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Loan to help Syracuse firm to redevelop Bevier Memorial Building

Rochester Business Journal
April 16, 2014

A Syracuse firm will get a $2.7 million loan through the Community Preservation Corp. to help finance its $3.85 million rehabilitation of an historic building on South Washington Street in Rochester.

The financing is part of $200 million from the New York State Common Retirement Fund to construct 3,500 units of housing statewide over three years.

Franklin Properties LLC will use the loan to redevelop the four-story Bevier Memorial Building at 42 and 48 South Washington into 15 lofts and 5,000 square feet of office space, CPC representatives announced Tuesday.

“As a downtown developer working in both Syracuse and Rochester, Franklin Properties looks for partners who share our vision for restoring landmark architecture and creating great places where people want to live,” Managing Partner Douglas Sutherland said.

The County of Monroe Industrial Development Agency approved sales and mortgage tax breaks of $97,800 for Franklin Bevier LLC in January.

The projected community benefit is $350,868, with one job to be created over three years.

The 26,000-square-foot building was constructed in 1910 for the Rochester Athenaeum and Mechanics Institute School of Art and Design, the precursor to the Rochester Institute of Technology.

RIT vacated the building—listed on the National Register of Historic Places—in the late 1960s. The site has been vacant for 15 years.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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