Building Lofts Dowtown

Building Lofts Dowtown

Developers now have more incentive to build loft style apartments downtown with a tax break. Will more apartments mean more people living downtown?

Oneida County is supporting the idea of giving developers who will build loft style apartments downtown a tax break.

 

The tax break would mean developers would pay lower taxes on the building based on the original value, before renovations to make loft apartments are made.

 

"It’s very important to have this type of tax leniency, especially because everything is starting to build up in Utica and developers need all the help they can get to get their projects off the ground and make it so they can sustain the first few years that might not be as profitable," said developer Francis Pezzolanella of Pezzolanella construction.

 

He said downtown is underdeveloped for housing, especially with the coming nanotech park.

 

"I think there’s a need for it,” said Pezzolanella,” we've seen it.  I know that the demand has outweighed our supply of what we've had at our other projects."

 

Developers said that the completion of Quad-C at SUNY-IT, along with all the jobs that it creates will bring in a group of people that will want to live downtown. 

 

Some students at SUNY-IT who have the potential of working at Quad-C and they said that may not be the case.

 

“Utica has a long way to come and with the money that people are looking at making at those types of jobs I think people will be able to find something better.  If that’s finding a house out in Deerfield, or renting a nicer place at some other complex," said SUNY-IT student Adam Reynolds.

 

Some people don’t agree, they see potential if more effort is put into building downtown.

 

"I think there’s an opportunity to build the downtown area and loft style apartments.  Adding people downtown to enjoy the attractions that are in broll downtown utica something that i think is worth wild."

 

Quad-c represents a hundred and twenty five million dollars worth of investment as part of the one point five billion dollar Nano-Utica project.

 

Quad-C is scheduled to be completed by the end of this year, so we could see where new people coming to Utica choose to live rather soon.

           

Page: [[$index + 1]]
comments powered by Disqus