercial spaces of sizes:
– 2,628 ft2
– 1,434 ft2
– 1,062 ft2
for a total of 5,124 ft2
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36 one-bedroom apartments;
18 two-bedroom apartments;
6 three-bedroom apartments
Community room for tenants
Playground and courtyard
On-site management office
View towards the City
Green Building and Sustainability
Enterprise Green Communities Standards
NYSERDA Energy Star (Low Rise Program)
Low VOC Materials that are regional (within a 500 mile
radius) and have recycled content
Energy Star rated appliances
High efficiency HVAC system
Indoor and outdoor bike storage
3rd Floor patio with raised beds
Rents and Incomes: Mixed Income Housing
• 81% Affordable at 60% or Less of Area Median Income
• 19% Affordable between 61% and 90% of Area Median Income
% AMI
# of Units
% of Total
< 30% of AMI
0
0%
< 50% of AMI
38
66%
< 60% of AMI
10
16%
<90% of AMI
12
18%
60
100%
Rents and Incomes: Mixed Income Housing
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1 Bedroom Apartment
◦ • Rents between $550 and $800 per month
◦ • Must earn between $23,000 and $46,000 per year
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2 Bedroom Apartment
◦ • Rents between $675 and $985 per month
◦ • Must earn between $28,000 and $54,000 per year
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3 Bedroom Apartment
◦ • Rents between $750 and $900
◦ • Must earn between $33,000 and $63,000 per year
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NOTE: Rents and incomes are preliminary and subject to fluctuation
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NOTE: No units are targeted to incomes at 30% and below of AMI (no sliding scale rental
units or Project Based Section 8 units)
Disposable Income Estimates: Mixed Income Housing
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Assuming 10% of gross income is disposable
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1 Bedroom Apartment (36)
◦ • Rents between $550 and $800 per month
◦ • Must earn between $23,000 and $46,000 per year
◦ • $2,300 - $4,600 per year times 36 units = $82,800 - $165,000
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2 Bedroom Apartment (18)
◦ • Rents between $675 and $985 per month
◦ • Must earn between $28,000 and $54,000 per year
◦ • $2,800 - $5,400 per year times 18 units = $50,400 - $97,200
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3 Bedroom Apartment (6)
◦ • Rents between $750 and $900
◦ • Must earn between $33,000 and $63,000 per year
◦ • $3,300 - $6,300 per year times 6 units = $19,800 - $37,800
POTENTIAL INCOME INFLUX:
$153,000 to $300,000
INCOME INFLUX OF VACANT LOT:
$0
Property Operations
Property will be professionally managed by PathStone
Residential development will create two full-time jobs: on-site
property manager and on-site property maintenance
Potential applicant screening process includes: income
verification, landlord reference checks (prior 5 years), criminal
background check, credit check, two personal references
Property will be 100% smoke-free
Leases will include restrictions related to use of patios &
balconies; window coverings provided by owner for uniform look;
no exterior decorations/lights/etc. will be permitted; no grills
Parking permit system can be implemented, if needed
On-site laundry facilities
Commercial Space Tenants
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PathStone will guarantee commercial space costs until commercial
tenants secured
Plan for Window Space during Lease Up
No Tenant has been Pre-Selected
Selection Criteria:
◦ Financial Feasibility/Strength of Business Plan
◦ Unmet Commercial Need for Neighborhood
◦ Parking Demand – Quantity of Demand & Time of Day
◦ Economic Development Opportunity
◦ Job Creation – 4 jobs created
◦ Neighborhood and City Input During Tenant Selection & Evaluation
Parking
Zoning Requirement = 0 Spaces
Goal
60
(–) 9
(+)10
(=)59
Parking spaces (one for each unit)
Set aside for residents with vision impairments
Additional spaces for retail tenants
Off Street Parking Spaces
Planned
53 Spaces on Site
(+)10 Spaces on ABVI parking lot
(=)63 Spaces Total
Additional Considerations
• 40 Spaces for Indoor and Outdoor Bike Storage
• Public Bus Stop at Front Door on South Ave.
• 36 One Bedroom Units
Property Taxes
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Current Property
Taxes Paid Annually
$3,777
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Property Taxes Paid
By WedgePoint
$46,123
$42,346
net increase to
City of Rochester
Schedule
Design Development
March to October 2014
Applications for Financing
Oct. 2014/Dec. 2014
Notification of Financing
Dec. 2014
Construction Start
April of 2015
Construction Completion
July of 2016
• Timeline is preliminary and subject to change